Most cryptocurrencies are currently experiencing increased selling pressure. It started last week on Sunday and spilled over to the current week. As a result, the global cryptocurrency market cap is on a downtrend.
It closed the previous intraweek session with gains of 6% and at $927 billion. However, the industry is worth $869 billion at this time, which indicates that the market has lost more than 5% over the last two days.
There seems to be no end to the downtrend as some cryptocurrencies that were previously bullish are now suffering the effects of the selloffs. If it continues, the sector’s worth may dip below $800 billion.
A closer look at the Fear and Greed index shows that most traders are in panic mode and are afraid to buy any assets. The metric is at 16, which is lower than it was yesterday (24). On the part of fundamentals, there no bullish or bearish stories that could impact the price of assets.
Nonetheless, we may get some as the progresses. However, let’s see how some cryptocurrencies will perform this week. Here are the top five crypto assets to watch this week.
Top Five Cryptocurrencies to Watch This Week
Last week, BTC closed with gains of more than 8%. This is the first time in three months that the apex coin is attaining this feat. The session started on a bullish note as it saw a considerable increase on Monday.
However, it ended Sunday with losses of up to 3%. On the part of the indicators, they were mostly bullish during this period. One such is the Relative Strength Index. it hit a high of 47.8 whic describes the extent of the buying pressure it experienced.
MACD also showed signs of leaving the sub-zeros but failed as the coin lost momentum. It also edged closer to testing its pivot point but failed due to the same reasons.
With the current bearish sentiment affecting the top coin, indicators are turning negative. One such is the Moving Average Convergence Divergence. The 12-day EMA is on a downtrend and may intercept the 26-day this week.
This may spell more downtrend for BTC as one key support may come under test; the $18k support. Nonetheless, if the bulls force a rebound, we may see the asset retake $20k and surge higher.
During the previous week, the top altcoin had one of its most bullish runs. Like the previously discussed coin, ether gained more than 8% at teh end of the week. This is also the first time since April it is attaining this feat.
Complimenting the bullish feat, indicators like RSI were mostly bullish as it peaked at 48. It almost tested it pivot point but stopped as it lost momentum and the coin could not sustain the uptrend.
Bearing in mind the current state of the market, we may expect a retest of the $1,000 support before the end of the week. A flip may also happen if the bearish grip tightens. Additionally, some indicators are blaring warnings.
For example, we may see an interception in MACD in the coming days. This may mark the start of a more intense selling pressure.
In the weekly chart, Cardano failed to perform as there were no notable price changes. Nonetheless, it saw its own fair share of bullish movements. As a result, it recorded little increase during the first intraday session
RSI peaked at 47 and the asset made several attempts at the pivot point but failed as it lost momentum. We may conclude that there is not enough demand concentration at the vital support levels.
As with the previously highlighted cryptocurrencies, ADA is also experiencing intense selling pressure which may result in more selloff and downtrend. One key level to watch during this period is the $0.4 support.
Solana had a tremendous run last week. Like most cryptocurrencies, it made attempts at flipping critical levels, which was successful for a while. It started the seven-day period bullish and recorded significant gains on the first day.
SOL opened trading at $33 but surged after a little downtrend. Due to the rally, it peaked at $37 but closed a little below the mark which signifies an almost 10% increase. The largest for the week.
Unfortunately, the seventh largest cryptocurrency by market cap lost more than 3% of the accumulated gains the next. It suffered a downtrend that ensured a dip to $33 but rebounded and closed at $35.
The next two days were marked by notable price changes. For example, on Wednesday, SOL experienced an almost 5% change in price. The climb continued on Thursday as the altcoin peaked at $39.
However, the bullish sentiment gradually came to an end after a flip of the $40 resistance. The coin dipped to a low of $36 which sparked the start of another bearish round. On Sunday, the asset lost more than 3%.
After flipping its pivot point Monday, Solana was considered a bullish cryptocurrency and maintained its status throughout the week. Market conditions are worse than they were previously.
SOL may struggle to hold on to key support over the next six as we may see more selling congestion. If that happens, the $30 support may come under test.
Quant was in a league of its own during the previous week. It enjoyed massive rallies and was mostly bullish throughout this period. Starting on Monday, the altcoin kicked off at $55 and peaked at $63.
It ended that intraday session at $60 which denotes a more than 8% increase. Like most cryptocurrencies, Tuesday was not bullish as they recorded lows or retraced to their opening price. The latter happened to the token under consideration.
It continued its uptrend the next day with a more than 4% positive change which ensured it reclaimed the $60 mark. QNT made more progress the next day with a flip of the $65 resistance.
On Friday, the token tested the $60 support but met high demand concentration. As a result, it rebounded and flipped $75 for the first time since May. It peaked at $78 but was met with corrections and closed at $73. Nonethless, this signified a 13% increase.
The largest surge of the week took place the next as quant tested $90 but failed to flip it. Nonetheless, the session ended at $85 which indicates a more than 16% increase. The bulls went on a rampage on this asset.
One clear evidence of this is that it went as high as its second pivot resistance. It remains to be seen if the bulls can sustain the momentum. However, it is important to note the previous week at $81.
This means that we there may be another attempt at the $90 resistance. On the other hand, QNT may be sent as low as $70 if market conditions worsen.