Bitcoin and most cryptocurrencies are seeing a gradual decline in value. For example, the apex coin slipped below $30k during the previous week and failed to recover.
This trend also permeates the entire market as the global cryptocurrency market. The global cryptocurrency market cap was at $1.20 trillion at the start of the previous intraweek session.
However, it experienced a lot of volatility that saw it enjoy relative stability above $1.2o trillion. As the week came to an end, the value of the industry went as low as $1.18T. It closed a little lower but did not register any significant change in value.
The crypto market was a bit quiet as there was no huge fundamentals that could cause a notable change in the price of some assets.
This week, the value of major crypto assets is down by a few percent. It is hard to predict how they may perform over the next five days as the sector under consideration is still quiet with no huge announcements.
However, cryptocurrencies like DOGE and XDC are seeing significant improvements in price. Let’s see how some other assets trade
Top Three Cryptocurrencies to Watch
1. Bitcoin
Last week, bitcoin failed to register any significant increase. A closer look at the charts shows a candle with a small body and long wicks extending downwards. This suggests that the coin retraced to a critical support but rebounded before the session ended.
The coin opened the period under consideration at $30,247 and held this mark for a very short time as it slipped below 30k on Monday. Although it recovered, it failed to gain stability above the said mark. This was also the trend throughout the seven-day period.
However, there were periods the coin made significant attempts at an uptrend. One such was on Thursday when it opened at $29,900 and tried retesting $30,500. It failed in its bid as it faced strong rejections at $30,414. It retraced as a result and dropped to its opening price. This was also the highest the coin it went during the period under consideration. Following this leap, the cryptocurrency did not see any significant push or downtrend.
With a focus on the week, BTC is exhibiting notable volatility. For example, it kicked off Monday at $30k. As the day progressed, the asset experienced a massive decline in buying volume. As a result, it dipped below $29k for the first time in more than fourteen days. It hit a low of $28,842 before rebounding. However, it closed trading at $29,177 which indicates a more than 3% decrease in value.
Bitcoin is not showing any huge signs at the time of writing. The candle representing the current intraday session is a very small doji that depicts low volatility. Nonetheless, it is green which is a relief from the previous day’s losses.
Indicators are silent as to how BTC may perform in the coming days. However, based on previous price movements, the apex coin may experience small increases over the next five days.
2.Dogecoin
Dogecoin did register massive gains during the previous intraweek session. Nonetheless, the coin saw a lot of volatility during this period. However, like most cryptocurrencies, it had an even start to the session.
Last Monday, it opened trading at $0.069. It saw a massive increase in buying volume that shot it as high as $0.073. Afterward, it retraced to a low of $0.067 before rebounding. All the moves failed to reflect on the daily scale as DOGE returned to its opening price and ended the day with no significant change in value.
Following a small decrease the next day, the altcoin climbed over the next three days. One of the highlights was on Friday when it recorded it biggest gain of the week. It started trading at $0.070 and surged to a high of $0.076. It retraced as it experienced strong rejection and closed at $0.073. This was the high for the week and the asset gained almost 4%.
Dogecoin is still experiencing high volatility at this time. It kicked off the current intraday session at $0.074 and shot to a high of $0.083. This marked the first time in more than a month the coin is crossing $0.080. Nonetheless, it closed at $0.081 which indicates a more than 10% gain.
This increase is raising concerns as the Relative Strength Index is at 72; DOGE is overbought. In the coming days, traders may brace for corrections.
3. Stellar Lumen
Stellar Lumen saw massive increases during the previous week. On the weekly scale, the coin gained almost 18%.
One of the biggest moments during this period was on Wednesday. It kicked off trading at $0.13. However, as the day progressed, it made attempts at key levels. One such is the $0.16 resistance that broke due to a massive demand concentration at the mark. It went further but halted at $0.167. It dropped to a close at $0.15 which indicates a more than 18% positive change in value.
Following that surge, RSI was at 71; the asset was overbought. This also spelled an impending downtrend. The decreases took place over the last three days of the week.
However, XLM is yet to recover from its downtrend. During the previous intraday session, it lost more than 6%. The candle representing the current intraday session is a red doji which signifies that the asset is still losing a fraction of it worth.
Stellar Lumen may recover as RSI is back below 70. One key support watch over the next five days is the $0.14. If this barrier fails, the altcoin may go as low as $0.13.
