The top 100s is lit with an array of two of the most popular colors in crypto – green and red. The table has more greens than the red, which indicates that the bulls dominated the week. The crypto market started slow but picked up momentum as intraweek session progressed.
Market fundamentals were fairly flat. Nonetheless, BTC got more nods from Jack Dorsey. The popular bitcoin proponent in a recent tweet on Tuesday said the leading cryptocurrency, Bitcoin (BTC), will replace the U.S. dollar in response to American rapper, Cardi b question.
We also observed a steady increase in the Fear and Greed Index as the metric reflected little hope in the market following weeks of extreme fear. Although the index did not tilt to the greedy region, it peaked at 45.
The crypto industry was valued at $2.2 trillion at the start of the week. It surged as high as $2.4 trillion and saw a low of $.1 trillion during the time. Top performing coins over the last seven days include Near, gaining more than 70% and FTM with a 60% increase. Considering the bullish nature of the market, the top loser lost almost 5%.
Sundays have been known for the tremendous increase the market enjoys. The image above shows that we are seeing a return of the bullish pattern as Bitcoin has seen a lot of impact in its price since the start of the week. As the week is coming to an end, let’s see how some coins in the top 10 performed this week.
Bitcoin is seeing a lot of volatility as the year comes to an end. Crypto’s largest asset is on a recovery path, as it is up by more than 7% after losing an equivalent in the preceding week. The apex coin saw a high of $51,864 and retraced as low $45,572.
BTC started the past seven days a little dull as the first day of the week saw minimal price movement. Tuesday saw more trading volume than the previous trading session. The intraday activities began with the top coin trading at $46,926 and surged as high as $49,353. The coin saw a low of $46,667 during the time under consideration and closed the intraday session 4.27% higher than it opened.
The next day was marked with very little movement from the apex coin as the candles representing that trading session was a doji. Bitcoin resumed its uptrend on Thursday as it saw a 4.59% increase.
The previous pattern of massive hikes in 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 the first pivot support.
The most valued crypto has significantly improved over the past seven days. There was an increased fear of the coin becoming oversold before but this concern was allayed as the Relative Strength Index surged to 40 after trending dangerously close to the dreaded region.
Nonetheless, the 50-day MA and 200-day MA are gradually closing the gap between them and we may see a death cross soon.
The second largest cryptocurrency is up 3.36% – not the expected increase many expected. As with BTC, ETH is also recovering from the more than 5% deficit it suffered during the previous intraweek session.
Opening the week below $4,000, Ether retraced as low as $3,755 but recovered and will be closing with a few added percentage. The largest alt surged as high as $4,155 during this time and saw a lot of volatility.
The coin was off to a good start as it recorded significant hikes in the first two days of the week. The uptrend was faced with correction as the candle representing Wednesday was red. The past seven in summary may be considered dull because the second largest coin failed to record significant loss or gains during this time.
As with BTC, Ether flipped its first pivot support and remained close to it since ascension. We note that the $3,700 support held out through the intraweek activities – establishing the mark as a strong support. The mark was tested once as the largest alt resumed its uptrend. We may see a retest of the $4,200 resistance if the trend remains intact.
The situation with the third largest cryptocurrency is much better than the preceding week as Binance coin is one of the many projects that are about to end the past seven days in profit.
The coin closed the preceding week down by 6% as it opened the trading session at $570 and ended it trading at $530 per unit. Binance coin saw minimal movement throughout this period and we observed that most of the candles representing the days of the week are dojis as they possess smaller bodies with longer wicks.
The situation has not improved as at the time of writing. The weekly chart suggests that BNB also has the same trading volume as the preceding intraweek session. Seeing almost the same highs and lows, we are experiencing a repetition of the past trading sessions.
Nonetheless, the second largest alt is gaining in on its PP and may retest it as we observe the distance between the current price level and the first pivot support increase. After failing to flip the $504, BNB gained a lot of stability and the pivot support 1 may continue to hold.
Solana is about to end the week gaining almost 11%, making it the second consecutive week of profit since the halt of the downtrend. The coin dropped as low as $168 (the intraweek low) and burst to $200.
SOL started the past seven days at $179 after closing the previous week with a 4% increase. With the uptrend in top gear, the SOL/USD pair was mostly bullish during the period under consideration. With a rather poor start, the pair took a positive turn on Tuesday as the coin resumed its uptrend.
The current price of the fifth coin by market suggests that the coin may retest its pivot point after flipping and surging above the first pivot support. Additionally, RSI is picking up and spike in buying pressure which may send SOL above $220.
The past week saw intense bearish action that ensured the project tested Pivot Support 1 (PS 1). Four of the seven days were marked with green candles but were unable to undo the damage done by the bears.
Cardano was one of the top losers in the top 10 as it lost more than 7% during that time. The past seven days have been different as ADA overthrows previous results and may end the five-week long retracement it suffered. The coin started the intraweek session at $1.24 and is currently trading at $1.46 – a more than 17% surge was seen.
ADA attempted flipping the $1.5 resistance but failed as it hit $1.49 and retraced. Cardano’s price movement this week is a close semblance to that of Solana. The most recent price of the sixth coin by market suggests that the coin may retest its pivot point after surging above the first pivot support
The seventh largest coin by market cap has seen a lot of volatility lately. Ripple recorded no significant loss or gain during the past week as the candle representing the current intraweek session is doji but red: showing slight seller congestion.
XRP saw a turn of events over the past seven days. The coin opened the intraweek session trading at $0.83 and is exchanging at $0.92 per unit as a now. The most recent price hints that the seventh largest coin is up by more than 10%.
The XRP/USD pair no doubt saw a lot of volatility as it retraced to a low $0.82 and surged as high as $1.02. The was heading for its PP but got hit by corrections and stopped dead in its tracks. While Ripple’s current feat is thrilling, we note the small gap between the 50 and 200-day MA.
Terra hit a new all-time high a few hours ago and thrilled every faction of traders in the market. The bears are more excited as they capitalized on the bears taking profit; bringing the coin down which results in the daily taking shape of a doji.
One outlook stated that LUNA retested the second pivot resistance at $78 during the past trading session. The asset under consideration was trading at $85 per unit which indicates that the $90 resistance may break as the buyers are defending this mark and preventing further slip
After hitting $103, the bulls are holding prices at $99. RSI, however, is taking a dip as selling pressure mounts. It’s hard to find strong support following the recent hike in price but the coin has held on to the $95mark in recent times.
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