Price Analysis 1/28: BTC, ETH, BNB, ADA, SOL, XRP, LUNA

The crypto market is down and has enjoyed relative stability with more hikes through the last six days. The industry was worth $1.61 trillion at the start of the week but is valued at $1.71 as of the of writing which represents a more than 5% increase.

We saw a trend reversal during this period that set the tune for the week. Throughout the last fourteen days of the past month, we noticed the first day of the seven-day period were marked by price corrections. The first day of the current intraweek session saw the market rebound after it dipped to $1.54 trillion.

One of the factors that fueled the trend reversal was the whales. One report stated that the number of unique wallets is at an all-time high. This means that big players are shopping and buying as much as they can following the discount as a result of the correction. In addition,  a new all-time high of 26.22 Million $ETH is held by top non-exchange whale addresses.

The big players’ activities were felt throughout the market, especially on Bitcoin as it was one of the first cryptocurrencies to enjoy the massive buyback. The following days were marked with little hikes as they were represented by dojis.

Unfortunately, not all of these digital assets held onto their early leads. The image below hints that most projects are down by a few percent and may end the week that way if there is no improvement.

Source: Coin360

An outlook from Cryptocurrenciestowatch stated that RSI suggests that the cryptocurrency may continue to enjoy these bullish sentiments as the project leaves the oversold region. We saw the prediction come true as LRC is the top gainer with more than 35% over the period under consideration.

Having an overview of the market, let’s examine how some coins in the top 10 performed.

BTC/USD

Bitcoin lost a whooping 15% last week and was enroute to significant loss as the first few hours of the current seven-day period started bearish for the asset. The apex coin trajectory changed as it met buyback $32,950.

 

BTC is currently up by almost 4% as of the time of writing, owing to the relative stability and little hikes it experienced over the last six days. The coin performance during this period is shown in the chart above, as it is impossible not to see a couple of dojis from the timeframe under consideration.

The dojis are a result of low trading volumes during the intraweek session, accompanied by intense struggles for dominance by the bulls and bears. After finding support at $32,950, bitcoin was seen oscillating between $35k and $37k with few moments above $38k.

BTC saw the biggest uptrend on the third day of the week as it experienced a short push to $38,919 – the intraweek high. Unfortunately, the largest cryptocurrency by market ended that intraday session with small losses that saw the bears grinning.

As at the time of writing,  the previous pattern of massive hikes over the weekend seems to be out of play. This is especially evident, as BTC has seen very little price action for almost 72 hours. The minute trading volume has resulted in more stability in price and bitcoin trading close to its first pivot support.

Nonetheless, the week is about to end with the bulls having something to look forward to. The Moving Average Convergence Divergences intercepted over the last 24 hours signifying a bullish divergence – a hint of more uptrends. Additionally, BTC is not an oversold asset as suggested by RSI.

ETH/USD

Last week, the largest alt lost 28% as it opened the intraweek sessions at $3,350 but was met by immediate retracement as it started a downtrend and closed at $2,543. The past intraweek activity is one that many would love to forget.

 

Unfortunately, Ether has not recovered from the previous corrections as it is down by a few percent. On the weekly chart, the past six days are represented by a doji – indicating that the asset a lot of volatility but failed any significant amount of loss or gains.

Opening the week at$2,543, Ether retraced as low as $2,160 but recovered and is currently where it started, hence the percentage candle representation. The coin failed to surge over the next three days to overturn the loss incurred at the start of the seven-day period but enjoyed few hikes.

Ethereum enjoyed its biggest uptrend on Friday as it canceled previous losses. The cryptocurrency opened the day at $2,427 and closed at $2,559: closing with a 5% gain. An improvement over the weekend could see ETH end the week with a significant increase.

Like BTC, the week is about to end with the buyers having something to look forward to. The Moving Average Convergence Divergences (MACD) intercepted over the last 24 hours signifying a bullish divergence – a hint of more uptrends. Additionally, ETH is not an oversold asset as suggested by RSI.

BNB/USD

Most buyers would love to see BNB surge with the same energy it dipped. The project lost more than 25% last week and also lost the third spot on the market cap rank. Binance coin dipped to the sub-$400 during this period. Kicking off the intraweek trading session a little slow, the asset was unable to recover from the retracement.

The current seven-day period is different from the previous as such a massive correction was not seen. Unfortunately, the momentum at which the cryptocurrency dipped is absent as the fourth largest coin by market is up, but not up to 3%.

Nonetheless, we noticed that the $360 support held up throughout the week following the initial slip below the level. The digital asset was seen oscillating between $360 and $396 with few attempts at $400.

BNB opened the intraweek activity at $384 and is currently exchanging at $390. The cryptocurrency surged to a high of $402 but was not enough  to see it avert the impending death cross or retest the 200-day MA.

Seeing more price stability like BTC, we saw the exchange token gradually enjoy increased buying pressure – resulting in the digital asset leaving the oversold region. MACD on the other hand, is hinting at more bullish actions as we observe a bullish convergence.

ADA/USD

Following a bullish end to the intraweek session two weeks ago, traders wanted more and we saw an increase in buying volume on the first day of the previous intraweek session as it saw a more than 13.5% increase at the time but succumbed to the general market sentiment the following day.

The cryptocurrency lost 20% last week as well as the 50-day MA. With relative stability across the market, many would have expected a recovery from that massive loss. Unfortunately, the project is currently down by 5%.

While BTC and other cryptocurrencies consolidated with few hikes, ADA on the other hand was unable to recover from the price dip it suffered on the first day of the week. The 5% drop on Monday was succeeded by further retracements.

Kicking off the week at $1.12, the coin had no chance for a surge as it was hit by bearish actions immediately. ADA dipped to a low of $0.95 but saw the buyers intervene as they rallied the market above $1.

Currently trading below its first pivot support, improvements in market momentum may see the coin flip the level. We observed an impending bullish convergence on MACD that may trigger more bullish action and see cardano recover.

SOL/USD

SOL kicked off the past week with a 5% depreciation on the first day. The digital asset saw little hikes on Tuesday that marked the only green on the daily during the current seven-day period. Unfortunately, the surge could not be sustained and the seventh largest crypto asset failed to record significant growth at the time. Additionally, the coin lost more than 30% of its value at this time.

The seventh-largest alt started a little slow and followed this trend as the week progressed. After incurring a more than 7% loss on Monday, the SOL/USD pair consolidated throughout the following days with little corrections. Several sellers’ congestions pushed prices to test the second pivot support and succeeded, but for a short time the asset met buyback.

Unfortunately the slight improvement was not enough to pull the asset out of the bearish dominance. This has resulted in a convergence of the Moving Average Convergence Divergence (MACD), which hints that SOL may experience another bullish convergence. Amidst the market stability, the $84 support still holds and may be tough to break.

XRP/USD

Last week, Ripple, like BTC, lost a significant amount of its value. The cryptocurrency was down by 20% as it closed that period exchanging at $0.62 per unit after kicking off the past six days at $0.77.

Since its death cross some days back, the coin seems to be experiencing more price consolidation than dip. Unfortunately, the price range came to a halt during the previous intraweek session. The current session suggests that the asset may be back to this trend as a doji reappears on the weekly chart.

As with the preceding cryptocurrencies, the week is about to end with the buyers having something to look forward to. The Moving Average Convergence Divergences (MACD) is about to converge, which may signify an impending bullish divergence – a hint of more uptrends. Additionally, ETH is not an oversold asset as suggested by RSI.

LUNA/USD

Terra kicked off the week with a 11% depreciation on the first day. The ninth largest cryptocurrency saw small hikes on Tuesday that marked the only green on the daily during the current seven-day period. LUNA is one of the few cryptocurrencies that enjoyed a two-day surge. The coin closed the past intraweek session losing 19%.

Unfortunately, the dips have not come to an end as the cryptocurrency is losing a larger amount of its value per unit. LUNA opened the current seven-day period at $69 and is currently exchanging at $52.

The current price suggests that the digital asset is down by more than 23% and has taken no steps towards recovery. The daily chart paints a clearer picture as to the state of terra. It’s been on a downtrend since the start of the week.

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  • bitcoinBitcoin (BTC) $ 19,282.06 1.64%
  • ethereumEthereum (ETH) $ 1,327.65 0.82%
  • bnbBNB (BNB) $ 281.92 0.76%
  • xrpXRP (XRP) $ 0.434759 0.93%
  • solanaSolana (SOL) $ 33.99 2.21%
  • terra-luna-2Terra (LUNA) $ 2.45 1.97%