Most Cryptocurrencies are seeing significant downtrends at the time of writing. Over the last twenty hours, they’ve failed to register any notable increases as they hold prices above set support.
This wasn’t the case during the previous week. The global cryptocurrency market cap was bullish during this period. It kicked off at $1.54 trillion but saw small increases as the week progressed. It peaked at $1.64 trillion and maintained this value until the end of the session. This indicates that the sector under consideration gained more than 6%.
Aside from price performance, a lot of announcements made the rounds during the previous intraweek session. One such is from the creators of Shiba inu. They announced what they termed a “transformative” way of burning the asset to reduce its supply.
Aside from this, reports also have it that the United States may be exploring ways to incorporate Bitcoin’s proof-of-work to combat cyberattacks.
All of this news and many others point to the growing awareness the crypto market is garnering.
Following the less desirable start to the current week for the bulls, many are looking forward to better performances in the coming days. Will this happen?
Top Three Cryptocurrencies to Watch
1. Bitcoin (BTC)
The previous week was one of the most bullish for Bitcoin as it achieved another milestone. It recorded a new high for 2023. In the end, it registered gains of more than 7%.
One of the main highlights of the period under consideration happened on Monday. It opened trading at $39,988 but began surging as the session progressed. It attempted and broke the $42k resistance and peaked at $42,404.
The bullish actions continued into the second as it tested another critical resistance. It broke the $44k barrier and it is a high of $44,490.
With a focus on the new week, the top coin loses all of the levels it gained during the previous week. It opened the current week at $43,786. However, the coin’s massive increase in selling that sent prices plummeting.
As of the time of writing, the largest cryptocurrency is exchanging at $40,942. It is also worth noting that it tested the $40k support but failed to break it.
Following this significant downtrend, indicators turned bearish. One such is the Moving Average Convergence Divergence. A closer look reveals that the 12-day EMA is about to intercept the 26-day EMA. In what is described as a bearish convergence, BTC may continue downwards.
However, based on previous price movements, following a massive decrease as this, the apex coin may struggle between $39k and $40k before a breakout. A drop to $38k is also likely.
On the other hand, Bitcoin may experience a change in market conditions and attempt the lost levels.
2. Ethereum (ETH)
Like most cryptocurrencies, Ethereum experienced significant price changes. It continued to build stability above $2k. This time it attempted at another key level. Nonetheless, it registered a new high for 2023 and closed the session with gains of more than 7%.
One of the main highlights took place on Thursday. It opened trading at $2,232 and enjoyed notable increases in buying volume that shot price up. As a result, it tried testing the $2,400 resistance but failed due to strong rejection at $2,383. After this, it had a small decrease but closed with gains of more than 5%.
On Saturday, it briefly broke the $2,400 barrier for the first time since May 2022 and peaked at $2,403. Following this milestone, the largest altcoin failed to register any notable increases.
With a focus on the new week, ETH is currently struggling to keep the price above $2,100. A few hours ago, it dropped to a low of $2,145. It is also worth noting that the day started at $2,352. At the time of writing, the alt is exchanging at $2,224 which is more than 5% lower than its opening.
Due to the sudden dip in price, the Relative Strength Index has dropped 60. MACD is also showing huge bearish signs. The 12-day is close to intercepting the 26-day EMA which means the cryptocurrency is currently going through a bearish convergence.
With this in mind, ETH may retest $2,100 in the coming days. However, if trading conditions improve, the alt may attempt stability above $2,300 and have another go at $2,400.
3. Avalanche (AVAX)
One of the leading gainers during the last seven-day session was AVAX. The daily chart shows how quickly the coin moved. It also demonstrates the extreme volatility it had during that time. It ended the period with gains of about 70% as a result.
It is noteworthy to mention that throughout the last seven days, there was not a single negative day for the Avalanche. What happened on Friday was one of the week’s main highlights. It tested a crucial resistance level at $26. The first time it has broken $30 since August 2022 was during a test. After minor declines, it closed the day up more than 15%.
With a focus on the new week, AVAX may test $45. It is crucial to remember that the Relative Strength Index, which is above 90, is signaling the beginning of a decline. This might cause the coin to drop to $30.
