Many will agree that the crypto market has been dull over the past six days, below shows the analysis of BTC, ETH, BNB, XRP. We saw a repeat of the past week when it opened at $1.7 trillion and closed at the same value. During the current intraweek session, the global cryptocurrency market cap peaked at $1.84 trillion.
The high came as soon as the build-up to U.S. President Joe Biden’s decision to sign the long-awaited executive order on digital assets. Unfortunately, the momentum gradually died and the sector was back below $1.8 trillion the next day.
The Crypto Fear and Greed index has not seen much movement either as we note that it only peaked at 28 (extreme fear) in reaction to the executive order news. Another week is coming to an end with little to no strong fundamentals.
However, Nashville Soccer Club (SC) has announced it has entered a partnership deal with digital asset management firm Valkyrie. Kevin O’Leary, also known as “Mr. Wonderful,” has confirmed he has 20% of his total investments tied up in crypto assets. These were some of the stories that made headlines.
While most assets saw increased stability, waves surged by more than 45%. One outlook predicted that we may see an attempt at the $25 resistance next. If the current momentum is sustained, we may see the token retest $30 and close between $28 and $25. The projection came true and the coin is the top gainer over the last six days.
The image above further expresses the state of the market over the current seven-day period. Anchor Protocol lost almost 50% – making it the top loser during the timeframe under consideration. With a brief overview, let’s examine how some assets in the top 10 performed.
The last three weeks have been opened between $37k and $38k. $37,717 was the starting price of the previous intraweek session, the apex coin saw considerable boosts midweek as it hiked to a high of $45,332. it dipped to a low of $37,468 but closed at $38,438.
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 asset also closed below its DMA.
The reason for price actions at that can’t be far-fetched is because bitcoin recorded a significant decrease in buying pressure. A repeat of the past week’s actions was seen during the current intraweek session.
Opening at $38,404, BTC continued its trend of low trading volume on Monday with more selling pressure. The next intraday session saw a gradual buildup to the biggest surge of the week as the apex coin gained a few percent.
The largest cryptocurrency by market cap saw its biggest surge on Wednesday as it flipped its pivot point as well as the $42k resistance, gaining more than 8%. However, the thrill was short lived as selling pressure intensified on Thursday, which resulted in the coin losing 6%.
Following that loss, the digital asset has since returned to its pattern of little price movements over the last 72 hours. Although still in this trend, we observed that BTC is experiencing bearish actions and may close the week at $38k.
The hike above $42k was widely anticipated as the apex coin was close to having a bullish divergence. However, the most recent state of the market has resulted in BTC’s inability to experience it.
MACD’s histogram also prints more downtrends as there has been no visible increase in demand. The largest crypto ends another week below its pivot point and the Displaced Moving Average (DMA)
Analysis of ETH/USD
Price’s actions last week were preferable to the seven-day period. Ethereum had an almost perfect start as it gain 11% flipping the $2,800 resistance along the way. That uptrend lasted for two days as Tuesday saw more price increases as ETH traded above $3,000 for a few hours before relinquishing the spot.
The current seven-day period is a lot different as ether failed to record any significant gains at the start of the week. It opened at $2,550 and dipped to a low of $2,445. The largest alt saw little buy-back after the drop but failed to fully recover from the retracement.
Tuesday saw a change in scenario as ETH saw considerable increase and hit a high of $2,626. The coin closed that intraday session, gaining almost 4%. However, the project resumed its downtrend on Thursday and gradually lost most of its accumulated gains over the next three days.
Based on the the second largest coin performance over the last seven days, we may conclude that the asset hit a high of $2,774 and a low of $2,445. ETH failed to record any significant gains or losses.
Highly suggested that ether was close to testing its pivot point but failed. It is still trading below the mark – an indication that it is knee deep into bearish dominance. The Moving Average Convergence Divergence (MACD) is offering no comfort as we observed a further drop below 0 and the fast line is currently at 80.
Like the preceding digital asset, Binance coin also opened the past week on a high note as it gained more than 9.88% during the first intraday session. The price increase was extended to the second day. The token closed that session below its pivot point as well as its DMA and left the Bulls hoping for a better performance.
BNB kicked off the current seven-day session a little dull as that intraday session was marked by a doji. Lower trading volume on the second day as another doji appeared on the chart. Wednesday was different as the fourth-largest cryptocurrency gained almost 4%.
Following that price increase, the token was met by a fiercer selloff that saw it lose more than 5% on Thursday. The correction continued to the time of writing as the exchange token is down by 5%.
The current price indicates that all efforts to flip and stay above the pivot point have failed. Additionally, BNB is currently trading below its DMA. More bad news from MACD as the asset experienced a bearish divergence a few days ago.
XRP saw a lot of improvements last week. It gained more than 8% on the first intraday session unfortunately, seeing a doji on the second day of the week, the coin slipped back into bearish dominance. At the end, the bulls held on to the early lead and saw XRP close the intraweek session with a more than 4% increase.
The last six days have seen even more price increases. Although the first two days of the week were marked by minute trading volumes, the coin picked up momentum on the third day and gained a little above 6%. But like BTC, the token experienced increased sellers’ congestion on Thursday that saw it lose almost all of its accumulated gains.
XRP recorded its biggest pump on Friday, as it surged by more than 9%. The hike helped the asset under consideration flip and trade above its pivot point. Ripple hit a high of $0.84 the next day but dipped due to corrections.
These retracements lasted more than 48 hours and the token tests its PP. It closed above its DMA and ended the week with a more than 5% increase.
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