by Gideon Geoffrey 
With the new week entering day two, may traders are reflecting on how price performed during the previous session and how they might play out over the next five days.
The global cryptocurrency market cap closed with losses of almost 5%. This comes as it started trading at $2.56 trillion at the start of the said period. However, several cryptocurrencies suffered notable losses as selling pressure mounted. As a result, it dropped to a low of $2.36 trillion. The bullish trend resumed and the industry returned to its opening price.
However, it retraced and close at $2.46 trillion. At the time of writing, the said sector is down by almost 2% in the last 24 hours.
Nonetheless, the previous week produced some top gainers. One such was ICP. It started trading at $12 but dropped to a low of $10.5. It recovered and closed at $15 which signifies a more than 20% positive change.
The last 24 hours were also bullish for some altcoins. One such is BONK. The memecoin gained more than 6%. Other assets like BEAM and SUI gained 10, and 8% respectively.
With the current trajectory of the market, the question of whether these assets will continue their surge hangs in the air.
Top Three Cryptocurrencies
Bitcoin (BTC)
Bitcoin is currently close to registering a new all-time high. However, this was not the case during the previous week. This comes as the candle representing that period resemble a hammer with a long wick sticking out. This means that it returned to a level it hasn’t in more than ten days.
This happened on Tuesday when it started exchanging at $67,600 and retraced after attaining a small high. Due to a sharp increase in selling volume, the apex coin had a massive price decline. As a result, it broke the $62k support and dropped to a low of $61,447. It ended the day with losses of more than 8% amidst attempts at recovery.
The next day was the opposite as the coin reclaimed the lost levels. This is also the same bullish trend this week. BTC opened the previous intraday session at $67k and tried returning to $72k but halted due to strong rejections at $71,213. Although it had a little correction, it gained more than 4%.
Current price suggests that the largest cryptocurrency tried returning to the said level but failed after hitting a new high. Nonetheless, indicators like the Moving Average Convergence Divergence are showing signs of more price increases.
At the time of writing, the metric is showing a trend reversal from the previous bearish divergences. The 12-day EMA halted its downtrend and is on an uptrend at this time. The 26-day EMA is also heading down. With the current trajectory, both metrics will hit each other in a bullish convergence.
With this in mind, BTC may continue its uptrend and reclaim $72k. However, a slip to $64K is likely as A/D suggest that the current uptrend is unsustainable.
Internet Computer (ICP)
Internet computer had a notable volatility during the previous intraweek session. It reclaimed the price marks it lost two weeks ago. A look at the weekly candle attests to the massive price movement. The candle has a long wick sticking below it.
The action responsible for the decline took place on Tuesday. It started trading at $12.3 but retraced after a small hike. It broke its 20-day support as it slipped below $12 to a low of $10.7. Although it saw a small recovery, it closed with losses of more than 11%.
Following that single-day decline, ICP resumed its uptrend and ended the session with gains of more than 20%.
The new week is a spillover from the previous bullish trend. During the previous intraday session, the altcoin attempted $18 but failed due to string rejections at $17.9. It gained more than 16% and is still on the uptrend. It is currently up by more than 7%. This comes after it broke $18 and the $20 resistance.
However, according to price movements, the uptrend may be coming to an end. Following its peak at $20.5 ICP is experiencing corrections. As a result, its candle is forming an inverted hammer which may indicate the end of an uptrend.
One of the key levels to watch is the $17 support. Although not one of the toughest, a flip could guarantee a return to $14. On the other hand, it may attempt $22.
