Top Three Cryptocurrencies to Watch This Week (Feb 6)
Most cryptocurrencies failed to surge during the previous intraweek session. Most of them lacked volatility and did not see any notable changes in value during this period.
This had a huge impact on the global cryptocurrency market cap. A careful examination of the sector’s value reveals that it started the session at $1.62 trillion. As it progressed, it rose to a peak at $1.67 trillion as most major assets saw notable increases at the time. However, it dropped to $1.64 trillion as the period was coming to an end. This meant it failed to register any significant changes in worth over the last seven days.
This is almost the same trend playing out this week. Over the last 48 hours, there have been no changes to the crypto market’s total value. Furthering this assertion, a closer look at the charts depicts a straight line due to this trend.
Nonetheless, the previous intraweek session was not so bearish for some altcoins. One such is Flare. It enjoyed a massive increase in activity on its layer-1 network as the announcement of Google becoming one of its validators made waves. As a result, it gained more than 43%.
Will the same happen this week?
Table of Contents
Top Three Cryptocurrencies to Watch
1. Bitcoin (BTC)
Bitcoin was mostly stable in price as it trended within a channel. This meant that it failed to break above the critical levels. The candle on the weekly chart better illustrates what took place. A clear small candle represented price actions which meant the apex coin failed to register any notable changes in value.
Nonetheless, the asset came close to breaking out of its trend. On Monday, it had its biggest increase of the session. It started the day at $42k but had a small price decline that dropped prices to a low of $41,800 before a rebound. Following the recovery, it climbed above $43k but failed to retest $44k as it faced strong rejections at $43,300.
Continuing the bullish trend, it peaked at $43,853 the next day but failed to register any significant changes in value. After these highlights, there are no significant moves during the rest of the intraweek session.
With a focus on the new week, BTC is yet to register any significant change in trends. It is seeing a continuation of the previous price pattern. A clear evidence of this is the candle representing price action during the previous intraday session. It had one of the smallest bodies with wicks sticking out both to the top and bottom.
The current session is not looking any different as the top coin has not made any significant moves. Nonetheless, indicators are pointing to the next price actions.
A closer look at the Moving Average Convergence Divergence reveals that if trading conditions remain constant, BTC may experience a bearish divergence. This is clearer as the 12-EMA is on a collision course with the 26-day EMA.
If this happens, this may spell more downtrends for the top coin. It might break the $42k support and possibly retest $40k.
2. Chainlink (LINK)
Chainlink had one of the best performances during the previous intraweek session. A look at the weekly candle points to the extent of the uptrend it had. It was the longest one in more than three months. This means that the altcoin broke through several resistances.
On the 1-day chart, it was mostly bullish with only two red candles. It also had a very good start to the period as it gained more than 3% on Monday. However, the main highlight of the session took place on Thursday. It started the day at $15.4 and surged after a brief price decline. It soon broke its fourteen-day high at $16.5.
It continued forward as it broke $17 and peaked at $17.3. Although it had a small decline in price afterward, it gained more than 11%.
With a focus on the new week, LINK may continue it uptrend. It started the previous intraday session at $18.1. However, it had as small retracement that saw it drop to a low of $17.7. It recovered and surged to its highest in almost a year. It broke through $19 and was heading for $20 before it halted its advances at $19.7.
Following the massive increases, indicators are still bullish and silent as to the next price action. Nonetheless, the most recent price decrease is an indication of some bearish actions. If it persists, chainlink could drop as low as $17.
3. Near Protocol (NEAR)
Near Protocol had notable losses during the previous intraweek session. A look at the weekly candle suggests that it halted its advances at a critical resistance due to strong rejections. Nonetheless, it lost more than 4% in the end.
With a focus on the new week, NEAR is yet to register any significant changes in value. The candles representing price action both yesterday and today are red dojis. However, the last seven-day period may shine a beacon of hope.
The candlestick pattern during the previous intraweek session was an inverted hammer. This sort of trend is an indication of the end of a bearish trend. If that plays out in the coming days, the altcoin may flip $3.