The crypto market may end the week with no notable change in its valuation. It kicked off on Monday at $934 billion but slid as low as $880 the same day but recovered as it came to an end.
The sector saw more downtrends but peaked at $953 billion. Unfortunately, the most recent reading showed that the industry is back to its open. This is a clear indication that most cryptocurrencies did not experience any significant increases.
Painting a clearer picture of what took place over the last seven is an image from Coin360. We observe the deficits spread across various cryptocurrencies. On average, these assets are down by 3%.
One of the major reasons for the underperformance is the lack of positive fundamentals. A look at the news that made rounds during the previous intraweek session affirms this.
Nonetheless, there were strong fundamentals on individual tokens like ALGO. FIFA announced that it went into partnership with the project to offer NFTs. This played a huge role in the asset’s performance during the period under consideration.
Nonetheless, the impact did not reflect on the global cryptocurrency market cap. Let’s see how some coins in the top 10 performed during this period.
Bitcoin had a very tough start to the week. Monday was of the days many investors feared the apex coin may break levels it hasn’t in a while. However, this never happened as it rebounded at $18,200.
Following this rebound, it surged above its opening price and a little higher. Nonetheless, it failed to record any significant gains at the end of the session. Unfortunately, selling pressure hit a new level the next day.
As a result, BTC dipped to a low of $18,700 and failed to recover as we observed a more than 3% drop. The bulls put up a hard fight on Wednesday as the apex coin made an attempt at the $20,000 resistance but fell short.
It peaked at $19,900 and experienced intense selling pressure that saw it dip as low as $18,200. The apex coin recorded losses exceeding 2% at the end. Relief came on Thursday as the asset picked up momentum.
To this effect, the largest cryptocurrency by market cap surged to a close at $19,500. It opened at $18,458 which signifies a more than 5% increase at the end.
Bitcoin recorded low price changes over the last three days of the week. Nonetheless, it saw losses during this period which totalled 4%. All these deficits reflected on the weekly chart as we observed a more than 3% decrease.
Indicator in response to the consistent drop is also blaring warnings. For example, the Moving Average Convergence Divergence is showing no signs of recovery as it dipped further below 0.
At height of the bearish dominance, the Relative Strength Index dipped below 40 and threatened to go lower. However, this never happened as the metric ended the week at 40. Nonetheless, the pivot point standard was a cause for concern. We observed that BTC edging for a retest of the first pivot support
Ether also had an intriguing start to the week. For example, it dipped to a low of $1,280 but rebounded and surged to a close of $1,375. After a more than 3% drop, the largest altcoin recovered and closed with an equivalent percentage on Monday.
The Bulls could not replicate the rebound the next day as we observed a red candle that matched the previous green. Nonetheless, they fought back on Wednesday and pushed the asset to a peak above $1,400 (the highest for the week).
Unfortunately, it experienced strong resistance at the high and selling pressure mount. As a result, ETH recorded its biggest loss for the week, closing the intraday session with a loss of almost 6%.
The coin picked up momentum the next day as it recovered the lost levels. Opening at $1,245, it peaked at $1,349 but closed a little lower, indicating gains exceeding 6%. Friday ended with a Doji after a volatility-filled 24 hours.
The last two days of the week were bearish as losses totalled 2.6%. Similar to BTC, the weekly chart shows a more than 3% decrease at the end and a high of $1,409 and a low of $1,218.
At the peak of the bearish dominance, there were fears that the largest altcoin may become oversold. This never happened as it saw buyback during the next intraday session. Nonetheless, either a not out of the hot zone as it remained below 40 throughout the week.
Unfortunately, ethereum lost its first pivot support on Wednesday and failed to recover until the end of the period under consideration. MACD also continued its downtrend as the intraweek session progressed.
In its latest move, we observed the 26-day EMA increase its distance from 0 to the end of the week at -74. The 12-day EMA close is below -85.
Binance coin took a step closer to retesting its first pivot support at $255. It dipped to a low of $256 before a rebound. The low is intriguing as this is the first this time since July that the asset is dipping to this level.
Nonetheless, it recovered its opening price at $266 and peaked at $273. It closed that session with gains exceeding ding 2%. Unfortunately, trading action during the next intraday session revealed that bears seized control of the market.
The coin lost all of its accumulated gains as a result of the intense selling pressure. On Wednesday, it surged to a high of $276 but met strong resistance and dipped to a low of $258. It ended that session with no notable gains or losses.
The next day, BNB enjoyed significant increases as it surged to a high of $276 after opening at $263 which indicates gains of more than 4%. Massive decrease on Friday but recovery.
The altcoin reached its highest on Saturday as the coin experienced a quick surge to $285. As with previous price hikes, it faced strong rejection and dipped. It failed to record any notable gains or losses.
On the weekly chart, BNB is the first cryptocurrency in the top three to close the previous intraweek session with gains. It saw a positive change of more than 3%. The indicators are looking positive.
One such is the Moving Average Convergence Divergence. We observed that the altcoin had a bullish divergence on Saturday. We also noticed that RSI showed more stability above 40 which indicates a healthy amount of buying pressure.
However, the Pivot Point Standard may be a source of concern. Despite the upward trajectory, the coin failed to retest its pivot point.
The Coin360 chart above showed that Ripple was in green which means it closed the previous intraweek session with notable gains. It had a great start during the timeframe under consideration.
On Monday, it opened at $0.35 but retraced to $0.33. It found support at this level and made an attempt at the $0.40 resistance. It fell short but closed at $0.39 which indicates a more than 7% increase. The uptrend spillover into the next intraday session.
As a result, the coin made another attempt at the highlighted level and slipped it. It briefly surged above $0.42 but met rejection at the mark and closed at $0.41 signifying an 8% positive change.
XRP experienced a little correction on Wednesday and lost 4%. The uptrend was back in full gear the next day as the altcoin recorded its biggest gains in a long while. It crushed three pivot levels.
It made an attempt at the $0.50 resistance but failed to break it. Nonetheless, it closed at $0.48 with gains exceeding 22%. The highlighted key level flipped the next day as the coin saw more buying pressure.
This time, it retested $0.55 but faced rejection which soon led to retracement. The corrections saw ripple dip as low as $0.50 and close with a positive change of almost 5%. Small trading volumes marked the last two days of the week.
On the weekly chart, XRP gained more than 37% during the previous intraweek session. One of the many indicators traders watched was the Relative Strength Index. Due to the massive buying pressure, it went above 70.
The downtrend on Friday and Saturday corrected the situation and RSI dipped below 70. MACD continues to gain momentum as both EMA closed above 0.02.
Cardano had another volatility-filled week. Its performance on Monday showed an intense struggle for dominance between the bears and the bulls. It dipped to a low of $0.43 but recovered and closed a little above its opening price.
The bears clamped down on the asset on Tuesday as the buyers failed to rally it after it rebounded at $0.43. Its closing price indicated a more than 2% deficit. The struggle continued with the sellers intensifying their efforts.
However, the altcoin recorded its biggest increase on Thursday as it spiked from its opening price of $0.43 to a close above $0.45. It recorded gains exceeding 4%. The uptrend continued on Friday as ADA made more moves to the top.
It saw a high of $0.48 and did not see any notable change as it retraced to its opening price. Although a red candle represents the previous intraweek session, we may consider it a doji looking at the massive wicks.
Nonetheless, indicators like RSI maintained their trajectory as we observed its trend-led above 40 throughout the week. The Moving Average Convergence Divergence showed no change to its downtrend as well.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!