The crypto market is on a standstill as of the time of writing. It is currently worth a little above $1.9 trillion after opening the week at almost the same level. The industry peaked at $2 trillion during this period but consistently maintained above $1.9 trillion.
Traders’ actions over the past six days have been filled with uncertainty as previous market trends of either an excellent start to the week and stability over the weekend or a slow start to the seven-day period and weekend filled with hikes.
We are experiencing a merge of both patterns as we note a good start to the period under consideration but a bearish takeover as it progresses. The sector’s value has been hovering above $1.93 trillion over the past 24 hours as the price stability returns to various projects.
Market sentiment improved as the fear and greed index peaked at 54. The metric was seen shuffling between 44 and 50 as more projects experienced increased trading volume. The image below further illustrates the current state of the crypto industry.
Source: Coin360
The chart above shows that most cryptocurrencies are down by a few percent and few are still experiencing little hikes. The top gainer over the past six days according to Cryptocurrenciestowatch is smooth love portion as it gained a whooping 170%.
Unfortunately, the market is void of any price-affecting stories. However, one of the biggest news that made rounds was that of the Russian government announcing that the use of crypto assets in the legal sector will only be allowed with full identification, via the banking system, or licensed intermediaries – a form of regulation thereby making cryptocurrencies legal.
With a brief overview of the market, here is how some coins in the top 10 performed over the past six days.
BTC/USD
The largest crypto asset by market cap ended the past week trading above $42k as it gained more than 11% during that period. The coin saw a high of $42,701 and retraced to a low of $36,200. Aside from the gains, several indicators show the apex cryptocurrency closed a positive note.
One such metric is the Pivot Point Standard. The previous intraweek session ended with BTC trading above its pivot point, suggesting that the coin may be gearing up for a massive rally. However, current price movements as of this suggest otherwise.
Bitcoin kicked off the past six days trading above $42k but is below the mark as of the time of writing which suggests that the top coin may close the week losing a few percent. Nonetheless, the largest cryptocurrency hit a high at $45,850.
The project will be closing a little worse than it started the week. Aside from the price deficit, the latest retracement has resulted in BTC edging closer to testing its pivot point as it dipped to a low of $41,682.
Starting above $42k, the bulls were convinced that the coin may close the current intraweek above $45k. Unfortunately, the bulls were unable to sustain the momentum, hence the current dip. One of the reasons for this phenomenon is the lack of price moving stories.
However, Matthew Hancock, a British politician who is also a Member of Parliament (West Suffolk) Conservative, recently revealed that he “would consider” investing in Bitcoin, given the asset’s potential to help the economy.
Additionally, the Moving Average Convergence Divergence (MACD) is converging but not for the bulls. BTC is set to see bearish divergence in the coming days, which may negatively affect prices.
ETH/USD
Ethereum regained the $3,000 support last two weeks but lost the level during the previous intraweek sessions. The asset under consideration started the first seven-day period of the month at $2,602 but retraced as low as $2,478 but recovered and closed at $3,058.
The coin saw little hikes that saw it close Monday with an almost 4% increase. This uptrend lasted through that timeframe and ETH closed, gaining more than 14%. The same momentum was maintained at the beginning of the previous week as it opened trading at $3,058.
The coin surged to a high of $3,284 and sparked hopes of a return to $3,500. Ether saw its biggest dip on Wednesday as it lost 5.28%. The next day saw another dip that resulted in the second largest coin losing the $3k support.
Ethereum closed the past week at $2,872 losing more than 6% of its value. Adding to the worries of a bad end to the session, the coin lost its pivot point as it slipped below the mark.
As with BTC, ether is set to see a bearish convergence as both MACD lines are closing in on each other. Following the assets death cross, the 50-day MA has been on a downtrend and may likely be a support if the current market trajectory remains the same.
BNB/USD
The bulls were delighted to see the prices of the exchange token surge above $400 last two weeks. BNB opened the intra-week activity at $377 and closed at $420 – summing up the increase to 13%,
The feat saw the crypto asset edge closer to flipping the 50-day MA. Moreover, the fourth largest token flipped its pivot point closed above it. The same momentum was maintained at the beginning of the previous week as it opened trading at $420.
The coin surged to a high of $445 and sparked hopes of a retest of the $450 resistance. Unfortunately, Binance coin lost this lead as it recorded it biggest dip on Tuesday as it lost almost 6% of it values per unit, flipping $410. The next day offered little consolation as the cryptocurrency hit $428.
However, BNB lost the accumulated gains and closed the previous intraweek activity at $398 which is an indication that it lost the $400 support – a more than 5% deficit. Adding to the worries of a bad end to the session, the coin lost its pivot point as it slipped below the mark.
As with BTC, the exchange token is set to see a bearish convergence as both MACD lines are closing in on each other. Following the asset death cross, the 50-day MA has been on a downtrend and may likely be a support if the current market trajectory remains the same.
XRP/USD
Two weeks ago, XRP saw massive uptrend as it opened trading at $0.60 and closed at $0.68. The closing price suggests that it is up by more than 10%. The bulls were thrilled to see the token gain stability above $0.6. The coin closed at its peak and continued the pattern.
As with the fourth largest token, the current sixth coin by market cap flipped its pivot point close above it. The same momentum was maintained at the beginning of the previous week as it opened trading at $0.68.
It is interesting to note that XRP is one of the few crypto asset to close the past seven days in profit. The coin saw massive gains on the first day of the week, as it gained more than 21%. We observed that the Ripple had lost a little momentum as it gained 5% on Tuesdays.
However, the sixth largest token lost almost half of the accumulated gains during the next 72 hours and closed the previous intraweek activity at $0.80 which is an indication that it lost its first pivot resistance. Nonetheless, the asset closed with a 17% increase
Although ripple saw a lot of uptrends, a flip of the $0.80 support is raising concerns among the buyers. As with BTC, the exchange token is set to see a bearish convergence as both MACD lines are closing in on each other. However, the asset is still above its pivot point.
