Top Three Cryptocurrencies to Watch This Week (May 8)
Most cryptocurrencies struggled throughout the previous week. They failed to hold to key levels and as a result, did not register any significant positive change in value.
The situation affects the entire sector, as can be shown by looking at the market capitalization of all cryptocurrencies, which has seen a little decline in value.
The market began at $1.18 trillion and reached a high of $1.23 trillion. It lost steam, though, and fell to a low of $1.13 T. It also ended at this level, showing the bearish sentiment prevailed during this period.
Regarding the fundamentals, a lot of news circulated but had no effect on pricing. For instance, despite the unfavorable year for the cryptocurrency market, Jack Dorsey’s Cash app claimed $2.16 billion in Bitcoin sales during this time.
In a financial report, Coinbase disclosed profits of 23% from quarter to quarter. The exchange made $736 million in the first quarter of the year, beating analyst projections of $658 million.
With the new week in view, there are no strong fundamentals. With this in mind, we will example the chart to get an outlook of how some assets may perform.
Top Three Cryptocurrencies to Watch
1. Bitcoin (BTC)
A look at the previous week’s candle shows longer wicks to the top and bottom. This is as a result of bitcoin testing key resistance and afterward, support.
On Monday, BTC started out at $29,254 and briefly exhibited hints of a rise before stopping. It then reversed and flipped the $28,000 resistance. It fell to a low of $27,666. BTC lost over 4% of its value by the session’s conclusion.
The asset began trading at $28,860 and reached a high of $29,701 on Friday. The peak dashed any hopes of seeing the cryptocurrency flip $30k. That was the final attempt during the previous seven days, and we also failed to flip the mark. Nevertheless, it gained roughly 3% at the closing.
The apex coin went into a downtrend during the following two days. Over this time, BTC declined by more than 4%.
The apex coin broke the short-term support at $28,40 during the previous intraday session, as demand concentration dipped. The value of the cryptocurrency dropped by roughly 3%, reaching a low of $27,290. The coin is currently holding onto $27,500 and trading at $27,582.
BTC has established a short-term support at $27,300 over the previous 40 hours. After testing it twice this week, a breakthrough might be anticipated. It could be upward or downward.
One of the key levels to watch is the $27,000 support. We may see an attempt at the mark in the coming days. To the top, we expect bitcoin to edge closer to $30k.
2. Bitcoin SV (BSV)
Bitcoin price over the last 23% hour is one that left many astonished. It erased all of the losses it incurred during the previous week. It is worth noting the asset saw minimal movement during this period.
The week’s high point occurred on Saturday. It began trading at $33.3 and fell as low as $32. It thus finished the session down over 3%.
Looking at the indications at the time revealed that the purchasing pressure on BSV was gradually waning. The Relative Strength Index makes this clear. It was at 35, indicating that the asset is progressively losing value and might fall below 30 if the downturn keeps on.
During the previous intraday session, this took place. One of the largest dumps of the token occurred. It flipped multiple supports when it first started trading at $32.3. The $32 barrier was broken, then the $30 barrier. It subsequently fell to a low of $28.9. But it recovered and fell more than 6% to close at $30.
BSV was oversold as a result of this large decline. RSI dipped to a low of 25.
Bitcoin SV kicked off trading at $30. During the current intraday session, the asset flipped the $38 resistance and retested the $42 barrier with the same result. It headed to $44 which failed to yield as it faced strong rejection at $43.3. Nonetheless, at the time of writing, the coin is up by more than 41%.
Due to the massive surge, the altcoin is overbought as RSI is above 70. As per RSI rules, BSV may experience a series of downtrends.
On the other hand, we noticed that the Moving Average Convergence Divergence is displaying a bullish divergence. With this reading in mind, we may expect the altcoin to flip $44 and attempt $46.