Top Three Cryptocurrencies To Watch This Week (JAN 29)
Over the past two days, XMR experienced significant fluctuations in value, reclaiming levels it had lost a few days ago and reaching its fourteen-day high after substantial losses last week.
These changes in Monero are impacting the overall global cryptocurrency market cap. In the past week, the market opened at $1.63 trillion, dropped to $1.51 trillion due to widespread price declines, but eventually recovered and closed slightly below the opening price.
Identifying the top losers during this period is challenging, as most assets recovered. Nevertheless, LEO incurred a loss of over 3%, while Helium emerged as one of the top gainers, breaking through the $8 resistance and currently showing a gain of over 38%.
As we enter the new week, the cryptocurrency market has started on a positive note, currently valued at $1.68 trillion after opening at $1.62 trillion. With most assets on an uptrend, the question remains whether this momentum will persist.
Top Three Cryptocurrencies to Watch
Analyzing the charts reveals a significant downtrend for Bitcoin in the previous week, evident in the candle with a clear wick below it.
A crucial event occurred on Monday when Bitcoin opened at $41,555, experienced a sharp decline breaking the $40k support, and headed towards $39k. Despite rebounding at $39,437, it closed with losses exceeding 4%.
A full recovery took place on Friday with Bitcoin’s biggest surge of the week. Starting at $39,929, it broke the $42k barrier, peaking at $42,223 and closing with gains of over 4%.
During the intraday session, the Moving Average Convergence Divergence (MACD) showed a shift in trajectory. The 12-day EMA began an uptrend, and a bullish divergence occurred on Sunday.
As of the current week, the Apex coin gained more than 3% in the previous intraday session, closing at $43,305 after opening at $42,027. No signs of a downtrend are evident, as the asset remains in the green at the time of writing.
With no negative fundamentals apparent, it seems likely that the Apex coin will continue its uptrend. However, the $44k resistance is a key level to monitor, as BTC may encounter challenges in maintaining stability above it. A shift in the market trend could potentially send the asset as low as $40k.