The crypto market took a turn for the worse during the previous intraweek session. One of the main events took place on Friday when most crypto assets dipped to levels not seen in a while.
This also had a huge impact on the global cryptocurrency market cap as we noticed a massive drop in valuation. Opening at $1.19 trillion, the market failed to record any notable increases.
Nonetheless, it closed at $1.02T which signifies a more than 14% deficit. The current week is not looking any better as we also observed that most crypto assets are still struggling to recover from previous losses.
However, there has been no massive move from most cryptocurrencies. Will that continue throughout the next six days or will there be improvements? Let’s examine some key assets
Top Five Cryptocurrencies to Watch
The apex coin had a tremendous run during the week. it peaked above $25k but dipped a low not seen since the past month. The asset lost the $21,000 support and went as low as $20,500. Since this occurrence, it has struggled to recover.
The drop was one of the most unexpected as the turn of events that saw BTC dip as low as $20,500. Many were expecting a rally after the small trading volume it saw during the week. Although the $20k support held out, there are other concerns.
The indicators are not painting any a picture of any improvement ahead. For example, the Moving Average Convergence Divergence is still on the downtrend. We observed that the 12-day EMA is below 0 and the 26-day is soon to follow.
Nonetheless, the histogram associated with the metric may be a source of solace as we observed the gradual increase in buying pressure. The Relative Strength Index also agrees with this as we note that it is closer to 40.
Based on these indicators, it is easy to conclude that the week may be another bearish period. One of the key supports to keep an eye on during this period is the $20k barrier. An attempt at $20,500 last week support stopped but may not guarantee that it drops below them.
Ether also had a similar run as BTC during the previous week. It saw a bad start to the week that lasted throughout the session. Following the drop below $1,600, the bulls have been plotting a buyback.
Unfortunately, everything is not going according to plan as we observed several dojis on the chart. There are concerns of whether the largest altcoin will test its low from the previous week. Unfortunately, it test and flip the mark if trading conditions worsen. One of the key supports to watch is the $1,500 as several downtrends lost their momentum there.
Cosmos was not exempt from the ordeal most cryptocurrencies faced during the previous intraweek session. The token saw a notable decrease in prices that saw it dip to to its fourteen-day low.
Nonetheless, the asset is showing more potential than the previously highlighted cryptocurrencies. For example, it has erased the previous week’s losses as a result of a two-day surge. The latest saw it peak at $12.4.
We may see further price increases in the coming days as ATOM is showing no signs of slowing down. The bulls will aim at flipping the $14 resistance before the end of the week.
EOS is one of the few tokens that were bullish for the most part the previous week. Although it kicked off slowly, it attained levels not seen since the last 60 days. It also failed to record any notable losses on the weekly chart.
Trading actions during the previous intraday session point at more price increases ahead. For example, the token gained more than 17% as it surged from $1.5 to $1.94. The $2 resistance is a strong one as another attempt some hours to the time of writing failed.
We may see a retest at this critical level before the week runs out. A flip of the highlighted mark may open the way to further resistance or become a level of contest of the bulls and bears.
CHZ peaked at $0.23 as it attempted flipping its fifth pivot resistance. It saw a level of success as it stayed at the mark but met intense selling congestion that lasted three days. These corrections threatened to wipe out the accumulated gains.
However, the bearish intent failed as we observed that the token closed the previous week with notable price increase. Traders may be rest assured of more uptrends as a more than 10% increase during the previous day and another during current intraday hints at more price movements ahead.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!