Most cryptocurrencies failed to register any significant increase during the previous seven days. Market sentiment during this period was one of the dullest. As a result, most assets did not experience any significant increases.
The cryptocurrency fear and greed index was mostly neutral. Nonetheless, at the start of the period under consideration, it is worth noting that the metric was bearish as most coins and tokens lost a considerable amount of their value. Due to this, the crypto market lost a considerable amount of its value at the time.
The global cryptocurrency market cap was at $1.20 trillion at the start of the week under consideration. However, it dipped to a low of $1.16 trillion in the late hours of Monday but recovered as the day progressed. Additionally, it was unable to go higher than its open due to market conditions.
The sector under consideration closed the previous intraweek session with losses of almost 5%. A closer at the top 100 showed that most assets in the top 10 did not register any significant increase in the end. For example, Ethereum closed with losses of more than 3%.
It is also worth noting that over the last seven days, the sector under consideration did not see any huge fundamentals that could impact price. The same conditions apply to the new week as there are no announcements at this time. Nonetheless, let’s examine how some assets may perform over the next seven days.
Top Three Cryptocurrencies to Watch
1. Bitcoin
Two weeks ago the apex coin failed to register any significant increase at of the intraweek session. The trend continued into the last seven days and BTC lost almost 3%. A closer look at the daily charts suggests that the coin did not make significant attempts at critical resistance as it saw low volatility for the most part of the week.
It kicked of the period under consideration at $30,000 but experienced a sharp decline in buying volume. As a result, it dropped to a low of $28,842. This is the first time it is retracing to this level in more than a month. It also flipped a critical support in the process. However, it rebounded and reclaimed $29k before the end of the intraday session.
Monday ended with Bitcoin losing more than 3%. This also marked the last time it surged above $30k. Nonetheless, on Wednesday, it made an attempt at the resistance. It failed to reach the mark as the coin faced strong rejections at $29,600. Additionally, the asset under consideration held onto the $29k barrier for the rest of the week.
With the week in focus, it is worth noting that trading conditions have not improved. This means that the cryptocurrency under consideration is still experiencing low volatility. With this in mind, it is worth noting, if the trend continues, BTC may maintain the $29k support.
2. Maker (MKR)
On the weekly scale, Maker is closed the previous week as its most productive. It is worth noting that the coin went against the prevailing sentiment and saw massive volatility during this period. Additionally, it broke key levels over the last 7 days.
For example, on Monday at the conduit to a low of $1000. Afterward, it rebounded and surged closer to its opening price. This was the lowest asset went throughout the week. On Tuesday, the coin had one of its biggest hikes. It kicked off trading at $1,066 and surged to a high of $1,188 reclaiming $1,100. However, it’s experienced huge rejections that saw it drop to a close at $1,136 which indicates a more than 6% increase.
Another key highlight of the week was Saturday. The coin opened trading at $1179 and broke through the $1,200 support. As a result, it peaked at $1359. As with its previous attempts, it’s saw massive rejection and retraced to below 1,300. Nonetheless, they smacked another huge increase as it closed with gains of almost 9%.
With a focus on the new week, maker is struggling to hold on to its previous gains. A look at the current intraday session shows that the coin attempted flipping 1,300 but registered little to success. It retraced and is currently struggling at $1241.
Indicators are pointing to an impending downtrend. For example, the relative strength index is currently above 70. This means that the asset is currently overbought and due for correction. The moving average convergence-divergence is also showing signs of an impending bearish convergence.
With signs of an impending decrease in price, one of the key levels to watch is the 1,200 support. If it fails MKR can go as low as 1100.
3. XDC Network
Like some of the cryptocurrencies to watch this week, XDC network registered notable increases during the previous intra-week session. As per sources, the token enjoyed a more than 300% increase in Trading volume. As a result, it hit levels it had not attained since June 2022.
The main highlight of the week happened on Wednesday. The cryptocurrency opened to trading at $0.053 and saw a sharp increase in buying volume. Due to this, it made an attempt at $0.070 with little success. After flipping the mark, it retraced to a close of $0.059. Although it lost more than half of the value it gained, it ended the day with gains of more than 10%.
Following this massive move, the coin struggled for the rest of the week. Nonetheless, it is seeing an increase in price at the time of writing. It kicked off the current intraday session at $0.057 and is currently trading at $0.061. This indicates that it is currently up by more than 7%.
However, the relative strength index is blaring warnings. Due to the most recent move, it is at 69. If the increase continues, it may break above its bounds.
