The total cryptocurrency market cap is up by 1.63% over the last 24 hours. The market cap is edging closer to $2 trillion after it saw a low $1.7 trillion over the last seven days. Most coins in the top 100 are red as they are down by several percentages.
The top loser in the top 100 is Huobi Token as it currently down by almost 50% over the last seven days. HT lost six of the seven days to the bears as the coin biggest loss is 23% and have been dropping with no signs of recovery.
CELR have had one of the most profitable weeks yet as it is was mostly bullish and is the top gainer from the last seven days as Celer Network (CELR) is currently up by 68%. While most coins were rocked by several retracements. As the week comes to an end, traders are looking forward to the new week and what it holds. Here are the top four cryptos to watch in the new week;
BTC/USD
Bitcoin is about to end the week in loss as it is currently down by 8% in the last seven days. A lot happened last week for bitcoin to be this low during the time under consideration. Fear, Uncertainty and Doubt were at the helm of affairs during the past seven days – from Evergrande to the resurfacing of old China news. The News of the Chinese government, banning bitcoin is no new event but the market reacts with FUD; causing the price of BTC as well as other cryptos to retrace.
As the king coin makes it return to the $42,500 and $51,000 channels as created using Fibonacci retracement, we expect more volatility. BTC will experience a gradual surge that may help it return to $45,000. The 200-days MA ($45,649) have acted as a barrier – preventing any breakout above the level in the last seven days. A strong upswing over the next few days will ensure a breakout above $45,649.
Failure to stair clear of bearish dominance will result in the king coin continuous struggle to hold on to the $40,000 support. Once this critical level flips, we may see bitcoin fall back to the $38,000 support.
XRP/USD
A previous analysis warned that if the bears can hold XRP below the 50 days MA. We may see the sixth coin by market cap dip as low as $0.9. The bulls need to hold on to the $1 support and start a rally to ensure the coin does not test the critical support. This prediction took place barely two days after the analysis Ripple coin dipped below $0.9 for the first in more than 30 days.
After the $0.9 support broke during the latest dip, we noticed that the sixth largest coin by market cap has maintained proximity with the level, surging to $0.95 but hitting the 200-days MA roadblock ($0.957). The 200-days MA roadblock has remained after two attacks in the last seven days. It may continue that way until buyers rally the market and flip this critical price mark as it will open $0.95 as support for XRP return to $1.
ICP/USD
Internet Computer (ICP) have had one it worst week as it fell more than three spot down the market cap ranking; exiting the top 20 as its market dipped below $8 billion during the past seven days. The drop in market cap could be attributed to a 23% drop the coin had during the time under consideration.
ICP has been trading below its Moving Average (MA) since the 18th of this month – indicating that the coin is mostly bearish. adding to the current worries is that the Relative Strength Index has been steady for most of the week, trading closer to the oversold region. The coin will hit $50 this week as market conditions improve across various cryptos. Internet Computer is still at risk of dipping below $40 if the downtrend continues.
CELR/USD
It is very rare to see a coin already in the top 100 enjoy price hikes while the general market sentiment is bearish. Celer Network (CELR) defied all odds and recorded the gains as it announced the launch of its cBridge 2.0 cross-chain token bridge that facilitates the transfer of assets between multiple blockchain protocols, including Ethereum, Binance Smart Chain and Arbitrum.
CELR will continue to rise with other coins and it may hit $2.4 before the end of the new week. The coin is currently trading at $0.17 after breaking the $2 resistance. If the coin continues to experience a large selloff, it may slip below $1.15.
