The crypto market continues its uptrend for the second week. It opened the current seven-day period at $1.85 trillion and is currently worth $2T as at the time of writing. The sector no doubt saw a more than 10% increase during this period.
The sector valuation crossed $2 trillion for the first time in the last 30 days on Thursday, which was widely anticipated due to the constant price most cryptocurrencies experienced at the time.
The current value of the market suggests that the will be lit in an array mostly green. The image below agrees with the previous statement as we note that most projects are significantly up.
However, the top gainer during the current intraweek session is Zilliqa as it gained more than more than 150%. Waves failed to impress as it lost a little above 5%.
(Source: Coin360)
There were notable strong fundamentals over the last seven days especially on Zilliqa. The coin was enjoying a 5%-10% increase or decrease until the announcement of a partnership with Agora, and it surged by 100% at the following day.
We also saw another way Bitcoin is helping in the Ukrainian crisis as a refugee fled the affected country with 40% of is lifesavings thanks to the cryptocurrency. More good news from the sector under consideration as the second-largest cryptocurrency recently gained a market capitalization higher than that of Bank of America.
These positive reviews impacted the crypto fear and greed index as we observed that it is currently at 49 (neutral) has opposed to fear some weeks back. It peaked at 51 during the previous intraday session.
BTC/USD
With the crypto market back on track, the apex coin has seen a lot of trading action over the last six days. Opening the week at $41, 293, the first day saw the bulls enjoy the spotlight as the BTC dipped to the lowest ($40,516) in the past six days.
The session ended with the top coin losing a few percent. Tuesday offered the needed relief to the bulls as Bitcoin gained almost 4%. Following that hike, the asset was bullish all the way.
The next five days were marked by various little increases in price. The first half of the week saw many asking why BTC hasn’t made any move at the $45k resistance, however, on Friday, the largest cryptocurrency flipped the $45,000 resistance and hit a high of $45,137.
The current intraday session has produced a new intraweek high. Opening at $45,553, bitcoin is currently exchanging at $46,389, which is a more than 4% increase – the highest hike during the current seven-day period.
Based on the Pivot Point Standard, we may conclude that the asset under consideration is bullish as bitcoin is trading above its pivot point. We also observed the most recent price increase has resulted in the apex coin edging closer to its first pivot resistance.
The Moving Average Convergence Divergence (MACD) also supports the previous reading as we note that both lines are above 0 and are gaining more stability above the mark. The histogram associated with the indicator shows the constant increase in buying pressure over the last six days.
BTC is currently enjoying small hikes that have resulted in the Relative Strength Index surging above surging closer to 70. We may see the apex coin step out of this boundary and become overbought if the current momentum is maintained.
ETH/USD
Unlike BTC, Ethereum ended the first day of the week in gains as it was marked with a green candle. Although the price change was only a few percent, that session was the start of a new uptrend that is currently seen in the market.
Tuesday offered better performance as the second largest coin by market cap hit a high above $3k for the first time since March 3. Unfortunately, the momentum could not be sustained and the asset closed below the said mark.
A close above $3,000 was achieved on the third of the week. However, from the second day of the week to the fourth, the largest alt gained a little above 7%. Nonetheless, ether is seeing its biggest hike for the intra-week session as it is currently up by more than 4%.
ETH may close the present seven-day period above $3,200, which will mean that the token will be closing with a more than 14% increase over the last six days. We observed that the coin is edging closer to testing its first pivot resistance.
As confirmed by the Pivot Point Standard, ETH is also bullish and will experience more price increases. Like BTC, the Relative Strength Index is surging above surging closer to 70. We may see the ether step out of this boundary and become overbought if the current momentum is maintained.
MACD is also bullish as its histogram has been constantly on the rise over the last six days. Additionally, both lines are above zero.
BNB/USD
Binance coin is up by almost 10% over the last six days. It opened at $390 and is currently worth $429. A closer look at the chart, we note that price actions played out almost the same as they did on ether.
It kicked of the week strong but with minimal price increases. Tuesday offered more in terms of trading actions as the asset under consideration hit a high of $411 – the highest in more than 14 days – but failed to close at the mark as it was hit by sellers’ congestions that brought the price down.
A close at the said mark was achieved on Thursday as the token closed at $414. It is currently enjoying the biggest hike of the week as it is almost 4% higher than its opening price. BNB hit an intraweek high of $431.
Although seeing minimal increase compared to the preceding cryptocurrencies, the PPS readings show that the coin is bullish as it is trading close to its first pivot resistance. RSI also correlates with the previous statement as it’s currently at 64. MACD is not off the positive indicators as both lines are above 0, with the fastest hitting 10.
XRP/USD
A closer look at the XRP/USD chart, we observed that the pair is not on the same sentiment as the preceding cryptocurrencies. Following a very good start to the week that saw the asset gain more than 4%, the coin saw a lot of stability over the next three days.
In the first intraday session, Ripple hit a high of $0.85. However, the sixth largest cryptocurrency recorded its high for the week on Tuesday as the token peaked at $0.86. After that hike, there were no attempts at $0.85 until the current session.
The Moving Average Convergence Divergence (MACD) showed that XRP flipped bullish more than 14 days ago. The asset under consideration have evaded yet another bearish convergence as a result of the current momentum.
Nonetheless, ripple is currently exchanging above its pivot point. Additionally, RSI is above 60 as of the time of writing.
ADA/USD
Cardano lost the $1 support on February 19. After losing the key level, the token has been on a downtrend and made no effort at regaining the mark for the next 30 days. However, trading actions this week suggest that the bulls are finally awake.
ADA is up by almost 35% over the last six days. It opened at $0.86 and is currently worth $1.18. A closer look at the chart, we note that price actions played out almost the same as they did on ether.
It kicked of the week with enough momentum as it gained more than 4% during the first intraday session. Tuesday offered more in terms of price increase as the asset under consideration hit a high of $0.98 – the highest in more than 30 days – but failed to close at the mark as it was hit by sellers’ congestions that brought the price down.
ADA regained the lost mark on Wednesday as it flipped the $1 resistance. The coin had its biggest surge of the week as the asset gained more than 13% during that session. As per MACD, cardano flipped bullish on Thursday as both lines steadied above 0.
However, the Relative Strength Index (RSI) may be a source of concern to the bulls as the digital asset under consideration is currently overbought. Nonetheless, ADA most recent price suggests that we may see an attempt at the first pivot resistance.
SOL/USD
Solana lost the $100 support earlier this month. After losing the key level, the token has been on a downtrend and made no effort at regaining the mark for the next 14 days. However, trading actions over the last two weeks suggest that the bulls are finally awake.
SOL is currently trading at $106 per unit, which indicates that the coin has regained the said mark. It looked almost unlikely at the start of the current intraweek session as the asset failed to impress and lost a few percent.
However, the $100 resistance flipped on Thursday and closed above the mark. Losing a few percent the next day and gaining more, over the next 48 hours later have resulted in the token gaining more than 20% over the last six days.
Solana flipped bullish yesterday as revealed by MACD. We observed that the fast line is currently 4. The most recent uptrend has also resulted in coin trading above its pivot point. The Relative Strength Index is not left out the bullish indicators as the it is at 64 as at the time of writing.
