Most cryptocurrencies like BTC have lost significant worth over the past seven days. The crypto market cap is not exempt from the effects of the selloffs as it sees more volatility during this period.
It started the past week at $1 trillion which was a welcome development by the bulls as they looking to cause more price increases and overturn the current bearish sentiment that permeated the market.
Nonetheless, the bears prevailed as the global cryptocurrency market cap resumed its downtrend. The decrease led to a close at $882 billion. It lost more than 12% of it worth during the timeframe under consideration.
One significant event of the week was the hike in U.S. Federal Reserve interest rates. A day before the increase, most trader optimistic traders were bearish and sold off a large chunk of their bags.
The main occasion saw little deficit and more buybacks across some assets. Nonetheless, the FUD this announcement caused cannot be overemphasized. The fear and Greed Index also paints a clear picture as to traders’ psychology during this period.
The metric retraced to levels not seen since 2019. It dipped as low as 6 which denotes extreme fear. The effect of such mindset is expressed in the picture below.
Source: Coin360
Some cryptocurrencies have also lost a significant percentage of their value per unit. Some of the top losers over the last seven days include Nexo and Monero have both lost more than 28% each.
Nonetheless, assets like SNX and BSV have defied the odds and have added 58% and 36% respectively during this period. With a brief outlook of the top gainers and losers, how did some coins in the top 10 perform?
BTC/USD
The past was one that saw the fulfillment of the most bearish prospects. It started with BTC losing a significant amount of its value per unit at the time. On Monday, the apex opened trading at $26,563.
A short squeeze to $26,845 saw the bulls excited and hopeful of more uptrends. However, it never came as the cryptocurrency started to retrace from its peak. It dipped as low as $21,910 due to the intense selling pressure.
One notable event that unfolded during that session was the global cryptocurrency market dipping below $1 trillion. One major contributor to that dip was Bitcoin, as it lost more than 15% of it market cap, retracing from $500 billion to $428 million.
BTC also saw significant volatility on Tuesday, ensuring a low of $20,816 and a high of $23,288. Despite the price movement, the apex coin failed to record any significant gains. The same thing happened the next day.
Nonetheless, the candle representing the period was a green one signifying more buying pressure. Market scenes changed on Thursday as the bears seized control of the market again. This time, bitcoin lost more than 9% of it value, hitting a low of $20,200.
BTC peaked at $21,345 on Friday and dipped to a low of $20,222 but as with the previous bullish efforts, the day came to an end with no notable change from its opening price. The current low for 2022 is $17,592.
Speculation of the apex coin going to zero intensified. Nonetheless, the asset saw slight improvement that brought it a close at $19k. It recovered its lost value the next day.
The past week ended with bitcoin having more bullish prospects. One such is that according to RSI, it was about leaving the oversized region. The increase in exchange outflow is also a good indication of this.
ETH/USD
Ethereum has also seen massive movement over the past week. One of the biggest moves at the time happened on Monday as the asset lost a large amount of its worth.
For the first time since January 2021, the largest alt retraced below $1,200. The move started after rejection at $1,452 and the bulls were unable to defend key support. It has lost more than 15% of its value.
Ether peaked at $1,266 the next day but was met with rejection at the mark. It retraced to a low of $1,074. The intraday session ended with the asset failing to record any notable increases from its opening price.
Following the first attempt at the $1k support, another happened on Wednesday. Ether edged closer to flipping the market as it hit a low of $1,012. Nonetheless, traders bought the dumped assets, pushing it to a close at $1,236 which signifies an almost 3% increase.
More selling congestion hit the market the next day and the top altcoin retraced to a low of $1,050. It recorded loses of 13% even though it experienced a small improvement in price. On Friday, ether saw minute trading volume.
However, it hit a high of $1,127 and a low of $1,050. It failed to accumulate any notable increase. Ethereum recorded a new low for the year the next day. As of the time of writing, ETH yearly low for 2022 is $879.
The coin saw notable increase after hitting the highlighted level and closed at 993, signifying a more than 8% decrease. On Sunday, the largest altcoin saw a massive price increase that saw it cover the incurred losses.
We may conclude that the asset closed the week on a bullish note. This also resonates with the state of some indicators like MACD and RSI. Both of these metrics were on the verge of giving off a bullish signal.
BNB/USD
Binance coins are not exempt from the downtrend that happened during the previous week. It lost 15% during that period which started with a massive retracement on the first day. Nonetheless, the coin showed more resistance to the bearish dominance compared to previously highlighted assets.
It opened at $255 and hit a low $213 but closed at $222. The exchange coin lost more than 12% during that session. It recorded an even deeper low the next day and was close to testing the $200 support.
It retraced a low $204 but met rebound at the level and surged to a close at its opening price. Although seeing intense selling pressure that saw it break the $200 support. BNB dipped as low as $198 but closed at $233 – a more than 4% increase.
Further attempts at the mark on Thursday failed as the asset found support at $204. Nonetheless, it has lost more than 10%. The Bulls tried to cover the incurred losses the next but were unable to. However, it gained almost 3%.
On Friday, BNB again lost the $200 support which proved more detrimental as the asset retraced to levels not seen in more than 10 months. It retraced to a low of $183 but slightly recovered to a close at $196. It lost more than 8%.
On Sunday, binance coin made an attempt at $200 which proved successful as it closed at $214, eliminating the previous losses. The week ended on a bullish note. One clear indication of this is that the Relative Strength Index is above 40 which means it is no longer oversold.
There are other bullish prospects as well, especially with the Moving Average Convergence Divergence histogram is reducing to one of its minimums.
ADA/USD
While most assets suffered their biggest selloff Monday, the majority of Cardano whales were hopeful of more bullish action. On the other hand, some sold off their bags which caused a loss of more than 5% on Monday.
It is also interesting to note that in the weekly timeframe, ADA failed to record any significant gains or losses. Nonetheless, its performance during the week was not short of volatility.
On Tuesday, the coin made an attempt at the $0.5 resistance which proved successful as the flipped the mark to peak at $0.51. The bears also had their moment as it dipped to a low of $0.43. However, the session ended with a 4% increase.
The next day, more bullish was seen as the asset hit a high of $0.53. ADA was met by rejection at that level and closed at with a more than 10% surge. Unfortunately, it lost all of its accumulated gains and closed $0.47 the next day.
Another massive move occurred on Saturday as it retraced to a level not seen in more than 30 days. It ended that session with a 6.66% deficit. It erased all its incurred losses the next day.
Like BTC, Cardano ended the previous week on a bullish note, with indicators also shedding more light on the possible bullish prospects over the next few days.
XRP/USD
Ripple is another coin that the bearish do not have any profound effect on. It closed the previous week with losses of almost 5%. The downtrend started on Monday when the asset lost more than 9%.
It retraced from $0.34 to $0.31. The next day, it lost the $0.30 support as it retraced to a low of $0.29. However, it rebounded and closed at $0.32, gaining more than 3%. Starting that day it erased the losses incurred on the first day of the week in two days.
On Thursday, the coin opened at $0.34 and dipped to a low of $0.30. It lost lost 9% as it failed to reclaim the lost levels. Nonetheless, like BTC, it closed the week on a bullish basis, with several indicators pointing to an impending uptrend.
Although not trading above its pivot point, it has moved a step closer to the mark. MACD also indicated that the asset had a bullish divergence.
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