So much has happened in the crypto market as most cryptocurrencies are spiraling down. On average, every coin in the top 100 is down by more 10% over the last seven days. The impact of these losses on the global cryptocurrency market cap cannot be overestimated.
$1.09 trillion was the value of the industry at the end of the past week. As at the time of writing, the value of the sector has sunk below $1T. Currently worth $950 billion, more price action is expected to set the market back on a bullish path.
One of the main projects that has been affected by the current correction is Apecoin. The asset lost more than 40% over the last seven days and is showing no signs of improvement. The Fear and Greed Index is another source of concern for the bull.
This metric is at its lowest over the last 30 days. This is one of the indications that there may be more price decreases as there is an increase in fear, doubt and uncertainty. The image below further sheds more light on the extent to which the bearish grip has affected the crypto market.
There is no relief in sight when we take a closer look at fundamentals. Wilfred Michael, an editor at Coinfomania, believes there may be more downtrend ahead. Do the charts agree with this? Here are the top four cryptocurrencies to watch this week.
Top Four Cryptocurrencies to Watch
The past week was one that many would love to forget. A good start to the intraweek session saw many hopeful of more price increases. BTC opened at $29,900 and closed at $31,350. The gap between these two marks is worth more than 4%.
The bearish dominance started on Tuesday as the top failed to record any significant price change after a dip to $29k. On Sunday, bitcoin was worth $28,390 at the start of the day, but closed at $26,580, signifying a 6% deficit.
After all the price movement last week, the apex coin closed with a deficit of more than 11%. The current intraweek session has brought in more in terms of corrections. BTC has lost 16.4% already and it remains to be seen if this will continue.
Indicators like the Moving Average Convergence Divergence hint at bitcoin experiencing more price dips. The metric indicates that the asset experienced a bearish convergence which may be bad news for the bulls.
The Pivot Point Standard is another indicator that shows the current state of the market. Based on its reading, we deduce that BTC has fully succumbed to the bearish dominance as we observed that the cryptocurrency is exchanging below the first pivot support.
The Relative Strength Index also indicates that bitcoin is oversold. This may be good news as the rules governing the indicate states that an oversold asset is soon to see buyback.
Ethereum is another cryptocurrency that has suffered notable price decreases. A good start saw the Bulls hopeful of more uptrends. Unfortunately, the price increases did not exceed the first day of the intraweek session.
Ether opened at $1,804 and peaked at $1,918. It ended the day at $1,858 due to a slight correction it experienced at its peak which suggests that the coin gained more than 3%. The next three days were marked by little to no notable price movements. However, this changed on Friday as the largest alt lost more than 7% of it value at the time.
It ended the week on a bearish note as it dipped by more than 6% on Sunday. Ether peaked at $1,918 and dipped to a low of $1,423 during the previous week. At the end ETH lost more than 20%.
The current intraweek is a disaster from a bullish angle. Ethereum is down by 17% and have hit a low of $1,074. At the end of the indicators, there’s almost nothing positive to talk about. MACD indicates that the assets under consideration just experienced a bearish divergence.
This is an indication of more price decreases. PPS also places ETH on the list of cryptocurrencies that are experiencing extreme selling pressure. The coin is dropping closer to a retest of its second pivot support.
RSI has dipped to its lowest in almost a year. As of the time of writing, the metric is at 20 Nonetheless, there may be light at the end of the tunnel as an oversold asset is due for a rebound.
Apecoin started last week at $6 and saw a notable increase that propelled it to a high above $6.4. The token closed its first intraday session at $6.38 which means it saw a positive price change of 4.76%.
Unfortunately, it lost all of its accumulated gains the next day and dipped to a low of $5.89, losing the $6 support for the first time since May. The bears were hit harder with another decrease on Wednesday and APE lost more than 5%.
The bulls pit up a hard fight the next day which resulted in no significant change in price the next day. The weekend saw the largest price movements. On Saturday, the coin lost 8.36% as it retrace below $5 for the first time since its introduction to the market.
Sunday was a nightmare for investors as the coin opened at $4.74 and dipped below $4. It closed at $3.88 losing almost 18%. The week ended with a pecoin losing more than 36% and the asset hitting a low of $3.87.
The current week seems to be more severe than the previous one, as APE is currently down by more than 10%. Like most cryptocurrencies, the project is showing many signs of massive selling congestion.
One such is the histogram associated with MACD is red and on closer inspection, we observe the increasing bar. Nonetheless, the cryptocurrency just had a bearish divergence, which adds to investors’ worries.
Apecoin is also edging closer to testing its pivot support. Additionally, the coin is oversold. You may expect a buyback anytime from now on. If this happens, APE could be sent as high as $4 before the end of the week.
Aave recorded losses not seen in the past three months. It opened the week at $103 and experienced a short squeeze that saw it peak at $111. It closed at $103 which means it failed to record any significant increase.
Tuesday signaled the start of a bearish takeover. The asset was brought to its lowest in over seven days. Nonetheless, it lost more than 6% after hitting a low of $95 and closing at $99.
Negative price action continued the next day as the token saw further retracements but failed to record any significant losses. This changed on Thursday it lost 8% after dipping to it fourteen days low.
Aave saw more downtrend the next day after it opened at $88 and closed at $77. This is the first time in over one month the asset is losing the $80 support. It closed the intraweek session with a loss of almost 9%. On the weekly chart, the token was down by more than 32%.
The current week is looking less promising as AAVE is down by half its previously recorded losses. It is currently worth $58 at the time of writing. This is the first time since the asset has been trading at this level since December 2020.
Like most cryptocurrencies, the asset under considerations is oversold. This may be an indication that Aave is soon to experience a buyback. One of the key levels to watch out for is the $50 support.
There may be an attempt at the mark and a flip could send the asset as low as $40. Nonetheless, we may see an attempt at the $70 resistance if market sentiments change.
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