Seven days ago, the crypto market was worth a little above $2 trillion. Now, the global cryptocurrency market cap is valued at $1.89 trillion as at the time of writing which suggests the prevalent correction in the industry.
The fear and greed index was at 50 and has remained above 40 over the past seven days. The chart below shows the current situation of the market. We observe that most projects are down by less than 5% during this period.
Source: Coin360
It is safe to conclude that the market is seeing more stability with little retracement. Market sentiment has been fairly flat due to an absence of bullish or bearish stories that could affect prices.
However, one of the many news reports that made rounds during that period includes that of Singapore’s largest bank DBS Bank with over $500 billion in total assets, revealing its plans to extend its crypto trading services to retail investors. According to the firm’s CEO, Piyush Gupta, the bank is preparing to launch a retail crypto trading desk.
With a brief overview of the market, let’s examine how some coins in the top 10 performed during this period.
BTC/USD
Last Wednesday was marked with a small price depreciation that extended to the next day, leading to a more than 6% decrease in 48 hours. At this time last week, the top coin was worth more than $44k.
Bitcoin closed that intraday session at a little above $43k after opening at $44,426. The price retracement continued through the next three days as the bears slowly lost their grip on the market.
BTC kicked off the previous intraweek session and hit a high of $45,850. Unfortunately, the coin closed at almost the same price it started the past week at – losing or gaining nothing significant at the end of the period.
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.
Market sentiment, on the other hand, has improved as the apex coin is trading above $44k as at the time of writing. The intraweek session opened with BTC trading above $42k. The current price suggests that the largest digital asset is up more than 5% up thank to a two-day hike.
The most recent price increase has also extended the impending bearish convergence, which is both good news and bad. An impending convergence is inevitable but the bitcoin may see little hikes pending an interception.
ADA/USD
The seventh largest cryptocurrency by market cap as also been a downtrend for most of the previous intraweek high as it opened at $1.14 and closed at $1.04, losing more than 8% at the end of the session.
Thursday saw the start of a downtrend that lasted four days. This was responsible for the loss that was recorded at the end of that period. The $1 support has held out over the last seven days and is considered one of the most critical supports.
The previous intraweek activity ended with Cardano trading below its pivot point. Similar to BTC, ADA has gone up by more than 5% as it enjoyed a few hikes over the last two days.
Having converged, the Moving Average Convergence Divergence (MACD) is yet to experience its bearish divergence. This is as a result of the most recent price hikes. However, the current market trajectory may result in an impending interception.
SOL/USD
The eighth largest cryptocurrency by market cap has also been a downtrend for most of the previous intraweek high, as it opened at $115 and closed at $92, losing almost 20% at the end of the session.
Solana started a downtrend on Thursday that lasted until the end of the week. During the dip, the coin lost the $100 support to the dismay of the bulls. This retracement was responsible for the loss that was recorded at the end of that period. We observed that the $90 support has held out over the last seven days and is considered one of the most critical supports.
Similar to the preceding token, the previous intraweek activity ended with SOL trading below its pivot point. Like BTC, the asset has gone up by more than 9% as it enjoyed a few hikes over the last two days.
Having converged, the Moving Average Convergence Divergence (MACD) is yet to experience its bearish divergence. Moreover, the coin experienced a bullish divergence due to the most recent price hikes. However, the current market trajectory may result in an impending interception.
AVAX/USD
Last two weeks, Avalanche closed gaining more than 16%. The profit led many to hope for more price action with increased hikes. The asset no doubt saw a lot of volatility as that period was represented by a candle with a very long wick.
Unfortunately, the ninth largest coin by market cap has been on an uptrend for most of the past seven-day period. It surged to a high of $95.1 but closed a little lower than it opened the timeframe under consideration.
The main reason for the coin losing at the end of the intraweek session was due to a massive correction that left the asset losing almost all the accumulated gains. During the dip, the crypto asset lost the $80 support to the dismay of the bulls. We observed that the $70 support has held out over the last seven days as it was not tested due to concentrated demand at $77.
Similar to the preceding token, the previous intraweek activity ended with AVAX trading below its pivot point. Like BTC, avalanche has also benefitted from a more than two-day price increase. As a result, the token is up by more than 20%.
The project is also trading above pivot point. However, having converged, the Moving Average Convergence Divergence (MACD) is yet to experience its bearish divergence. Moreover, the coin experienced a bullish divergence due to the most recent price hikes. However, the current market trajectory may result in an impending interception.
