Most cryptocurrencies are singing a huge increase in value at this time. The crypto market is close to a $1.20 trillion valuation due to these increases. It is hard to pinpoint the trigger for the most recent improvement in market condition, however, fundamentals played a huge role.
Nonetheless, this was not the case during the previous intra-week session. The crypto market kicked off at 1.18 last week Monday but surged to a high of $1.19 trillion on Wednesday. Following this peak, the sector under consideration dipped as low as $1.16 trillion and ended the seven-day period at this valuation.
After the huge volatility on the third day of the week the global cryptocurrency market cap was mostly flat throughout the rest of the session.
Some altcoins registered huge losses during this time. For example, COMP kicked off the previous week at $70. Nonetheless, during the first half of the session, it made an attempt at the $80 resistance but failed. As a result, it retraced from $79 and drop to a low of $54. It rebounded and closed at 56. This indicated a more than 19% increase in value.
With the most recent increase in the worth of crypto assets, the next five days promise a lot of action.
Top Three Cryptocurrencies to Watch
1. Bitcoin (BTC)
As with the trend over the last two weeks, bitcoin ended the previous one with no significant increase. Although it’s made an attempt at 30K, 8 faced strong rejection at the mark and dropped to a close at 29,000. It is also worth noting that the apex coin lost the $29k support.
This happened on Tuesday when it began trading at 29221 but due to a low of 28574. Nonetheless is rebounded and tried to test $30,000. However, it failed in this bid as it faced strong rejection at $29,715. Additionally, it ended the day a little lower than its high and failed to register any significant gains.
During the next intraday session, BTC briefly broke 30K after a quick rebound at 28929. As with previous attempts, it retraced and close at 29164. The swath of the biggest moon during the previous 7-day session.
The cryptocurrency is showing huge potential at this time. A few minutes to the time of writing, it broke above $30,000 and surged to its fourteen-day high. It went as high as 30210 but is currently exchanging 29780.
The previous intraday session also hinted at more increases over the next 5 days. A closer look at the condo representing that’s trading period reveals a hammer. This candlestick pattern came after three days of consistent decreases. The pattern signals the end of a downtrend. If this holds true, BTC may gain more stability above 30K.
Indicators are also positive at this time. For example, the moving average convergence divergence is currently hinting at a bullish divergence. The Relative Strength Index is also at 54 which is the highest it attained since July 14. This is an indication of an increase in buying volume which may trigger more price improvement.
2. Hedera (HBAR)
Hedera had a very fruitful performance during the previous week. A look at the candle representing trading actions during this period depicts a long green one which signifies a notable positive change in value at the time.
However, breaking down the charts to the daily timeframes paints a rather different picture. During the first two days of the intraweek session, it failed to register any insignificant change in value. This changed on Thursday as the coin made an attempt at a critical resistance.
It kicked off trading at 0.052 and tried breaking the 0.055 barrier. The effort yielded very little result as it failed to crack it. This is a result of experiencing a rejection at 0.054. Afterward, it retraced to a close set to 0.053; failing to record any notable increases.
The biggest move of the week happened on Sunday. HBAR started trading at 0.052 and enjoyed a massive increase in buying volume that shot prices to its fourteen-day high. It breaks the previously highlighted barrier and sets sight on another. This time, it was the 0.060 resistance. However, it failed to gain stability above it as it retraced to a close at $0.0057; indicating an almost 10% increase.
With a focus on this week, the asset is continuing its uptrend after a short break on Monday. Following price action on Sunday, indicators like the Moving Average Convergence Divergence and the Relative Strength Index are showing signs of more price increases. For example, MACD is displaying a bullish divergence.
With this in mind, HBAR may attempt the $0.060 resistance again.
3. Optimism (OP)
Optimism I was also one of the few cryptocurrencies that had significant increases during the previous interweek session. On the weekly scale, it closed with gains of almost 5% after an intense fight struggle between the bulls and bears.
Breaking it down to the daily chart tells a different story of what transpired. Nonetheless, one of the major highlights of the week happened on Monday when the asset peaked at $1.80. It soon retraced to its opening price and failed to register any significant increase.
Another significant move happened 3 days later when it opened trading at $1.63 and enjoyed a notable hike in buying volume that shot prices to a retest of the $1.80 resistance. However, like the previous attempted field seeking stability above it, and retraced to a close at 1.71.
With the new week upon us, one of the most important levels to keep an eye on is the 1.60 support. This comes after another failed attempt at the 1.80 barrier on Monday. The current intraday session is also an indication of more price decreases ahead.
