BTC, as well as other cryptocurrencies, are down by a few percent. This has resulted in small losses across the entire crypto market. The global cryptocurrency market opened the week at $1.29 trillion.
It dipped to a low of $1.17T and is currently worth $1.2 trillion, a more than 7%. The sector under consideration has seen meager price movements over the past six days, which is reflected in the chart below.
The chart above shows that most coins in the top 100 have lost some of their value per unit. However, we also observed that the top asset’s market dominance is gradually on the rise as it has seen notable changes over the last six days.
Nonetheless, GMT lost a considerable amount of its worth per unit has it lost more than 25% over the last six days. Waves trail behind with an almost equal dip, making it the second top loser in the top 100.
These decreases may continue to be a normal occurrence as the Crypto Fear and Greed Index remains in extreme fear. There was no notable change in the metric during the period under consideration as it hit a high of 14 (extreme fear).
The market situation could be attributed to the lack of strong bullish market fundamentals. This has been going on for more than two weeks and there seems to be no end in sight.
Regardless of the current market situation, there are also some cryptocurrencies that have defied the odds. One such is BTG has gained more than 18% over the last six days. Following a brief overview of the industry, let’s see how some coins in the top 10 performed last week.
BTC/USD
To summarize the last six days price actions, we may say BTC rotated between $30,000 and $28,000. It closed the previous intraweek session at $30,264. Bitcoin started the next session with a spillover of the previous day’s sentiment as it peaked at $30,600 but was rejected. Following the drop in bullish momentum, prices came crashing down.
The apex coin recorded its first loss of the week as it ended the trading cycle at $29k, losing more than 3%. The next day ended in green as the largest cryptocurrency by market cap saw positive price changes.
A doji followed on Wednesday as prices ended almost the same way it started. However, bitcoin dipped to its lowest for the week on Thursday as it retraced from $29,800 to a low of $28,ooo.
No significant price changes were recorded during that session and a hammer was seen. Friday saw the continuation of the downtrend as the bearish tightened and the apex coin was seen struggling to hold on to the $28k support.
Kicking off the intraday session at $29,183, it closed at $28,590 – losing more than 2%. A slight recovery was seen on Saturday as the top asset reclaimed $29k. However, the price change was not significant. The same can be said of the current intraday session.
On the part of the indicators, the Relative Strength Index shows that BTC is seeing a gradual increase in buying pressure. The previous 24-hours timeframe saw the metric retrace as low as 36. Nonetheless, there have been notable changes as it is currently at 39.
On the weekly chart, bitcoin has seen no significant losses, this also translates to the Moving Average Convergence Divergence (MACD) as the 12-day EMA as well as the 26-day has maintained their upward trajectory.
ETH/USD
In contrast to the minimal price movement BTC experienced, Ethereum saw more volatility. Opening the week at $2,040, the largest altcoin saw a $20 increase and was met by retracement. The coin recorded its first loss of the seven-day period as it closed at $1,970, losing more 3%.
The next day may be considered one filled with inactivity. Nonetheless, ether dipped to a low of $1,900 but rebounded to its opening price. Further price movements were seen on Wednesday as ETH regained $2,000 but lacked stability and sent to a close at $1,940.
The biggest dip of the week occurred on Thursday. Starting the intraday session at the previous close and also experiencing a $20 increase, the coin was hit by a serious downtrend. It rebounded at $1,730 but could not erase the 7.74% decrease.
Further retracement was seen on Friday as the bulls failed to seize control of the market. A more than 3% loss was incurred and a closer retest of the $1,700 support was seen. However, the buyers were triumphant the next day as they erased the previous day’s losses.
The massive correction on Thursday saw the largest become briefly oversold. However, the next day saw RSI rebound and continue its gradual increase. We may conclude that the Relative Strength Index rule saw an immediate execution.
As a result of price actions on the fourth day of the week, there was a huge scare bearish divergence on MACD. The phenomenon was averted as the bulls seized control of the market over the next two days.
BNB/USD
Binance coin has suffered considerable retracement over the past seven days. The first intraday session was marked by a red candle which shows that it lost a few percent. However, before the correction, the asset peaked at $336 but faced rejection and ended the day a little below its opening price.
The next day saw the bulls recover from the downtrend and rally the cryptocurrency. BNB had its biggest uptrend of week on Tuesday as it opened at $317 and peaked at $330. It ended that session at $328 which translates to a 3.57% increase.
Wednesday had nothing to write about as the coin under consideration saw little volatility and failed to record any notable price changes. The biggest price movement of the seven-day period happened the next day and was not in favor of the buyers.
A massive selling congestion saw the top asset retrace to a low of $296 from $331. A slight recovery saw the BNB end the session at $302, losing almost 7%. The last three days of the week were marked by small trading volumes.
Binance coin seem to be seeing more price movements than BTC as its RSI was at 48 before the largest dip. It retraced to a low of 42 but regained its upward trajectory before the end of the intraweek session.
The 12-day EMA on MACD also saw a slight change in direction due to Thursday’s price actions. There were worries of a bearish convergence as the metric lost momentum. It was averted as it regained its upward drive.
XRP/USD
Ripple had a bearish start to the week. The first day saw the altcoin lose more than 4% after an open at $0.42. Price action during that trading cycle marked the largest correction of the previous seven-day period.
A doji followed the next day as XRP saw minimal trading volume that lead to little price movements. The same can be said of Wednesday as there was no notable improvement or decrease in prices.
The market picked up momentum on Thursday as the coin peaked at $0.41 but soon retrace to a low of $0.37. The experienced little recovery that saw the altcoin close at $0.39 – losing more than 3%.
An almost equal loss was seen the next day that saw XRP lost 2.70%. The last two days of the week were marked by small trading volumes that resulted in no notable increase or decrease.
Like Ether, ripple was almost oversold on Thursday due to massive selling congestion. Nonetheless, the Relative Strength Index closed on a positive note as it surged to 32.7. Additionally, the asset under consideration has maintained above its second pivot support.
Interestingly, the downtrend did not have any profound impact on the 12-day EMA. A closer look at the indicator revealed a slight dip but the metric continued its upward trajectory. There is no bearish convergence in sight.
ADA/USD
This past intraweek session marked the eighth week of consistent downtrends. A bad start to the week saw Cardano lose a significant part of its worth per unit. It opened at $0.54 and closed at $0.51, depicting a more than 5% loss.
Tuesday saw less price movement as the coin hit a low of $0.49 but rebounded and closed at its opening price. The same situation was seen during the next session but ended with a red candle with no significant loss.
The largest correction of the week happened on Thursday as the asset retraced from $0.52 to a low of $0.46. It ended that trading period at $0.47, losing almost 7%. More than half the incurred loss was seen the next day.
As the downtrend continued, ADA lost the $0.45 support and dipped to a low of $0.44. It lost 4.66%. Saturday was marked by minute trading volume, while the market picked up on Sunday. The coin closed the week on a bullish note as it gained more than 3%.
The massive correction on Thursday saw RSI take a detour from its upward trajectory. It recovered and closed at 36.4. Additionally, Cardano remains under bearish dominance as it remains below its first pivot support.
MACD started the week after a bullish divergence and followed this trend until the fourth day of the week. There were fears of a bearish divergence following the change in the direction of the 12-day EMA. However, it was averted as the asset picked up momentum.
