BTC as well as other cryptocurrencies are significantly down and the impact of these corrections is felt on the global cryptocurrency market cap. The past week started with the sector being valued at $1.23 trillion.
The industry showed a lot of potential during at the start of the intraweek session as the value of the sector surged as high as $1.29T. The momentum eventually faded and the bears seized control of the market.
Since Tuesday, the sector has been on a downtrend. It closed at $1.09 trillion at the time of writing. This means that the industry has lost more than 11% over the past seven days.
The drop in the value of the global cryptocurrency market cap is as a result of the failure of most projects to surge. The image below paints a clearer picture of the effect of the bearish dominance.
The depreciating value of most cryptocurrencies can be attributed to the constant fear in the market. The Fear and Greed Index indicates that most traders are uncertain of the price action and are dumping their bags.
One of the most affected coins is EGLD as it lost more than 39%. CVX is the second top gainer as it is down by more than 37%. Nonetheless, there are top gainers and one such is NEO, as it is up by 10%. FTT closes behind with an equal increase.
There are no notable stories that could positively affect prices over the last seven days. With a brief overview of the market, here is the performance of some coins in the top 10.
Bitcoin was off to a good start this week as it opened at $29,900 and closed the first intraday session at $31,350. The coin was on its way to retesting the $32k resistance as it peaked at $31,730 but met retracement and was sent down.
Nonetheless, the apex cryptocurrency gained 4.89% during that trading period. The second started with a push to $31,500 and instant correction as BTC flipped the $30,000 support and went as low as $29,180.
The Bulls reacted and the top asset closed the day at almost the same price it kicked off. Wednesday came with more to talk about as the bearish grip tightened. It opened at $31,100 but closed $30,185. The distance between the opening price and closing price suggest a 3% deficit.
Little trading volume was seen the next day as BTC failed to record any significant gains or losses. Volatility picked up on Friday as the apex coin retraced from $30,068 to a low of $28,830.
However, it saw slight recovery and closed at $29,065, a more than 3% decrease. A lesser retracement was seen the next day as the apex coin lost 2.32%. BTC is currently going through the worst retracement of the week.
It flipped the $27,000 support for first in 30 days as it dipped as low as $26,868. On the part of indicators, market conditions have gotten worse for the top coin. Most indicators are bearish as of the time of writing.
The Moving Average Convergence Divergence indicates that top asset just had a bearish divergence. The Relative Strength Index is also on the downtrend as the sell-off continues. We may see a retest of the first pivot support.
Like BTC, Ethereum also started the week on a bullish note. After an open at $1,804, the coin experienced a rally that saw it peak at $1,918. Seeing small selling connections, the asset closed at $1,858, indicating an almost 3% increase.
Unfortunately, the largest alt lost almost all of its accumulated gains the next day as it retraced as low as $1,725 but closed at $1,811. The next two days were marked by little trading volume. This resulted in minimal price movement.
Volatility returned to the market on Friday as the bears seized complete control of their assets. Opening at $1,787, it surged to a high $1,800 but met rejection and started a downtrend. The corrections saw ETH flip the $1,700 support for the first time in almost a year.
Ether recorded a low of $1,650 but closed at $1,660, signifying a more than 7%. The biggest correction of the week took place the next day as the asset was hit by a more fierce retracement.
The coin dipped to levels not seen in almost 14 months. It saw a low of $1,500 but closed at $1,531, an almost 8% deficit. Market conditions have not changed as if the time of writing as ether is struggling with the effect of dominance.
Ethereum retraced to a low of $1,423 a few hours to the time of writing. It is currently seeing more price increases, we the bulls are rallying the market and hoping for a bullish close.
Like BTC, indicators have flipped bearish. One such is MACD as both EMAs just intercepted. This means that the asset under consideration just experienced a bearish divergence. ETH also retested its first pivot support at $1,437.
Ethereum is currently an oversold coin according to the Relative Strength Index. The metric is below 30, the oversold region.
Binance coin one of the most bearish assets in the top 10. While most cryptocurrencies recorded notable price increases on the first day of the week, the exchange coin failed to close with any notable change in price.
Nonetheless, the fifth largest cryptocurrency by market cap peaked at $312 but closed at $294. Tuesday was another massive struggle between the bulls and the bears as they both struggled for market dominance.
BNB retraced to a low of $290, making it the first time level will be tested in over a month. Like the previous day, it failed to record any notable price changes. The next day was filled with very little trading volume as there was no significant price movement.
The same could be said of Friday as there was minute trading activity. The bulls intensified their effort and pushed the binance coin to a high of $298. However, like the preceding cryptocurrency, Saturday was the most bearish for the asset.
Trading started at $286 and BNB was propelled to a high of $290. Unfortunately, the exchange coin was hit by intense selling congestion that saw it hit a low of $265. Seeing slight recovery, it close at $269, indicating a 5.73%.
Market conditions are yet to change as the asset has lost a notable percentage of its value. It retested the $250 support but rebounded. Indicators like the Relative Strength Index suggest that the coin is still in danger of more retracement as the fifth coin by market cap is almost oversold.
It is also drifting away from its pivot point due to the most recent downtrend. MACD also indicates that the coin just experienced a bearish divergence.
Cardano is one of the few asset in the top 10 that showed a lot of resistance to the bearish dominance. Opening the week at $0.56, the coin surged to a high of $0.64. Seeing a rejection at the mark, it closed at $0.60, indicating a more than 7% increase.
Tuesday with more price attempts at critical resistance, which yielded little result as ADA peaked at the same level as the previous day. It saw a low of $0.57 and failed to record any significant gains as it closed at its opening price.
The third day came with more to talk about in terms of price movement. The coin started trading at $0.61 and enjoyed a rally that saw it flip the $0.65 resistance. It surged as high as $0.66 but was met by corrections that saw it dip to a close at $0.64, gaining more than 4%.
However, the bears seized control of the market on Thursday and Cardano was sent spiraling down. ADA did not record any significant price change during that session but lost 9% of it value the next day. It retraced from $0.63 and closed at $0.57.
It suffered its biggest dip of the week on Sunday as it lost more than 11%, losing the $0.55 and $0.50 support. RSI closed the week at 39 and the Moving Average Convergence Divergence shows that the asset experiencing a bullish divergence.
Like BTC and most cryptocurrencies, the first day of the previous intraweek session was marked by a green candle. Ripple peaked at $0.41 but could not hold the price as it closed at $0.40 and failed to record any notable gains.
The bearish dominance started on Tuesday as the coin market it first red candle intraday session of the week. The price change was not significant and the same trend was seen the next day.
The grip on the market tightened and XRP lost 4.65% on Thursday as it retraced from $0.39 to $0.38. A bigger correction the hit coin the next day as the asset lost the $0.38 support and was brought to a close at $0.35, signifying a more than 5% deficit.
The week ended on a bearish note. Opening at $0.35, traders were expecting a change in sentiment on Sunday which never happened as ripple closed at $0.34, recording losses of 4.68%.
As per the Relative Strength Index, XRP is oversold. The indicator has dipped below 30 as a result of the continual selloffs the asset has been experiencing. It was also going through a bearish convergence on MACD. Additionally, the cryptocurrency is edging at a retest of its first pivot support.
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