During the previous week, most cryptocurrencies excited traders as they attained levels they hadn’t in more than seven days. Many predicted that this was in continuation of the small increases they had two weeks ago. However, the global cryptocurrency market cap showed that the uptrend was short-lived.
The crypto industry was valued at $1.05 trillion at the start of the previous week. Monday was one of the most bullish as the sector peaked at $1.08 trillion but retraced before the day ended. It returned to its high the next day and stayed close to the mark until Thursday.
During this session, it dropped as low as its opening value and failed to recover. As a result, the global cryptocurrency market cap closed at it opening price. This is also the same state the crypto market is in as it is yet to register any significant change in worth since the current intraweek session started.
CRV was the top gainer during the period under consideration as the asset gained more than 20%. This comes after several coordinated pumps throughout the last seven days.
While most cryptocurrencies are struggling to hold to key levels, let’s see how they may perform in the coming five days.
Top Three Cryptocurrencies to Watch
1. Bitcoin (BTC)
Monday kicked off with a lot of reaction as the top coin tried testing a key level. Nonetheless, the asset dropped below several levels as it lost momentum. On the weekly scale, it failed to register any significant changes in price.
It went close to retesting the $28k resistance. During the first intraday session, it peaked at $27,422 but retraced as the day gradually came to an end. Due to this, the coin dropped a little above its opening price and failed to register any significant change in value.
On Tuesday, the top coin continued its attempts at the said mark. This time, it peaked at $27,486 but experienced a slight downtrend that saw it end the 24-hour period a little above $27k. Additionally, it failed to record any notable change in price in the end.
BTC had its biggest change in value on Thursday. It kicked off trading at $27,124 but dropped to a low of $26,376. Although it saw slight recovery, it closed at $27,500 which signifies a more than 2% loss. The last three days of the week were marked with very little volatility.
With a focus on the new week, bitcoin is off to a not-so-exciting start. During the previous intraday session, it dropped below $26k but recovered before it ended.
It has tested the said support a few hours ago but failed to break it. Nonetheless, indicators are pointing to the said mark breaking again.
The Moving Average Convergence Divergence is showing a bearish signal there is an ongoing negative convergence. With an impending divergence, BTC may experience more decreases in value in the coming days.
2. Ethereum (ETH)
The past week was one of the most volatile for the asset. Ethereum closed the sessions with losses of more than 2%. It is also worth noting that it had bullish moments in which it retested key resistance.
For example, on Monday the coin opened trading at $1,623 but had small increases that shot it toward $1,700. However, it slowed on track as it faced strong rejection at $1,669 and retraced so close to its opening price. The action also marked the only notable attempt at negative barriers.
On Thursday, the largest altcoin opened trading at $1,622 but retested the $1,600 support. It broke and ETH hit a low of $1,568. It also failed to reclaim the barrier and closed at $1,583 with losses of more than 2%.
With a focus on the new week, ETH is not off to a good start. It opened the previous intraday session at $1,579 but experienced small corrections that saw it hit a low of $1,563. Although it recovered and closed that session with a green candle, there are indications of further price decreases ahead.
MACD is the main indicator in this situation. the 12-day EMA is currently in contact with the 26-day EMA. In what is described as a bearish convergence, ether is sure to see a divergence that may seal the negative signal.
Although the threat to the $1,500 support is strong, there is a strong demand concentration at $1,540. This small barrier may hold up throughout this week.
3. Thorchain (RUNE)
RUNE had one of its worst performances during the previous week. As a result, it lost almost 9% in the end. Nonetheless, many referred to the drop as a small cooldown following its splendid trading actions two weeks ago.
Regardless of bullish trend, the altcoin started its massive downtrend on Wednesday. It kicked off the day at $1.91 but experienced strong selling pressure that ensured prices hit a low of $1.75. Although it saw slight recovery, it closed at $1.78 with losses of more than 6%.
With a focus on the week, RUNE is off to a good start. During the previous intraday session, it made an attempt to regain stability above $1.70. It was successful as it ended the day at $1.71 which signified gains of almost 3%.
There is also a green candle representing the current intraday period which means the altcoin is making more moves at resistances. Based on the previous price movements, Thorchain may retest the $1.80 barrier next.
