The bulls are unsure of the next price action, as many anticipated more price movements this week from most cryptocurrencies. These expectations went unrealized as the massive hikes failed to come. This has led many to call the market “Boring.”
Adding to the claims that the past six days have been boring is the global cryptocurrency market cap. The sector under consideration is about to end the same way it started as there has been no significant increase in the total worth of the crypto industry.
This appears to be the second consecutive week the crypto market is recording little to no gains. However, the bears are grinning with contentment following the small wins they enjoyed following the minute decrease over the past six days.
The market opened at $2.24 trillion and peaked at $2.32 trillion. The industry is worth $2.2 trillion as of the time of writing as we noticed little hikes across the market. The image below illustrates that most cryptocurrencies are seeing little surge.
Daily Performance Heatmap
Unfortunately, these increases have little to no significant impact on the weekly performance as the illustration below shows some digital assets dipping by several percent. Polkadot is the top loser in the top 20s as it is down by more than 8% over the last six days.
Weekly performance Heatmap
Following the same tempo as the spot market, crypto derivatives are also dull this week. With very little activity so far, trading volumes as well as REKT funds are on the decline as more traders boycott it.
Market sentiment has been fairly stable throughout the week. Although the industry is unable to recover from bearish induced fear, the Fear and Greed index is consistently shifting between 21 and 29.
The stability in the atmospheric conditions of the crypto street could be attributed to the lack of price moving fundamentals. One of the biggest stories this week is that Tesla will start accepting DOGE as payment for its services. Dogecoin surged by more than 20% after announcement but failed the trend.
It seems the weekend trends are intact as we’ve noticed little hikes across the crypto space. With a brief overview of the market, let’s examine the performance of some coins in the top 10.
Bitcoin is about to close the week at a 5% deficit. The coin opened the week at $50,102 and surged to an intraweek high of $50,226 but hit resistance at this mark and came crashing down to $45,750. The next two days saw more price increases as the apex coin gained almost 5% as the bulls tried recovering from the previous loss.
Unfortunately, the efforts of the buyers were not enough to annul the more than 6% drop on Monday as the digital asset was hit with more sellers’ congestion on Thursday and Friday as it lost 5% in total.
With the weekend trend still on, there is still a chance of a short squeeze as seen over the past three weeks. BTC saw a l0w of $45,789 and closing the past seven days in loss will mean a continuation of the downtrend.
Although bitcoin failed to surge past its first pivot support, it still holds the second and has not tested the mark this week. The top coin failure to pick up momentum has resulted in fresh concerns of another death cross.
The fear becomes more imminent as the 50-day MA is slowly edging closer to the 200-day MA – hinting at an interception. Traders were thrilled to see the Moving Average Convergence Divergence (MACD) indicate a bullish cross.
The excitement is gradually fading as both MACD lines have converged and the crossing is yet to take place. The fast and the slow lines are closer than many would expect and have not separated as seen in the chart above.
Ether frequently dipped below $3,700 throughout the past seven days. The buyers were unable to defend both the $3,900 and $3,700 support. With both supports crumbling, the largest alt retraced to a low of $3,640.
The coin may close the with losses of more than 5%. This will be the third consecutive week of the red candle and another below $4,000. Ether no doubt saw a lot of volatility throughout the past seven days, as it tried to recover from a more than 8% drop on Monday.
A two-day hike saw the second largest cryptocurrency by market cap regain 6% up was not enough to cancel the decrease. ETH was on its way to revisiting the price it opened ($4,130) the intraweek session but failed as it retraced at $4,117 and ended the fourth day of the week with little deficit.
As with the BTC, ETH is also seeing some movement with regards to the 50-day and 200-day MA as the gap between these Moving Average are closing. MACD, on the other hand, offers little solace as we notice an impending bullish crossing.
Crypto’s third largest asset is one of many projects losing significant percentages over the past seven days. The coin may close the week down by 6% as it opened the trading session at $570 and is currently trading at $533 per unit as at the time of writing.
Binance coin saw minimal movement throughout the last seven days compared to the previous. We note that most of the candles representing the days of the week are dojis as they possess smaller bodies with longer wicks.
The candles of the little impact the intraday activities had on the price of the exchange token. As with BTC, BNB is holding on to another critical level – the first pivot support. The Moving Average Convergence Divergence (MACD) offers a better outlook to the bulls.
We observe that the second largest alt is seeing a gradual increase in the trading volume which may result in the project surging out of the bearish dominance if sustained. As long as the $504 support remains, stability above $500 is guaranteed.
December 6 -12 saw the sixth largest coin lose 12%, making it the fifth consecutive week of loss. The coin dropped as low as $161(the lowest in seven weeks) and burst to $204. Solana claimed the unwanted spot as the second top loser in the top 10.
An end to the five-week long downtrend could be in sight as Solana is up by 5.26%. The cryptocurrency saw a low of $147 but picked up momentum after hitting the level. Opening at $172, the coin surged to a high of $187 and is currently trading at $181 – making it one of the top gainers in the top 10.
The uptrend started on Tuesday in response to the announcement of Solana Ventures partnering with Forte and Griffin Gaming Partners to launch a $150 million investment fund that will focus on blockchain gaming projects. The charts are promising more hikes as MACD is about to see a bullish interception.
The sixth largest coin by market cap is a little lower than when it started the week. We observed that the bulls are putting up a good fight against their counterparts over the past four days as the coin ended two days in profit.
The current feat is noteworthy, as the past seven day saw minimal bearish action compared to some other weeks. Unfortunately, the bullish moments are short-lived, as Cardano is down by more than 7% and is showing no signs of starting an uptrend as suggested by the Pivot Point Standard (PPS).
One of the most dreaded events just took place on the chart, as it was previously stated that both the 50-day and 200-day Moving Average just intercepted – signifying a death cross. The first pivot support at $1.2 held out against attacks after the initial crossing and is still on as the bull has defended the mark thrice in the last seven days.
The seventh largest coin by market cap has seen a lot of volatility lately. Ripple recorded no significant loss or gain during the of the period under consideration as the candle representing the current intraweek session is doji but red: showing slight seller congestion.
Most of the price movements the coin saw was to the downside as it retraced as low as $0.76. Regardless of current market conditions, the above chart suggests that XRP saw more hikes as four of the last seven days were bullish. The most recent price level takes the coin a step away from the first pivot support but with no assured uptrend in view.
MACD interceptions seem to have little to no effect on the altcoin as there have been no notable uptrends. Price actions after the crossing have been a little more stable as XRP consolidated between $0.85 and $0.76. As with BTC, Ripple coin may see a death cross as both the 50-day MA and 200-day MA are closing in on each other.