The crypto market is looking good again as most cryptocurrencies saw more uptrends during the previous week. There were notable changes to the value of the global cryptocurrency market cap.
One such is the 8% increase it enjoyed during the last seven days. The image below further sheds more light on the spread of positive price changes.
From the chart above, we observed that the price change for some assets was not significant while others enjoyed more uptrends. One such asset with a meager price increase is Bitcoin.
Compound leads the pack of top gainers with a more than 35% gain during the period under consideration. Shiba Inu is also behind with an almost equal price change. The top loser was XDC as it lost more than 19%.
Traders were delighted as most cryptocurrencies recovered from the bearish and claimed to levels not seen in days. One indicator that expresses this feeling is the fear and greed index.
The metric went from 9 at the start of the previous seven-day session to a 14. Will the crypto market continue to experience more price increases? Here are the top five coins to watch this week.
Top Five Cryptocurrencies to Watch
BTC/USD
Last week the top coin closed with no significant price increase. Nonetheless, trading activities during the first intraday session raised fears of bitcoin dipping to levels not seen in days as it flipped the $20k support.
The next day carried the same sentiment as the bulls attempted flipping further resistance with little success. On Wednesday, the bears seized complete control of the market as the apex coin recorded its largest loss since the week started.
Nonetheless, on Friday, BTC surged by more than 5%, erasing the previous losses. Bitcoin ended the previous week with gains of less than 3% as it closed at $21,000. Indicators closed on a bullish note.
The Relative Strength Index was above 30 throughout the week and peaked above 40. The current intraweek session sees the coin start a trend similar to the previous one. There have been two days with very little volatility and no significant price changes.
We observed that the Moving Average Convergence Divergence is going through a downtrend and will soon start a bearish convergence. If that happens, we may expect more price decreases in the coming days.
One of the key levels that traders are watching intently is the $19k support. Depending on the level of selling pressure, BTC may flip the level before the of the week. Nonetheless, these are two days of consistent low volatility, imitating last week’s trend.
If the pattern continues, we may expect bitcoin to experience buybacks soon and experience a level of uptrend. This may facilitate another attempt above $21,000.
ETH/USD
The same sentiment BTC experienced also affected ether. Like most cryptocurrencies, Ethereum started the previous intraweek session slow. It failed to record any notable gains during the first two days.
Nonetheless, it made an attempt at the $1,200 resistance which proved unsuccessful. Further hopes of any uptrend were dashed on Wednesday as the coin dipped as low as $1,045, losing more than 6%.
The bulls regained control of the market the next day as ether surged by more 9% and erased the previously incurred losses. The uptrend continued into the next day as the largest alt gained more than 4% and the coin hit a high of $1,244.
The bears seized control of the market the next day but couldn’t hold on to the lead as ethereum rebounded and closed at its opening price. Unfortunately, the coin closed the week on bearish not as it lost more than 3%.
Indicators like RSI thrilled the bulls during that seven-day session. It peaked above 40 but ended the period under consideration a little lower. Nonetheless, MACD indicated that the asset under consideration had a bullish divergence.
This may be a source of concern as the altcoin has been unable to sustain previous momentum. The current week has also started slow, and ether has not recorded any significant increases
We observed that 12-day EMA is gradually dipping and indicating a bearish convergence. If that happens, we may expect further downtrends over the next five days and ETH may dip to levels not seen in days.
One such level is $1,000. The support was has been under consistent threat since last week which failed to yield any results. This time, a bearish divergence may signal the start of another round of intense selling pressure.
BNB/USD
Binance coin is one of the many coins that closed the previous week with gains of over 8%. However, the current week has seen the coin gradually lose its accumulated gains.
On Monday, it failed to record any significant increases or losses. However, the current intraday session has seen the exchange asset lose almost 3% of it value. As a result of the drop, RSI sank below 40.
MACD is also threatening to experience a bearish convergence which may spell more downtrends for the coin. One level to watch out for is the first pivot support. A flip of the $214 support may leave the $200 open for a retest
SOL/USD
At the end of the period under consideration, the distance between the opening price and closing price indicate a more than 15%. SOL is one of the few coins to enjoy such a feat at the time.
However, the coin is losing some of its accumulated gains. On Monday, it lost almost 3%, while the current intraday session has seen it lose more than 8% after the $35 support was tested.
In total, solana has lost more than 10% of it value since the week started. There are indications that the asset will continue to experience more downtrends. One such is the Relative Strength Index as it is at 44 after peaking above 50.
The Moving Average Convergence Divergence is another source of concern. The metric points at a possible bearish convergence, which may mark the start of another intense downtrend. If that happens, the $30 support is one of the levels that must be defended as failure to do so may result in a possible retest of $20.
SHIB/USD
Shiba inu had one of its biggest surges last week. The coin gained more than 33% during the previous intraweek session as it surged from $0.0000082 and closed at $0.000010.
Like most cryptocurrencies, it is also suffering from a bearish grip that has seen many coins lose a few percent of their value. It is currently down by more than 6% an is showing no signs of recovery.
This is a source of concern as the 12-day MA is about to start a downtrend. If that happens, we may expect a bearish convergence soon.
