Top Three Cryptocurrencies to Watch This Week (Jan 30)
The top three cryptocurrencies to watch this week are some of the major assets. While they had a rather stable performance during the previous week, many are looking forward to a better outcome this intraweek session. Let’s go over the events during the period under consideration.
Most assets had a bad start and closed with no significant change in value. The same sentiment also affected the global cryptocurrency market cap. It opened at $1.05 trillion but reached a high of $1.08T.
The seven-day period ended at this mark with the industry failing to record any significant change in value. Nonetheless, most of the top losers during this time lost less than 10%. While some regained levels they haven’t in a while.
For example, APE returned above $6 but could not sustain the momentum and dipped. Other assets like APTOS and OP went on a bullish spree and recorded massive increases. Many traders are looking forward to the continuation these increases this week.
However, most cryptocurrenciesare down by a few percent. Here is the prospect for this session.
Table of Contents
Top three Cryptocurrencies to Watch
1. Bitcoin (BTC)
Bitcoin had a lot of movement last week. However, it started slow which raised questions of whether prices would get better or there are impending downtrends. A previous outlook pointed to a surge over the weekend.
This happened as the apex coin tried flipping $24k but halted at $23,994. On the weekly scale, it ended the session with gains of more than 4%. Indicators also maintained their bullish stance as the last few days of the week were marked by positive changes.
Like the previous intraweek session, BTC is not off to a good start. While many might anticipate a rise similar to the previous seven-day session, it is difficult to say whether there might be any. This is the biggest red candle to appear on a Monday in the past three weeks.
We observed how BTC struggled to hold onto important support during the previous week. We might anticipate worse based on price movements in the past. During the previous intraday session, the Relative Strength Index was at its deepest in the last ten days.
This has changed and we noticed a small green candle. BTC may hold on to the $23k support and attempt $24k again.
2. Ethereum (ETH)
Like most cryptocurrencies to watch this, ETH also caused a huge scare during the previous week. Monday was marked by a red doji and Tuesday was worse. The second day of the week was the most bearish as the asset lost more than 4%.
It recovered and was on an erased the incurred losses. On the weekly scale, it failed to record any significant change in price. With focus on the new intraweek session, traders are looking forward to better performance.
During the previous intraday session, ETH lost more than 4%. There are concerns that it may lose the $1,500 support as a result. Recall that a previous piece mentioned that the asset had recently seen a bearish divergence. It’s still the same.
Additionally, the Relative Strength Index is at its lowest point in more than 14 days. If the downward trend persists, the bears can push prices lower than the highlighted point. The $1.5k barrier, though, may hold for the remainder of the week for ETH.
3. Avalanche (AVAX)
The main highlight of the previous week for Avalanche was its biggest surge. It happened on Friday as it gained more than 17%. It ended the session with a positive change worth more than 20%. This is also reflected in the Indicators.
The Moving Average Convergence Divergence continued its climb above 0. RSI also went above 70 again and held on till the end of the seven-day period was over.
With a focus on the week, there is uncertainty in prices. First, the coin lost more than 4% during the previous intraday session which also had an impact on indicators. For example, the Relative Strength index dipped below 70 which is an indication of a drop in buying volume.
The 12-day EMA is also arched as we notice the start of a bearish divergence. The current day brought relief as the bulls seemed to edge in the struggle for dominance. A return to the bullish path a guarantee an attempt at the $22 resistance