Many will agree that BTC and other cryptocurrencies are seeing more volatility. This is an indication that the market is gradually picking up momentum following more than seven days of considerable stability.
As a result, the global cryptocurrency market cap is seeing more movement. We noticed that it went as high as $843 billion after it opened the week at $809 B. Nonetheless, it dipped to a low of $779 billion.
It recovered and may end the week at $843 billion. This signified a more than 5% increase. One of the top gainers over the last seven days is Huobi Token. The altcoin gained more than 58%. CELO comes in second place with an increase worth 50%.
On the part of fundamentals, there were so many. However, their effects are debatable. One such is the El Salvador presidency presenting a bill to issue its $1 billion bitcoin bonds. The world’s largest crypto exchange also published a Proof of Reserve Audit.
With a brief overview of what transpired over the last seven days, let’s examine how some assets in the top 10 performed.
Bitcoin had a bad start to the week as it failed to record any significant price changes. However, the bears were grinning as the asset opened at $16,250 but dipped to a low of $15,479. This marked a 52-week low for the asset.
However, it recovered and closed at $15,766. The distance between its opening price and closing points to the fact that the apex coin lost more than 3%. This was also the biggest price change as subsequent ones were below the margin.
For example, on Tuesday, BTC found support at $15,600 and ended the intraday session at $16,197. It closed with gains of almost 3% but failed to completely erase the previously incurred losses.
The third day of the week was a repeat of the trend. Nonetheless, the top coin gained more stability above $16k as it peaked at $16,647. Thursday was represented by a doji as bitcoin peaked at $16,783 but retraced to a low of $16,456 and failed to hold on to any gains or losses.
The was the start of a trend that lasted over the last four days of the week. However, the apex coin failed to register any significant cumulative increase or decrease. Using a measurement rule, the opening price of the pattern to the close showed a less than 2% change.
At the start of the previous seven-day session, the increase in volatility triggered a bullish divergence in the Moving Average Convergence Divergence. The Relative Strength Index also hit its fourteen-day high of 40.
There was little to no movement with regard to the Moving Averages as both the 50-day MA and the 200-day MA are still on the downtrend. Nonetheless, MACD ended the week with an uptrend as RSI closed at 39. On the weekly scale, there was no notable change in price as it was represented by a doji.
Like BTC, Ethereum had a bad start to the period under consideration. It was on its path to retesting its fourteen-day low but halted at $1,080. The intraday session was filled with massive selling pressure right from the start as the asset failed to peak.
However, it closed at $1,105, which signified a 3% decrease from its opening price of $1,140. It had a repeat of Monday’s event during the second day of the seven-day period. This time, the session was represented by a green candle.
It almost erased the previous day’s loss as it gained 2.92%. The uptrend continued on Wednesday as the largest altcoin had its biggest pump of the week. It opened trading at $1,138 and retraced to a low of $1,126.
It closed at $1,183 which signified 4% positive change. Thursday was another green with a small candle that indicated that the asset under consideration failed to record any notable increase or decrease in the end.
ETH peaked at its highest for the week on Saturday as it hiked to $1,234. On the weekly scale, the coin recorded its first gain after three weeks of consistent downtrends. Indicators were also positive as several events took place.
A closer at MACD revealed that the asset under consideration had a bullish divergence Friday following the three-day consistent increase. RSI also went with the immediate sentiment as it trended above 40 all through the week.
More bad news for the bulls, both the 50-day MA and the 200-day MA are still on the downtrend. However, we observed that the gap between both metrics are gradually closing up. Uncertainty returned to the market at the end of the week as we noticed space between MACD’s 12-day EMA and 26-day EMA is not increasing which may mean more downtrend.
A look at Binance coin daily chart shows that the asset was mostly bullish over the last seven days. Like most cryptocurrencies, it had its biggest loss on Monday. It opened the week at $263 but dipped to a low of $249.
It recovered but barely had any effect on the incurred losses. As a result, it closed at $253 which signified an almost 4% drop. However, BNB fully erased the losses the next day as peaked at $266.
Although it faced small rejections, it closed at the mark with gains of almost 5%. It had its biggest pump of the week on Wednesday. It reclaimed the $300 support as it climbed from $266 to a high of $301.
This was the first time in more than fourteen days the asset is reclaiming this vital level. It ended the intraday session at $298 but recorded gains of more than 12%. BNB spent the next two days trying to build more price stability above $300.
However, it failed to record any notable price changes during the period. On Saturday, the bulls launched another massive attempt at another key resistance; $310. They were successful as the asset peaked at $317 and closed at $311.
On the weekly, BNB had its first green after two days of downtrends. It also ended the previous intra-week session with gains exceeding 16%. With regard to indicators, we noticed a lot of movements.
One such was a bullish divergence on Wednesday in response to a consistent increase in value. The Relative Strength Index also peaked at 58 at the height of the bullish dominance. All eyes are on the 50-day Moving Average for more reasons than one.
During the downtrends that plagued the altcoin, many feared a death cross as it slightly arched downwards. However, the bulls are looking forward to better price performance as the metric is back on the uptrend.
Ripple dipped to a low of $0.34 after it opened the week at $0.36. It recovered and closed a little higher than it opened. However, it failed to record any notable increases. This marked the start of a trend that lasted over the next four days.
The coin experienced another bearish attempt the next day as it dipped to a low of $0.35. Like the previous day, it recovered and closed at $0.37 which signified a more than 3% price change. Wednesday was another session with no notable increase or decrease.
Nonetheless, the asset under consideration closed at $0.38 which showed the bull’s resilience at the time as it recovered from a dip to $0.36. XRP had its biggest pump of the week on Thursday as built on the $0.38 support.
For the first time in more than fourteen days, it retested and flipped the $0.40 resistance. It closed at the mark as it ended the session with gains of more than 5%. The fifth day of the week marked the end of the uptrend.
However, the asset failed to register any notable gains. It peaked at $0.41 but faced massive rejection at the mark and returned to $0.40. XRP had its biggest dip the next day as it lost the $0.40 support.
Sunday was another red day for the coin. Nonetheless, this never had any adverse impact on the weekly chart as the altcoin closed with gains of almost 10%. Such a massive change in value will mean more movement on the indicators.
The Moving Average Convergence Divergence showed a bullish divergence on Tuesday. The Relative Strength Index also had its fair share of volatility as it peaked at 51. It ended the week a little lower.
We noticed a doji on the weekly chart which indicated that Cardano experienced massive volatility. The asset under consideration was mostly bearish. It kicked off the week with losses of more than 2%.
The next two days were green and ADA gained more than 3%. The last four days of the session were marked with consistent downtrends as the asset failed to surge. However, we noticed that the candles were mostly dojis.
In one of its bids to the top, the altcoin reached its peak for the week. On Saturday, it attained a high of $0.32 but retraced due to massive resistance at the mark. A look at indicators tell a different story.
MACD showed that the cryptocurrency had a bullish divergence on Saturday. RSI had limited movements as it remained below 40 for most of the week.
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