The crypto market experienced notable increases last week. These positive changes were a little more consistent compared to the others. At some point, some newbies were almost convinced that most cryptocurrencies are gradually leaving bearish dominance.
The industry was worth $871 billion at the start of the previous intraweek session. Starting on Monday, the sector recorded significant bullish action that resulted in most assets closing that 24-hour cycle with notable profits.
Although there were some bearish efforts, the market peaked at $972 billion. However, the bears tightened their grip on the sector as the seven-day period came to an end. As a result, it lost some of its accumulated gains.
Nonetheless, it closed at $926B which signifies a 6% increase. Unfortunately, the current week is seeing more of the downtrend and there is no sign of it stopping soon.
The Crypto Market Could Dip Below $900
There are signs of more selloffs across the market. As a result, the crypto market is worth $912 billion which shows that the global crypto market may dip below $900B again and increase fear, doubt and uncertainty.
In addition to the bearish action, we also observed that the fear and greed index is on a downtrend. As of Sunday, the metric was at 26 but is at 24 as at the time of writing. This means that the market is losing its steady bullish sentiment.
On the part of individual coins, the top gainer during the period under consideration is QNT. It is up by more than 35%. The top loser is UST, as it has lost more than 20%. The market was highly volatile over the previous seven-day period.
Let’s examine the performance of some coins in the top 10 during the previous intraweek session.
Bitcoin was one of the most watched coins during the previous intraweek session. The week started on a bullish note as the apex cryptocurrency recorded significant price changes. It opened the trading period at $19,296.
It initially experienced some bearish moments which resulted in a retest of the $19k support. However, it rebounded and peaked at $20,319. The 24-hour cycle ended at this level and BTC recorded gains of more than 4%.
The next day was filled with both increases and decreases. The coin peaked at $20,720 but dipped to a low of $19,281. With the struggle between both trading factions nearing its peak for the week, the asset failed to record any significant losses or gains.
Nonetheless, the bulls gained more control of the market on Wednesday. Bitcoin surged to above $20,500 but failed to close with notable increases. However, that changed the next day as BTC saw its biggest hike of the week.
Opening the day at $20,516, it surged above $21k for the first time in almost fourteen days. It peaked at $21,859 and closed at the market which signified a more than 5% increase. The next two days were marked by minimal trading volumes.
Bitcoin failed to record any notable increases or decreases during this to 24-hour sessions. However, on Sunday BTC lost more tha 3% as the week came to an end. On the part of the indicators, the asset was bullish during the period under consideration.
For example, the Moving Average Convergence Divergence was on the uptrend as it showed signs of surging above 0. The Relative Strength Index also saw similar movement as it peaked at 47.
Ethereum also had one of its biggest surges since the second quarter. On the weekly chart, the coin gained more than 8% for the first time since March. Like the previously discussed crypto, ETH started the week with notable price changes.
It opened at $1,072 and was about testing $1,000 support but stopped in its tracks. The bulls rallied from that level to a high of $1,160 but faced a little setback as the altcoin closed at $1,140.
Nonetheless, this is ETH’s largest hike for the week as it recorded gains of almost 8%. However, it lost momentum the next day as it retraced from $1172 to a low of $1,072. The session closed with no notable gains or losses.
Market conditions improved the next day as buyers went on another spree and pushed ether from a low of $1,110 to a retest of the $1,200 resistance. This is the first time in more than $14 days that the largest is hitting this feat. Although it closed a little lower than its peak, it recorded gains of more than 4%.
The same thing happened on Thursday as the bulls sustained the previous momentum. The largest alt gained stability above $1,200 as it peaked at $1,250 but closed at $1,237 which signifies a more than 4% increase.
The next two days were marked with small trading volumes which resulted in ether failing to record any increases or deficits. The asset closed on a bearish note as it lost a little above 4%.
Nonetheless, some indicators were bullish throughout the week. One such is the pivot point standard. As ethereum reached its peak for the seven-day period, it was close to testing its pivot point but failed as it lost momentum.
RSI also peaked at 48 during this time. MACD was on its way out of the bearish region but could not leave as the bulls stopped the price rallies.
Binance coin was on a spree last week. It recorded another massive gain during this period, as it ended up gaining more than 7%. It started on a bullish note like the previously highlighted crypto.
It kicked off Monday at $218 but was met with notable downtrend that ensured a low at $214. It then surged to a high of $231 and closed at the mark, which signifies a more than 5% increase.
It saw more volatility during the next intraday session as it peaked at $236 but saw a low of $222. In the end, it failed to record any notable increase or deficit. The next two days were marked by more price increases.
On Wednesday, BNB made an attempt at $240 but failed as it hit a high of $239. Nonetheless, it gained more than 3% during this period. The bullish efforts yielded results the next day as it peaked above $240 and saw increases of less than 2%.
The next two days were marked by small trading volumes which resulted in a failure to record any significant price change. On Sunday, the altcoin dipped to a low of $231 and lost almost 4%.
On the part of the indicators, the top asset was very bullish. It flipped its pivot point on Thursday, which was thrilling as it has made this feat in a while. With regards to the Relative Strength Index, it surged above 50.
The Moving Average Convergence Divergence was very close to surging above 0 but failed the coin lost momentum.
Ripple was mostly bullish during the previous intraweek session. However, the steady increases did not tell on the weekly as a doji represented the seven-day performance. Nonetheless, it peaked at tested and flipped the $0.35 resistance.
After seeing more than five days of consistent price increases, indicators were also recording notable improvements. For example XRP tested its pivot point and was at one bullish as it flipped the mark.
Like the previously discussed crypto, MACD was very close to leaving the bearish region but stopped as the coin lost momentum. RSI, on the other hand, peaked above 50.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!