Most cryptocurrencies at this time are seeing small losses. Due to this, they are testing critical support. One such token is Optimism. It opened trading at $3.98 but retraced after a failed attempt at $4. It dropped to a low of $3.64. Currently exchanging at $3.68, this indicates that it is down 7%.
The current trend mimics what happened during the previous intraweek session. Examining the chart reveals a notable increase in the valuation of the sector under consideration compared to the previous week. It initiated the session with a value of $1.68 trillion and reached a peak of $1.70 trillion as the period unfolded. However, a slight decline occurred, leading to a closing value of $1.65 trillion.
Bitcoin
Bitcoin exhibited relative stability in the recent intraweek session. A review of the weekly chart substantiates the assertion of decreased volatility throughout that timeframe. Ultimately, it concluded with negligible alterations in prices.
Due to reduced volatility, there are limited highlights in recent developments. However, notable attempts were made at a crucial level, specifically the $44,000 resistance. The cryptocurrency’s prices orbited around this level on Monday, approaching it closely but facing rejections at $43,800. A similar occurrence transpired on Thursday, with the top coin reaching the same threshold.
Prices maintained levels above $41,000. Bitcoin encountered two close calls with this mark, dropping to $41,639 on Tuesday and touching a low of $41,306 on Sunday.
The outlook for the new week differs from the previous one, marked by the apex coin successfully breaking the aforementioned resistance during the recent intraday session. Beginning at $42,258, it surged to a high of $44,192, ultimately closing with gains exceeding 4%.
In the current intraday session, the asset surpassed the $45,000 barrier and attempted the $46,000 resistance, facing rejections at $45,922. Presently trading just below $45,000, this reflects the aftermath of reaching the day’s peak.
Indicators suggest further increases this week, with the Moving Average Convergence Divergence signaling a bullish trend. A closer examination reveals the 12-day Exponential Moving Average (EMA) nearing convergence with the 26-day EMA, indicative of a bullish trend.
With indications pointing toward a continued uptrend, BTC may surge beyond $46,000 within the next five days. Conversely, $42,000 remains a crucial support level.
2. Bitcoin SV
Bitcoin SV was one of the top gainers during the previous intraweek session. A closer look at the weekly chart shows that it had one of its biggest surges during this period. In the end, it closed with gains of more than 96%.
The surges started on Wednesday when the BTC fork opened trading at $49.8 but experienced a massive hike in buying volume. This was due to an increase in trading from a South Korean Exchange, Upbit. As per the report, the coin saw an inflow of more than $400 million. This reflected in its price as it surged to a high of $76 and closed at the mark. It also registered gains of more than 53% at the time.
The increases continued into the next day as the altcoin aimed for $100 after it dropped to a low of $73. It attempt failed as it faced strong rejections at $96. Nonetheless, it ended the day with gains of more than 19%. Additionally, it broke the said resistance during the next intraday session and peaked at $107, the highest for the week.
With a focus on the current intraweek session, BSV is off to a good start. It started the previous intraday session at $96 but dropped to a low of $93. It soon recovered and broke the $110 resistance to register a new high over the last year. It peaked at $112 before retracing to a close at $103. It gained more than 8% in the end.
The current intraday session is the opposite of the previous session. BSV is down by 4% and has dropped to a low of $94. With no strong support available, the asset may drop as low as $75.
3. Filecoin (FIL)
Similar to the previous asset, Filecoin also had a splendid performance during the previous week. It registered gains of more than 22% as it cruised past several resistances.
One such level is the $6 barrier. The mark held out against several attempts over the last three months with a few gaining success but the asset failed to gain stability above it. This came to an end on Thursday. FIL started trading at $5.93 and peaked at $6.30. It closed the day a little below its high and gained more than 5%.
The previous week closed on such a high note. It started trading at $6 and broke the $7 resistance. This comes after it dropped to a low of $5.92. After flipping the said level, it peaked at $7.45 but retraced. As a result, it closed at $6.92 but gained more than 15%.
The uptrend is still in play during the present intraweek session. FIL briefly broke the $8 resistance on Monday but closed at $7.57 with gains of almost 10%. However, the current day might be a cause for concern as the alt is losing almost 5% at this time. If the downtrend continues, the asset may drop as low as $5.70.
