Top Five Cryptocurrencies This Week: BTC, ETH, BNB, SOL, RVN.

The top 10 largest cryptocurrencies by market cap no doubt saw a fair share of uptrends during the previous week. They made notable gains during this period that many considered a sign of an end to the bearish dominance.

We may conclude that the sentiment was almost equally spread across various assets as the global cryptocurrency market cap also saw notable increases. It opened at $950 billion and slowly rose to a peak of $1.05 trillion.

It held this position till the end of the week. As a result, it recorded changes of more than 10%. Many will attribute this positive change to the hype surrounding the upcoming Ethereum merger.

Nonetheless. several assets made massive gains over the last seven days. One such is Ravencoin, according to Coinmarketcap, the token is up by more than 60%. The biggest gainer is LUNA as it seems to be making a comeback.

The coin gained more than 120% during the period under consideration.

Top Five Cryptocurrencies

BTC/USD

The apex coin no doubt put smiles on the faces of many traders as it continued its uptrend. The largest cryptocurrency by market cap closed the past week, with gains exceeding 9%. The bulls will be expecting more price increases.

Another reason for this hope is the way price action plays out during the previous seven-day session. For example, on Friday, BTC surged from $19,300 to a peak of $21,600. Although it closed a little lower, it recorded gains of up to 10%.

Indicators at the time were also bullish. One such is the Moving Average Convergence Divergence. We observed that the apex coin experienced bullish divergence on Wednesday and has since been on an uptrend.

The Relative Strength Index also showed the level of buying pressure the assets enjoyed as it peaked at 61. BTC ended the previous intraweek session above its pivot point, which also hinted at more uptrends.

Unfortunately, the reverse is the case. A few hours to the time of writing, Bitcoin took a plunge to $20k from an attempt at $23k. Several indicators are blaring warnings in response to the most recent move.

For example, we observed that the 12-day EMA has lost its momentum and may start a bearish convergence if market conditions do not improve. One of the key levels to watch is the $19,500 support as failure to defend it may result in a retest of $18k. However, a change in trajectory may see BTC flip $23k.

ETH/USD

One of the most talked about assets is Ethereum. Following the announcement of its upcoming merger, all eyes are on the coin as many expect a boom as we countdown to the final moments.

Price movement during the previous week also supported this claim as the altcoin saw notable surges. As a result of these small charges, it closed the previous seven-day period with gains exceeding 11%.

One key moment of the session was when ether retested $1,740 for the first time since August 26. The attempt briefly yielded results but the asset failed to hold the mark. Nonetheless, the largest alt closed that intraday session with a more than 5% increase.

After its bullish divergence on Wednesday, MACD maintained its form until the end of the week. The pivot point standard also pointed at the largest alt seeing more price increases as it climbed above its pivot point.

Price movement as at the time of writing shows that the bears are having a field day. Similar to the apex coin, ETH is also experiencing a massive downtrend. However, the bulls seem to be defending the $1,580 support as there is notable selling congestion at the mark.

It is hard to conclude that there may be an end to the most recent state of the coin as the price decrease started on Monday. Although the loss was not significant, a repeat of that event may be a signal of massive retracements.

Nonetheless, ethereum has fundamentals by its side that may result in a turnaround. If such takes place, we may see the largest altcoin push to retest the $1,850 resistance.

BNB/USD

Binance coin rode with the bullish sentiment that permeated the crypto market at the time. As a result, it recovered from a downtrend that saw it dip as low as $259. The recovery was rather swift as the altcoin closed with a notable price increase.

BNB end the previous seven-day period with gains exceeding 5%. Bearing in mind that the asset under consideration is not one of the most volatile cryptocurrencies, we may expect another 5% move.

Unfortunately, the exchange token is experiencing the same sentiment as the previously highlighted coin. It’s been on a downtrend since the first day of the current week. Although minimal, it may be an indication of more price decreases.

Indicators like the MACD support the above statement. We observed that BNB is currently experiencing a bearish convergence which may soon be followed by divergence. If that happens, we may see a retest of the $250 support.

SOL/USD

Solana had a fine run during the previous week. A clear indication of this is the number of days enjoyed notable increases. Based on the chart, it enjoyed consistent positive price changes for five of the seven days.

It saw its biggest surge on Wednesday after a retest of the $30 support. In response, the bulls rallied to retest $33. Although the attempt failed, it gained almost 6% and another round of uptrend.

In the end,  SOL closed the week with gains of almost 9%. It saw a high of $36 and recorded a low of $30.3. Indicators like the Moving Average Convergence Divergence were positive during this period.

We observed that the coin experienced a bullish divergence on Wednesday. Since this occurrence, the gap between the 12-day EMA and the 26-day EMA continued to grow wider. This remained until the intraweek session. Judging by this indicator, many would expect more price increases.

The current week started well as Solana gained 7% on Monday. Unfortunately, the coin lost momentum as the market took a turn for the worse. As a result, it has lost all of its accumulated and is currently struggling at $33.

Metrics like the Relative Strength Index show are bearish at the moment. RSI took a plunge from 60 to 44, indicating the massive selling pressure the asset is facing. A closer look at MACD also shows that the 12-day EMA is slightly arced.

Based on these indicators, we may conclude that SOL may see more downtrends. Some key levels to watch include both the $30 and $26 support. Both levels are tough as previous price movements showed several attempts failed.

However, if the altcoin regains composure, we may expect a retest of the $36 resistance and more move to $40.

RVN/USD

Ravencoin extends its run into its third week. The previous intraweek session marked the second of the coin’s uptrends. RVN had massive surges that all came together to make the asset one of the top gainers.

One of the biggest highlights of the period under consideration is when it recorded its biggest surge in more than three months. It happened on Friday after several dojis from previous intraday sessions.

It opened at $0.03 and surged to a high of $0.06. The asset met intense selling pressure at its peak but held to most of its accumulated gains. It closed at $0.05 which signified a more than 50% increase.

On the weekly chart, the RVN closed with gains of almost 50%. Following the spike in buying pressure, the token was overbought. The main reason for this surge was the upcoming merge. Ravencoin is an alternative to ETH and one of the main beneficiaries of the hype.

The altcoin looked like it was going to continue the previous in the current week. A clear indication of this is another massive increase on Monday. It gained more than 30% at the end of the session as it closed above $0.06.

Unfortunately, price action during the present intraday session is proving this assumption wrong. For example, the token is down by almost 15%, leading to questions of if the uptrend has come to an end.

It is hard to come to a conclusion as the downtrend could be considered a much-needed correction to keep the buying pressure in check. A closer look at RSI following the massive show it stable below 70.

However, fundamentals seem to be playing in favor of the asset under consideration. With that in mind, we may expect more attempts at key resistance. One such is the $0.1. Although it has not tested this level in a long time, we may see it flip based on the massive spike it keeps having.

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  • bitcoinBitcoin (BTC) $ 16,970.04 1.03%
  • ethereumEthereum (ETH) $ 1,279.88 1.48%
  • bnbBNB (BNB) $ 292.93 2.84%
  • xrpXRP (XRP) $ 0.399061 3.22%
  • solanaSolana (SOL) $ 13.55 2.31%
  • terra-luna-2Terra (LUNA) $ 1.62 0.49%