Price Analysis 4/24: BTC, ETH, BNB, XRP, SOL.

Another unfruitful week is coming to an end as BTC and most other cryptocurrencies are down by a few percent over the last six days. The crypto market was worth $1.8 trillion at the start of the current intraweek session.

The market saw a small increase in value during the week as it hit a high of $1.95 trillion. Unfortunately, the momentum that saw the sector hit the seven-day high gradually dwindled as we observed a gradual decrease in value and the industry may close at $1.84T.

Nonetheless, we observed that market actions revealed that both the bulls and the bears had an almost even share of dominance. The crypto Fear and Greed Index paints a small picture as to the reason for the most recent situation in the market.

Market Sentiment Over the Last six Days

Over the last six days, the index has not exceeded 30, which affirms that the industry is still under bearish dominance on the macro scale. Additionally, there has been no major report that could positively influence market trends.

However, Australia’s equities regulator has given the green light for the country’s first Bitcoin Exchange-Traded Fund (ETF) to be listed on the Cboe equities trading platform. Leading cryptocurrency exchange Binance said it has recovered $5.8 million linked to the recent hack of popular blockchain gaming project Axie Infinity.

These were some of the news that made rounds over the last three days. Nonetheless, the chart below expresses the extent to which most major cryptocurrency suffered corrections.

Most digital assets are down by a few percent, however, the top loser during this period is HNT as it lost 15% over the last six days. Waves trail behind with an almost equal value. Apecoin is making a comeback after failing to excite last week. It is currently up by more than 35%.

With a brief overview of the market, let’s examine the performance of some coins in the top 10.

BTC/USD

The bearish grip on BTC cannot be overemphasized as the bulls were unable to recover from a downtrend that started on Wednesday. A weak start to the week saw Bitcoin dip to its lowest over the last 30 days.

A rebound was seen at $38,500 that was followed by more uptrend, leading to a close above $40,000. Tuesday was met by further price increases that saw the top coin end the intraday session above $41,505.

As soon as the downtrend began, the bearish grip on Wednesday was relatively weak as a doji represented that period. The next day was different, as BTC lost almost 3% and retested the $40,500.

The price decrease is still present as at the time of writing and bitcoin is yet to recover. Losing its pivot point three weeks ago, the coin tested and flipped its first pivot support at $39,000 on Monday but closed above the mark.

However, the level is currently under threat of a retest and may break if the current retracement continues. The Relative Strength Index (RSI) suggests that the most recent retracement may extend as it at 39.4.

The Moving Average Convergence Divergence (MACD) has had most traders on edge as both Moving Averages hint at BTC experiencing a bullish convergence. Unfortunately, both MAs have been close since on Wednesday and is yet to seal the bullish signal.

ETH/USD

Like BTC, Ether was met by an immediate retracement as it opened the week. These corrections resulted in the asset flipping the $2,900 support. It soon recovered as it found support at $2,880 and closed with an almost 3% increase.

The second intraday period marked the end of the two-day increase as it was followed by high volatility that saw the bears gradually tighten their grip on the market. Wednesday saw the start of the downtrend as an upward trajectory was halted by sellers’ congestion.

Although minimal, the red candle representing that session indicates that the largest alt lost some of its value per unit. Thursday saw the most significant loss of the week as ETH lost more than 3%.

Minimal losses were seen over the next two days and the $2,900 support is under threat. The candle representing the current intraday session is a doji, but suggests that the bears are edging in the battle for dominance.

Regaining its pivot on Tuesday, it was lost the next day. Since the dip below point, ETH has maintained price close to the level and the first pivot support looks safe at the time of writing. The Relative Strength Index (RSI) suggests that the most recent retracement may extend as it at 41.8.

The Moving Average Convergence Divergence (MACD) has had most traders on edge as both Moving Averages hint at ether experiencing a bullish convergence. Unfortunately, both MAs have been close since on Wednesday and are yet to seal the bullish signal.

BNB/USD

Binance coin showed a lot of resistance to the bearish dominance compared to BTC. Nonetheless, like most cryptocurrencies, it was by an almost immediate sellers’ congestion as the week opened.

Losing the $400 support and rebounding at $396, BNB recovered fully and closed the intraday session with a notable increase. The uptrends extended over the next day and minimal gains were recorded.

As with most assets, the fourth largest coin retraced on Wednesday after facing strong resistance at $430. Thursday saw the continuation of the downward trajectory as the digital asset lost more than 3% – retesting the $400 support.

The next day saw the bulls regain control of the market as BNB recorded minimal gains. However, it lost the accumulated gains on Saturday. Currently up by a few percent, the asset under consideration may close with a few gains.

Regaining its pivot on Monday, the level was lost on the fourth day of the week. Since dipping below the point, the fourth largest cryptocurrency has maintained prices close to the mark and the first pivot support looks safe at the time of writing. The Relative Strength Index (RSI) suggests that the most recent retracement may extend as it at 43.7.

MACD has had most traders on edge as both Moving Averages hint at binance coin experiencing a bullish convergence. Unfortunately, both MAs have been close since on Wednesday and are yet to seal the bullish signal.

XRP/USD

Last week, Ripple saw a lot of bullish action. During its biggest surge on Friday, it almost tested its pivot point but failed as it was stopped in its tracks. Regardless of the selloff it experienced at the time, it close an 8% increase. However, it closed the intraweek session with no gains.

The current seven-day period has seen XRP surrender to the bears. It showed some potential at the start of session as it rebounded at $0.72 following a dip from $0.75. The action was followed by more uptrend, leading to a close above $0.77. Tuesday was met by further price increases that saw the sixth largest coin retest $0.78.

Wednesday saw the start of a recurring price decrease. The asset under consideration experienced it biggest move of the week as it lost 3% as dipped to a low of $0.74. The next day sequel to the previous one as ripple lost almost 3% and retested the $0.71 support.

The price decrease is still present as at the time of writing and XRP is yet to recover. Losing its pivot point three weeks ago, the coin tested and flipped its first pivot support at $0.70 a few hours to the time of writing. It is still trading close to the mark and may experience a further dip after losing that level.

The Relative Strength Index (RSI) suggests that the most recent retracement may extend as it is at 38. We observed that the Moving Average Convergence Divergence (MACD) intercepted on Monday. However, a bearish divergence soon followed as the bulls failed to sustain the uptrend.

SOL/USD

Last week, Solana lost the $100 support and failed to impress as it lost almost 10% of its value at the time. However, we observed that the asset traded close to the lost support and closed at the highlighted mark.

SOL saw minute trading volume on Monday. Opening the intraweek session at $100, the coin dipped to a low of $94 but rebounded and closed at $102. Tuesday was met by further price increases that saw the seventh largest coin end the intraday session above $108.

Trading action during the second day of the week was the biggest move of the seven-day period as the cryptocurrency gained 6%. The next day was different, as solana lost almost 3% and retested the $105.

The price decrease is still present as at the time of writing and SOL is yet to recover. Losing its pivot point during the second week of month, the coin tested and flipped its first pivot support at $110 on Wednesday but closed below the mark.

Exchanging between it PP and first pivot support, there is no indication of the correction stopping. The Relative Strength Index (RSI) suggests that the most recent retracement may extend as it at 44.3.

The Moving Average Convergence Divergence (MACD) has had most traders on edge as both Moving Averages hint at SOL experiencing a bullish convergence. Unfortunately, both MAs have been close since on Wednesday and is yet to seal the bullish signal.

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  • bitcoinBitcoin (BTC) $ 20,234.00 8.04%
  • ethereumEthereum (ETH) $ 1,386.45 8.04%
  • bnbBNB (BNB) $ 285.59 5.09%
  • xrpXRP (XRP) $ 0.484560 3.67%
  • solanaSolana (SOL) $ 34.87 8.87%
  • terra-luna-2Terra (LUNA) $ 2.69 30.9%