The current week may be the second worst of this month. Filled with a lot of price movements’, we saw the market offer a variety of its products with discounts on Friday as the industry suffered one of its biggest drops.
The retracement came as Pfizer discovered a new COVID-19 variant, designated “Nu,” which some parties claim could pose a problem for vaccination. The announcement was met with panic as both the crypto industry and stocks responded with massive selloffs.
One big player took advantage of the discount. El Salvador has continued to show no sign of ever going back on its bitcoin adoption decision as it continues to accumulate more of the digital asset. According to a recent tweet by El Salvador’s President Nayib Bukele, the country has now added 100 Bitcoin (BTC), approximately $5.4 million to its portfolio.
Market conditions as of this time are no better as there has been stability or little drop in the prices of various cryptocurrencies. The chart below further paints a clearer picture of the recent situation and shows that few altcoins are seeing little surges.
Source: Coin360
Traders entered the week with more hope as reflected by the fear and greed index. As of Monday, the fear and greed index was at 50 – its highest over the last seven days. Currently, the metric is at 27 after dropping to a low of 21. With an overview of the market, let’s delve deeper into the performance of the top 10 coins.
BTC/USD
Bitcoin is about to end the past seven days with a more than 6% decrease. The loss can be traced back to Friday when it lost almost $6,000 in one day. The bears will be grinning as the supposed Moonvembers look to be the opposite, with another week closing in on the loss.
The most valued cryptocurrency opened the week at $58,600 after suffering a more than 10% decrease last week. The king coin has shown a lot of progress six days ago as it gained more than 5% – sparking hopes of a return to $60k . The surge saw it leave the low for the week and take a step closer to $60,000 but falling short by less than $500.
Claims of BTC slipping into bearish dominance are becoming more real as more trend indicators point to it. One such indicator is the Moving Average Convergence Divergence (MACD). On Monday, MACD’s slow line drop 0 which is the boundary between bullish and bearish.
The Pivot Point Standard is another instrument used to gage the trends of an asset. As of the time writing, the most valued coin is trading below the Pivot Point at $57,250. The last seven days have seen the apex coin edge closer to testing the first Pivot Support at $47,500.
The past seven days have established $53,000 as a critical support a failure to defend this mark will result in the top coin reverting to $50k. An uptrend may take the largest cryptocurrency by market cap above the PP.
ETH/USD
As with bitcoin, Ether hit its lowest in the last thirty days. The second largest coin dipped as low as $3,917. The project showed a lot of potential at the start of the week as it saw a high of $4,551.
The coin was deemed one of the “fastest recovering” following the previous week’s loss. Ether lost 7.86% over the past week as it fell below the 50-day MA. Ethereum is about to close the week at a 4% loss.
The largest alt is still considered to still be bullish as per the Pivot Point Standard as it maintained prices above $3,900 (the PP). MACD, on the other hand, is slightly bearish as the fast line dived below 0 following “Black Friday”.
Ether pivot point is currently a vital support as of the time of writing as the project is trading above $4,000 and a flipping will open the $3,600 support for testing. One of the toughest resistances to flip once an uptrend starts is the $4,200.
BNB/USD
Binance coin showed a lot more resistance to the selloff as it seemed like the HODLers were more prepared for second. Regardless of the preparedness, BNB retraced to $550 during the last seven days.
The good news about the low is that it is better compared to the previous week’s. The intraweek high is also better and the third largest cryptocurrency may close the past seven days 2% higher than it started.
The project peaked at $666 and stabled above the 50-day MA. The $570 mark was established as one of the many support to watch the bulls defend it once in the last seven days. $570 may be the lowest next week based on asset movement.
SOL/USD
Solana ends the past week losing 3.36%, making it the second consecutive week of loss. The coin dropped as low as $186 and burst to $246. Nonetheless, SOL could be considered the top gainer in the top 10 as it lost the lowest over the past seven days.
This week is the worst week of the month as Solana is about closing 19% lower than it started. SOL is one of the many coins that have not recovered the correction that shakes the market. The coin is currently trading at $186 after seeing a low of $182.
The Pivot Point Standard suggests that the fifth largest cryptocurrency by market cap is still on the bullish side as it is above the mark. This may change soon as the above chart shows the asset directly on the level.
ADA/USD
The past week saw intense bearish action that ensured the project dropped below 200-day MA. ADA suffered corrections for most of the week as five of the seven days were represented by red candles.
Cardano is the top loser in the top 10 this week. It has gone down by 21% over the last seven days. On Monday, the sixth coin by market cap dropped by 3.38% and has continued down the path through the week.
ADA tested $1.42 (its lowest over the past three months) after losing its grip $1.8 on the first day of the week. The $1.42 support was established as a vital support as prices rebounded off the mark.
XRP/USD
The XRP/USD pair continued its downtrend after losing more than 10% during past week . The Moving Average Convergence Divergence (MACD) shaded more light as to why the seventh-largest crypto-asset keeps dipping. The chart above shows a bearish cross on the indicator under consideration.
Ripple extended it downtrend to the current week and may close at $0.92 – signifying a 12% loss. The coin was fairly flat at the start of the week and showed not signs any surge which is responsible for the current situation with the project.
