The crypto market picked up pace last week as most cryptocurrencies saw notable increases. The telling factor to this effect is the global cryptocurrency market cap. The industry has closed the past intraweek session valued at more than its opening.
It was estimated to be below $900 billion at the start of the period under consideration. As the market picked up momentum, the sector’s valuation peaked at $962 billion. Nonetheless, it ended the past seven days at $960B, signifying an almost 8% increase.
Some Stories That Made Rounds in the Crypto Market
On the part of fundamentals, there were very few strong ones. One such is Cristiano Ronaldo’s partnership with Binance. Both parties are coming to create and market NFT collections for the football star.
Another news story that made the rounds last week is Magic Eden bagging $130 million from Serie A during a funding round. This is especially noteworthy as it comes at a time when crypto winter is on.
Traders are also fighting back fear, uncertainty and doubt as indicated by the Fear and Greed Index. The metric saw a gradual increase during the period under consideration as it rose from 9 to a high of 14.
One of the top gainers was COMP as it gained more than 35%. SHIB follows closely behind with the same increase. There were also assets that lost a notable piece of their value.
One such is XDC as it is down by more than 19%. With a brief overview of the market, let’s examine the performance of some projects in the top 10.
BTC/USD
The top coin had its first green candle in over two weeks. It closed this past week with little price change which is represented by a green doji on the weekly chart. The seven-day period kicked off the seven-day period a bit slow.
We observed an indication of this in the doji that marked Monday. The apex coin retraced to a low of $19,600 and peaked at $21,000 but failed to record any significant losses or gains at the end of the session.
Bitcoin on Tuesday had the same movement but more to the upside as it hit a high of $21,700 and a low of $20,330. It also failed to close with any notable price changes. Price trend changed during the third day of the week.
BTC flipped the $20k support and retraced a low as $19,743. The session ended with the top coin losing more than 3%. Repraisal came the next day as the largest cryptocurrency by market cap erased the incurred losses.
It peaked at $21,200 but closed a little to record gains of almost 6%. The next two days were marked by small trading volumes that resulted in little price movement. Nonetheless, they all ended with bitcoin slightly improving.
On Sunday, the apex coin opened trading at $21,480. It soon retrace as low as $20,960, losing 2.13%. On the part of the indicators, the asset is having more bullish prospects.
One such is the Relative Strength Index. It ended the previous week edging closer to 40 which signified more buying pressure. The Moving Average Convergence also had its bullish divergence mid-week.
ETH/USD
Like BTC, Ethereum started the previous week slow. Nonetheless, it recorded its first green week in more than eleven weeks without any notable gains. On Monday, the asset failed to record any significant increase or deficit.
It opened the intraweek session at $1,126 and retraced to a low of $1,051. It soon peaked at $1,168 but could not hold the momentum as it closed at its opening price. The next day, ETH made an attempt at the $1,200 resistance but fell short as it faced rejection at $1,193.
On Wednesday, the spree ended as the coin dipped to a low of $1,042 and failed to recover, resulting in a 6.75% loss. However, the incurred losses were erased as ether picked up momentum the next day.
It peaked at $1,153 which suggests a more than 9% increase. The uptrend continued to the next intraday session as the largest alt surged from a low of $1,131 to retest the $1,200 resistance.
The attempt proved successful as the asset peaked at $1,244, closing with a positive change of 7%. Saturday was also marked by a green candle but ether failed to record any significant price increases.
Unfortunately, the green spree ended the next day as ethereum lost more than 3% after it failed to recover from a dip to $1,194. Nonetheless, indicators like the RSI remained bullish as it showed that the coin was still a healthy amount of buying pressure.
MACD also hinted that the asset experienced a bullish divergence mid-week due to the improvement in trading conditions. We also observed that the largest altcoin is edging towards a retest of its first pivot support.
BNB/USD
Binance coin is one of the few crypto assets to enjoy more than four days of notable price increases. The trend started on Monday as the token rebounded from a low of $204 and peaked at .$219.
The bullish effort failed to yield positive results as the project closed the session with no significant price change. The situation improved the next day as the cryptocurrency enjoyed more volatility to the upside.
It hit a high of $228 but did not record any significant positive change. Market sentiment changed the next day as BNB retraced to a low of $211 after an open at $219. It lost almost 3% during the session.
Several attempts at key resistance were made which yielded results. We observed that the asset under consideration surged from $214 and flipped the $230 barrier. It peaked at $232 but soon met rejection and closed at $228, gaining more than 6%.
The bullish sentiment continued on Friday as the coin flipped $240 and ended the session with a price change of almost 5%. The last two days of the past week was marked by bearish sentiments that saw BNB lose almost 3%.
Nonetheless, the Relative Strength Index showed that the asset was still bullish as it remained above 40. The Moving Average Convergence Divergence is another indicator that was unaffected by the bearish close. After a bullish divergence mid-week, the metric was on an uptrend that was intune with increases in price.
XRP/USD
For the first time in almost three months, XRP closed an intra-week session with gains of more than 10%. It started with not one of the best momentum as it failed to record any notable price changes.
Nonetheless, it peaked at $0.32 and dipped to a low of $0.31. It attempted testing the $0.34 resistance but failed as it peaked at $0.336. Like the previous session, it failed to close with any notable price increases.
The asset continued its low volatility spree on Wednesday but lost a small fraction of its value. The trend ended the next day as the altcoin surged from a $0.32 to a high of $0.33. It closed close to its peak and ended the 24-hour period with gains of up to 4%.
The coin saw one of the biggest uptrends in one day on Friday. The bulls propelled it to a high of $0.38 as it flipped the $0.35 resistance. However, it was met by a retracement that ensured a close at $0.36, gaining more than 9%.
Like the previous crypto asset, Ripple faced a correction Sunday and retested the $0.35 support. On the part of the indicators, we observed that the pump on Friday saw the RSI peak above 50.
The pivot point standard also places the coin on the list of potentially bullish cryptocurrencies as it edges closer to its pivot point. Nonetheless, XRP had a bullish divergence mid-week.
ADA/USD
Cardano showed a lot of volatility last week but failed to record any significant price increases. The crypto asset was represented by a doji on the weekly chart. The build-up to this conclusion started on Monday.
It opened trading at $0.48 but retraced to a low of $0.46 and hit a high of $0.50. However, it failed to record any significant changes as it closed the session close to its opening price.
The asset made more effort on Tuesday to get above $0.50 which proved successful for a short while as it was soon hit by rejection. ADA dipped as low $0.47. Despite erasing the previous meager gain, the loss was small.
The downtrend intensified the next day and the coin dipped to a low of $0.45 and lost almost 5% of value at the time. The exact amount of lost worth was recovered on Thursday as it erased the incurred losses.
The uptrend continued on Friday as the top altcoin peaked at $0.50 but faced rejection but closed the session close to the level. ADA gained more than 3%. The last day of the week was marked by a red candle which indicates that the asset saw more downtrend.
