Some of the most volatile trading activity occurred during the past seven days. Most cryptocurrencies had considerable rises around the time, as we noticed. Others saw significant drops.
Arbitrum is one of these notable losers. Currently, the asset has decreased by more than 90%. The coin is recovering from an all-time low of $1.10 in what many refer to as a rugpull. STX, which fell by 12% last week, was also among the biggest losers.
Since there was no significant price increase or decrease on a worldwide scale, the cryptocurrency market was rather stable. Several fundamental factors, however, had little effect on prices.
The announcement made by Tether is one example. The issuer of the USDT stablecoin and financial services provider expect to earn a $700 million profit in the first quarter (Q1) of 2023, which ends March 31.
Other news includes investors receiving justice as Titanium CEO may serve the ensuing years in prison for a $21 million fraud. Another thing that happened was that the $100 million deal to buy the Thai cryptocurrency exchange Zipmex fell through since its rescuer didn’t pay the $1.25 million that was due on March 23rd.
There is a lot of anticipation regarding how prices may perform as the new week approaches. Let’s discuss various cryptocurrency assets.
Top Three Cryptocurrencies to Watch
1. Bitcoin (BTC)
The prior week’s bitcoin price showed a major conflict between bulls and bears. It began at $28k but did not experience any significant price adjustments throughout the first two days of the time frame under consideration.
On Wednesday, this changed when the coin reversed course and hit a low of $26,688. Despite a minor comeback, it was unable to make up the losses. Hence, it closed down by more than 3%. We observed a comparable occurrence on Friday, and the pinnacle coin experienced a comparable degree of decline.
But, to make up for Wednesday’s loss, the top asset experienced its greatest increase on Thursday. The final two days of the week saw a negligible uptick in BTC. This prevented it from registering any appreciable value growth.
We identified several readings from indicators that might influence price behavior. The Moving Average Convergence is the first metric to take into account. We saw that the elevation of both EMAs is steadily slowing. We are now witnessing a bearish convergence as a result.
The $26k support level is the first one to watch because of an impending divergence. The apex coin fell to a low of $26,688 over the previous seven days. At the previous intraday session, it decreased and fell to $26,500. The asset could challenge the $26,000 ceiling again.
It’s important to keep in mind that a shift in the market could cause the top coin to trend upward. If that occurs, we would anticipate a second attempt at the $28k resistance.
2. Ethereum (ETH)
Ethereum had a splendid performance during the previous week. Like most cryptocurrencies to watch, it had a very volatile performance. As a result, several events took place.
Nonetheless, we noticed a massive tussle between the bears and bulls as they struggled for dominance. A notable character over the last seven days ETH losing and regaining $1,800.
However, this changed as we noticed a significant dip that ensured of the $1,700 support during the previous intraday session. While indicators are largely silent as to how prices may play out, we may examine price movements for answers.
We noticed that the $1,700 barrier held out over the last ten days. We may expect it to continue as we notice a growing distance between the current price and the highlighted mark.
On the other hand, $1,800 is not one of the strongest and may give way within the next five days. We may also expect more attempts at gaining stability above the said mark.
3. Litecoin (LTC)
The preceding week saw a fantastic performance from Litecoin. It started out the week at $84 and fell as low as $75. Many would say that the prior intraweek session didn’t get off to a good start. LTC closed, though, with a noticeable price increase.
It attempted to reverse the losses on Tuesday but peaked at $83 before closing with gains of more than 5%. When it retested the $88 on Wednesday, it accomplished the lauded feat. The other coin briefly reversed it before closing at $86. Despite this, it had gains of more than 5%.
On Thursday, LTC experienced its largest surge as it crossed the $90 million mark. It then soared to a high of $94 after that. The session ended with a positive move of more than 7%, despite a slight retracement. The weekly scale also showed same increases.
The preceding week saw gains of 11% for Litecoin. At that time, indicators were also favorable because the MACD’s upswing was continuing and the Relative Strength Index was still below 60.
Many people would like to forget the trading activity during the previous intraday session because the altcoin dropped roughly 5%. Other measurements, such as the Moving Average Convergence Divergence, also showed this.
The 12-day EMA is currently curved lower, signaling the beginning of a bearish convergence. This suggests that the asset under examination will continue to trend downward and could retest the $80 support level. Yet, it could be able to get back $90.
