Currently valued at $1.61 trillion, the crypto market is down by more than 20% as it opened the week at $2.05 trillion. The industry was considerably stable throughout the first three but took a turn for the worst on Thursday as it lost almost 10% of its value at the time.
The sudden change in market trajectory was a result of traders’ response to a bearish news from Russia. The country’s Apex Bank cited concerns that cryptos are not only volatile but are mostly used as payments to facilitate illicit transactions, such as money laundering and terrorist financing – hence proposing that the assets should be completely banned.
The story, coupled with the fact that the industry is kneel dip into bearish dominance, has left most cryptocurrencies flipping critical supports and dipping to levels not seen in 2021. Loopring is the top loser in the top 100 as it has lost more than 50% over the last seven days.
As per the current market sentiment, the crypto fear and greed index has been unable to surge past 24 as it took a hit due to the negative news circulating. Social media platform Twitter comes alive as the downtrend continues.
While most users are dwelling on past institutional exposure to crypto assets, others suggest that the most recent more than price dip could be a manipulation by some big players. With a brief overview of the market, let’s examine the how some assets in the top 10 performed during this period.
BTC/USD
Bitcoin is down by almost 20% over the past seven days. As of the time of writing, the coin has lost more than 10% 24 hours. Leading many to conclude that the asset is experiencing price manipulation of some sort. This was made clear in a poll by Lark Davies that saw up to 5,800 users admit to the possibility of big players having a hand in the most recent retracement.
Opening the intraweek sessions at $43,071, the digital gold had no chance to surge as it was hit by immediate retracement. BTC saw little surges throughout the first three days of the week. These price actions resulted in the top coin testing the $40k support as it lost an average of 1.5% during that time.
One outlook contained a prediction that amidst the strong retracement the asset is seeing, BTC is still holding on to the $41,600 support. A crack in the defenses of this vital level may result in the apex coin dipping as low as $39,000.
The $40,000 support lost its strength as it flipped on Friday and the largest cryptocurrency dipped as low $35,440. As the correction intensified, the $35,000 support also broke less than 12 hours ago as the apex coin hit a low of $34,008.
In response to the current price movements, indicators are also printing bearish patterns. One such is the Moving Average Convergence Divergence (MACD). As at the time of writing, we observe a bearish divergence on BTC. Coupled with MACD’s verdict, bitcoin is currently oversold as the Relative Strength Index (RSI) is at 21.
ETH/USD
As BTC bleeds, alts also feel the same sentiment. The largest alt is a perfect example has lost 28% over the last seven days. Ether opened the intraweek sessions at $3,350 but was met by immediate retracement as started a downtrend.
The first four days of the week saw the largest alt lose more than 10% of its worth. After the initial test of the $3,000 support on Thursday, it was regained over the 24 hour but lost again sellers’ congestion intensified.
ETH suffered the biggest drop during the last seven days as it lost 14% yesterday. The second largest cryptocurrency was left struggling at $2,588 after the correction. Unfortunately, the digital asset lost this key support early into the current intraday session.
As with BTC, in response to the current price movements, indicators are also printing bearish patterns. One such is the Moving Average Convergence Divergence (MACD). As at the time of writing, we observe a bearish divergence on ether. Coupled with MACD’s verdict, bitcoin is currently oversold as the Relative Strength Index (RSI) is at 21.
BNB/USD
Experiencing the same sentiments as the rest of the market, BNB is down by more than 25% this week – losing 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 coin lost a lot of support including the $460 that broke on the third day of the seven-day period. It lost the $400 support on Friday as it suffered the a 12% drop and was left trading at $384 per unit after this correction.
MACD’s histogram suggests that the exchange token is suffering intense selling pressure. Additionally, the fourth largest crypto asset also experienced a bearish divergence on this indicator that may signify a continuation of the current dip. As with preceding cryptocurrencies, BNB is oversold.
ADA/USD
Cardano is one of the few digital assets in the top 100 that enjoyed hikes at the start of the current seven-day period. The coin saw a 13.5% increase at the time but succumbed to the general market sentiment the following day.
ADA lost 9% of its value following the increase and has been cascading down since then. The asset is currently down by 22% and has shown a little resistance to the massive correction that swept the market during the previous intraday session.
Opening the week at $1.41, the ADA/USD pair surged to a high of $1.62 and hit a low of $0.92 as it lost the $1 support. The coin suffered it biggest retracement on Friday as it lost more than 10%.
Cardano seem to be recovering as we noticed that the candle representing the current intraday session is a doji. ADA is also heading for the oversold region as RSI is currently at 39. The sixth largest asset also experienced a bearish divergence on MACD.
SOL/USD
Solana saw a 5% increase last week and left many traders hopeful of an uptrend amidst the growing concerns of intense bearish actions. A previous analysis noted the decrease in the gap of the Moving Average Convergence Divergence (MACD) which hints that SOL may experience another bearish divergence.
SOL kicked off the 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.
Solana returned to its downtrend afterwards as it lost the $100 support for the first time since August 2021. SOL’s opening price remains the intraweek high as it fails to surge past the mark. Currently trading at $102, the coin also lost the $90 support but has slightly recovered.
The most recent price suggests that the digital asset under consideration is down by 35%. Both MACD lines intercepted as predicted and the seventh largest coin is not close to a bullish convergence as it is oversold.
XRP/USD
Last week, the seventh largest coin by market cap has seen a lot of volatility lately. Ripple recorded no significant gains over the past week as the candle representing that period is a doji but green – showing slight uptrend.
XRP improved on candle representation but not many would love it. The cryptocurrency is down by 20% as is currently exchanging at $0.62 per unit after kicking off the past six days at $0.77.
Ripple’s price movement has a semblance with that of ether as it was met by immediate retracement as soon as the intraweek activity started. Losing 11% yesterday, XRP saw its biggest loss of the week and has yet to recover, as the most recent price suggests that it has appreciated by 4% over the last 12 hours.
Having experienced a bearish divergence last week, the gap between the two MACD lines widens with no signs of converging quickly. As with BTC, the eighth largest crypto asset is oversold due to RSI dipping below 30.
LUNA/USD
The past intraweek trading session opened with LUNA trading at $74, the bulls rallied the coin as soon as the initial sellers’ congestion faded. The cryptocurrency surged to a high of $89 and hit a low of $65 but closed the session at $85 – suggesting a 17% increase.
Terra kicked off the week with a 11% depreciation on the first day. The ninth largest cryptocurrency saw little 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.
Unfortunately, the surge could not be sustained and the seventh largest crypto asset failed to record significant growth at the time. Terra returned to its downtrend afterwards as it lost the $58 support for the first time in the past thirty days. LUNA opening price remains the intraweek high as it fails to surge past the mark.
It is currently trading at $69, which suggests that the asset is down by 20%. Furthermore, the coin also lost the $55 support but has slightly recovered. Hopes of a bullish convergence were high following the two-day increase. These hopes got dashed as the coin succumbed to bearish dominance and MACD line gradually diverged.
