The crypto market is seeing a notable rise. The global cryptocurrency market cap shows that this is the most volatile intraday session for most cryptocurrencies since November. This increase saw the value of the sector peak at $877 billion. This is good news as it shows notable improvements from the previous week.
Significant value stability was observed in the bitcoin market throughout the preceding week. In the previous intraweek session, the sector under consideration started trading at $850 billion. The chart demonstrates that it trended between these valuations for most of the week.
The reason for this was decreased market volatility. The largest shift over the time frame under consideration was the sector’s slide to its weekly low on Sunday. Before the end of the intraday session, it recovered after reaching a low of $790 billion.
It had a value of $857 billion at the end of the day, with no significant change in value over the previous seven days. The increase the market saw over the last 24 hours is an indication that we may see more price movement this week.
On the part of fundamentals, the media is almost silent as there is no news that could shake the crypto market. Nonetheless, there are prospects of better performance by some crypto assets. Let’s go over them.
Top five Cryptocurrencies to Watch
BTC/USD
The apex coin failed to record any significant gains on the weekly scale during the previous week. This was a result of low trading volume that ravaged the entire market. As with the previous trend, it failed to record any notable changes in price during the first intraday session.
Nonetheless, we observed that the coin attempted to test the $17,500 resistance but failed as it experienced notable rejection at the mark. We may consider Tuesday the least performing day for the coin.
We saw the longest red candle of the week on Wednesday. However, like the previous 24-hour session, there was no significant change to the value of the asset. Bitcoin had its biggest move the next day.
The apex coin surged from $16,838 to a close at $17,229. The period ended with BTC gaining a little above 2%. The last three days of the week were marked with noticeable trading volume as the cryptocurrency under consideration closed with losses of less than 1%.
Most indicators were silent during the previous intraweek session. This was because of the low volatility across the market. The Moving Average Convergence Divergence continued its uptrend is fast-approaching 0.
The Relative Strength Index is another metric that provides no new information. Nonetheless, it stayed close to 50 for the most part of the week. With a focus on the current intraweek session, we may expect more movement.
One glaring indication of this is what transpired a few hours to the time of writing. For the first time in more than thirty days. The apex coin tested and flipped the $18k resistance. It peaked at $18,100 before retracing.
Based on previous price movements, we may expect further price movement to the top or below. If the bulls sustain the current momentum, BTC may close above $18k.
ETH/USD
The cryptocurrency started out at $1,278, but after a fierce battle, the bulls managed to push it to a high of $1,305. However, it was rejected, and it dropped to a low of $1,247. It had its first green candle on Tuesday.
Unfortunately, it failed to note any appreciable shift in prices, just as the pervading tendency. ETH made no gains the following day, and the minimal volatility persisted. It had the week’s longest red candle.
The coin’s longest green of the week was recorded. It peaked at $1,292 and started the 24-hour cycle at $1,231. It gained more than 3% as the day came to a close. Volatility was at its worst throughout the final three days of the week.
The biggest altcoin did not experience significant movement in these indicators, like the majority of crypto assets. For instance, the 12-day EMA was advancing toward zero while still in an upward trend. The 26-day EMA showed a similar pattern to its counterpart.
According to RSI, ETH experienced about the same trading volume over the final three days of the week as it clung to 50. With a focus on the week, it is hard to predict how the price will perform as there is no new information on the indicators.
There are also no fundamentals underway that could give a hint into how ETH will perform. Nonetheless, a few hours to the time of writing, the largest altcoin made an attempt at the $1,400 resistance.
It failed in its bids but peaked at $1,350 for the first in more than 20 days. We may see further attempts to the top. This may guarantee a close at $1,400. In the event of a change in trajectory, Ethereum may settle at $1,300.
BNB/USD
Looking at the weekly scale shows us that Binance coin finished the previous week with a loss of 2.54%. Let’s run through a breakdown of what transpired during the period under consideration. Like most cryptocurrencies, the first day was marked with small losses.
The trend continues as Tuesday wasn’t very successful for BNB. It failed to record any notable increase. The following day, it had its biggest drop of the week – from $290 to a low of $281, closing with more than 2% losses.
In the next intraday session, it had a surge to a high of $292 and closed with gains of over 2%. The last three days of the week saw minimal trading volume. Examining the charts explains why.
BNB did not register any moves that were greater than 2% and had two red candles and one green. Indicators offer even more insight into what happened during this period. We noticed that the Moving Average pointed to the onset of a bearish period; the coin had a bearish divergence at the beginning of the week.
Afterward, the 12-day EMA slipped below the 26-day EMA. RSI revealed that trading volume was low. A closer look at the chart showed that the coin slowly lost ground and ended last week at 46. The Moving Averages are also worth keeping an eye on for further insight.
With the bearish divergence last week, we may expect either of the two scenarios. BNB may start a path to recovery. We may see an attempt at the $300 resistance. Such a trial will guarantee a reverse in MACD.
On the other hand, we may expect further downtrends. One of the most vital support to keep an eye on is the $260 support. A few hours to the time of writing, it flipped but the assets under consideration regained. Based on that event we may expect that a flip of this vital level may guarantee a low of $240.
STX/USD
During the previous week, STX was one of the top gainers. Contrary to the prevailing sentiment, the coin experienced consistent increases over the last seven days. The crypto asset closed the previous week with gains of more than 14%.
In addition to the increases, we also noticed the massive volatility it had. It started the trend on Monday as it peaked at $0.26 from an open at $0.24. Although it dipped from the high, it ended the session with an increase of more than 4%.
The next intraday ended with no significant price change. Nonetheless, it saw a high of $0.27. Wednesday was the most bearish for the coin as it dipped to a low of $0.24. The session ended with losses of more than 2%.
Saturday was the main highlight of the week as STX registered its highest for the week. The intraday session started with the cryptocurrency exchanging at $0.26. It went as high as $0.37 which signified a more than 24% increase.
However, it faced massive rejection at its peak and dipped. It retraced to a little above its opening price and failed to register any notable increases in the end. We may conclude that STX had one of the best ends to an intraweek session a closed Sunday with significant increases.
It ended the intraday session with a positive change of more than 4%. On the part of indicators, there were a lot of movement. The first metric to watch is the Moving Average Convergence Divergence.
We noticed that the 12-day EMA experienced a massive surge as the consistent increases continued. RSI is also fast approaching 70 as it closed the previous intraweek session at 64. With a focus on the week, we may expect massive decreases.
One reason for this conclusion is that RSI is above 70. STX is overbought and due for correction.
