Price Analysis 2/27: BTC, ETH, BNB, XRP, ADA, LUNA, SOL.

The crypto market has been on a trend of a slow start to the week but picking up momentum as it progresses The current seven-day period is no different as it follows this pattern. We may conclude that the market is at a standstill as it is currently worth the same as it was at the start of the intraweek session.

The industry kicked off the period under consideration at $1.78 trillion. As the it picked up momentum, it peaked at $1.8 trillion but failed to remain above the mark as most cryptocurrencies were hit by corrections.

Currently worth a little above $1.74 trillion, the sector may close a little lower than the most recent price as the retracement during the weekends is still in play. The week may be coming to an end with no significant losses or gains.

The image below further shows the current state of the market over the last seven days. Although BTC dominance has increased, it is still down by a few percent. The top loser from the past seven days is CVX as it is down by more than 24%.

Source: Coin360

Another week is coming to an end with the absence of good market fundamentals. This has resulted in the inability of the Fear and Greed Index to surge above 30 as it was seen peaking at 27.

However, amidst the ongoing crisis we see crypto thriving. It was reported that the Ukraine military has received donations of bitcoin worth more than $4 million. With a brief overview of the market, let’s examine the performance of some projects in the top 10.

BTC/USD

Opening the previous intraweek session at $42,078, the apex coin saw considerable boosts midweek as it hiked to a high of $44,785. The coin dipped to a low of $37,974 but closed at $38,373.

Bitcoin lost its pivot point as it closed below the mark. Additionally, the apex coin experienced a bearish divergence as indicated by the Moving Average Convergence Divergence (MACD). The histogram associated with the Moving Average Convergence Divergence is also printing a gradual downtrend in demand.

This decrease in demand is one of the major reasons for the current state of the coin. BTC has been unable to gain stability above $40k as it peaked at $40,330 but was hit by correction soon after.

The current seven-day period started with the top coin exchanging at $38,384 but lost almost 4% on the first intraday session. The previous trend of small hikes midweek took over as the BTC enjoyed a 3.22% increase on Tuesday.

Wednesday saw more retracements as the largest digital asset by market cap lost a few of the accumulated gains. However, the next two days saw bitcoin gain more than 5%. With the weekend trend in play, the past 24 hours have been represented by a doji.

The current intraday session is also represented by a doji as the apex coin is seeing minute trading volume. The most recent state of the market has resulted in BTC’s inability to experience a bullish convergence.

Additionally, the Relative Strength Index is also experiencing a downtrend and is currently at 44. However, the largest cryptocurrency is trading above its Displaced Moving Average, which may result in it enjoying more uptrends.

ETH/USD

The second-largest cryptocurrency kicked off the week a little slow as it failed to record any significant losses or gains as a result of the minimal trading volume it experienced. However, it picked up momentum as the week progressed, gaining more than 10% over the next 48 hours.

The asset was unable to continue the hikes as it closed that period trading below its pivot point. Ether lost more than 8% during the time under consideration. Following the same pattern, ETH also failed to record any significant gains or losses on the first day of the current week.

Like BTC, the the largest alt also experienced a little uptrend on the second day of the current intraweek. However, Wednesday saw the asset under consideration lose almost all of the previously accumulated gains.

The coin resumed its uptrend the next day and enjoyed the rise for more than three days, resulting in ether being one of the top gainers in the top 10. As with BTC, the second largest cryptocurrency is trading above its DMA.

Additionally, ETH may close the week gaining more than 8%. The Moving Average Convergence Divergence (MACD) is also showing more positivity as the asset under consideration is set for a bullish convergence.

BNB/USD

Like the preceding assets, the exchange token kicked off the past week, losing a few percent. However, it picked up momentum midweek and saw little gain. Unfortunately, these bullish moments were short-lived as the bears capitalized on the market due to the bulls failing to maintain the upward trajectory .

Binance coin started a downtrend on Thursday and lasted until the end of the intraweek session. We observed that it closed, losing more than 8%. Additionally, BNB lost its pivot point as it fell deeper into bearish dominance.

The asset under consideration is still unable to regain its pivot point due to an almost similar repeat of the past seven-day period. We may conclude that the token was mostly bearish this week as we only saw two green days.

BNB opened at $380 and is about to close at $373. Additionally, the fourth largest cryptocurrency performance during the current intraweek session is represented by a doji on the weekly chart.

Interestingly, the small hikes experienced over the past 48 hours have resulted in the exchange token surging  above its DMA. Additionally, Binance coin may see a bullish convergence.

XRP/USD

Ripple coin is known for its volatility. Living up to this claim, we saw the token succumbed to the general market sentiment as it closed the past week losing more than %4. Nonetheless, the coin saw a high of $0.86 and a low of $0.75.

The current intraweek was no different from the previous as XRP showed a lot of volatility. The asset under consideration has seen a low of $0.62 and hit a high of $0.80. It opened at $0.77 and is currently exchanging at $0.76.

The most recent price suggests that the token may close the week losing 4%. However, it saw its biggest pump on Friday as it gained more than 10% during the time. Like the preceding currency, the small hikes experienced over the past 48 hours have resulted in the exchange token surging  above its DMA.

Enjoying the same MACD position as BTC, XRP may see a bullish convergence. Unfortunately, RSI is on a downtrend as it is currently at 49.

ADA/USD

Cardano saw a low $0.91 and a high of $1.16 during the previous intraweek session. The seventh largest asset closed that period exchanging at $0.93 after opening the week at $1.05 – a more than 10% deficit. We saw the $1 support fail as indicated by the close.

One analysis added that we may see a retest of the $0.80 support if the market trajectory remains the same. This prediction came true as the $0.80 support gave out on Thursday as ADA dipped to a low of $0.74.

The seventh largest coin by market cap was mostly bearish over the past six days. However, we observed that the token also experienced little moments of bullish action, seeing its biggest hike on Friday as it gained more than 5%.

Kicking off the current week at $0.93, the asset under consideration is trading at $0.88 as at the time of writing. This is an indication that ADA may close the intraday session losing more than 4%.

LUNA/USD

LUNA saw minimal price movement last week. It opened at $51 and closed that period at $49 – a 4.57% deficit. Additionally, it saw a high $58 and a low $47, thereby continuing the two-week long correction.

Recall that Terra saw an increased trading volume at the start of the month, which saw it gain 21% at the time. The bulls seem to be making a grand exit in February as the asset under consideration opened the week trading at $49 and is currently worth more than $76 per unit.

The distance between the opening price and the most recent value suggests that the token may close the current intraweek session gaining more than 50%. It saw its biggest hike on Friday, as it surged by 12%.

We observed that the asset under consideration is exchanging above its pivot point. The coin was on its way to testing its first pivot resistance at $83 but was met by selling pressure that has resulted in an almost 4% lost over the past 12 hours.

SOL/USD

Solana saw minimal price movement last week. It opened at $92 and closed that period at $90. It’s safe to conclude that the asset failed to record significant losses or gains at the end of that period. Additionally, it saw a high $105 and a low $85, thereby continuing the two-week long correction.

The current intraweek was no different from the previous one as SOL showed a lot of volatility. The asset under consideration has seen a low of $75 and hit a high of $96. It opened at $90 and is currently exchanging at $88.

The most recent price suggests that the token may fail to record significant gains or losses. However, it saw its biggest pump on Thursday as it gained more than 5% during the time. Like BTC, the small hikes experienced over the past 48 hours have resulted in the exchange token surging  above its DMA.

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  • bitcoinBitcoin (BTC) $ 19,256.90 0.75%
  • ethereumEthereum (ETH) $ 1,326.77 0.03%
  • bnbBNB (BNB) $ 281.76 1.65%
  • xrpXRP (XRP) $ 0.434086 0.44%
  • solanaSolana (SOL) $ 33.90 3.08%
  • terra-luna-2Terra (LUNA) $ 2.46 0.27%