It is no doubt thrilling to see the global crypto market cap gain more stability above $1 trillion. It is worth $1.1T as at the time of writing which is a better value than last month’s. However, the current value shows that there notable increase.
It opened the past week at $1.09T but closed at $1.16 trillion. Nonetheless, we observed that many cryptocurrencies saw significant increases in price. For example, the top gainer during the period under consideration is ANKR as it gained more than 64%.
The runner up is CHZ as the bulls pushed it to surge by more than 47%. Will we see the same increase this week?
The largest coin by market cap saw a lot of price movement during the previous intraweek session. It surged by more than 4% as it closed the week at $25,000. The current seven-day session is not looking as promising as the previous.
One of the many reasons for this conclusion is the correction the asset suffered during the past 48 hours. As a result, it is exchanging below $24,000 which a lot lower than it closed the previous intraweek session.
As a result of the consistent price decrease during the highlighted period, several indicators are blaring warnings. For example, the Moving Average Convergence Divergence may start a downtrend soon.
A clear indication of this is the 12-day EMA. We observed that the metric is very close to intercepting with the 26-day EMA. This means that Bitcoin is currently experiencing a bearish convergence which may spell the continuation of the downtrend.
Ethereum is also experiencing the same sentiment as the largest coin by market cap. Nonetheless, it is hard to ignore the massive the coin had during the past seven days. It gained more than 13% as it climbed above $1,900.
Ether seem to hit a brickwall in its bid to surge above $2000. As a result, it is seeing notable downtrends over the last 48 hours and has lost more than 3% since the week started. This is bad news for the bulls as several indicators are also blaring warnings.
One such is the Relative Strength Index. We note that during the attempt at $2,000, the metric was at 70 and threaten to go higher. It hit a trend reversal and is currently dipping. This is an indication that the asset is seeing more selling pressure.
Binance coin is another cryptocurrency that has experienced notable price increases over the past week. For example, it surged to its highest since May. This is the first time the coin flipped $335.
Unfortunately, the hike to this mark failed to have any adverse effect on the asset as it retraced below its opening price. The downtrend continues into the current week and we may expect it to get worse.
One reason for this conclusion is MACD’s most recent readings. We observed that BNB already had a bearish divergence. This happened during the previous intraweek session and there is no sign of improvement#
Currently up by more than 11%, Dogecoin is one of the few cryptocurrencies that is enjoying notable gains. It also saw such an increase during the previous intraweek session as it closed at $o.o81.
It also added more than 18% to its previous worth. While DOGE is seeing notable price changes, we may pay close attention to the Relative Strength Index. The coin is fast approaching 70.
We may see a trend reversal soon and the cryptocurrency may come crashing. Nonetheless, its is maintaining a better shape on the Moving Average Convergence Divergence as we observed both lines apart.
Shiba Inu is also seeing the same sentiment as DOGE. The asset is also seeing tremendous buying pressure as at the time of writing. It became overbought two days ago and corrected yesterday.
It’s back to an uptrend. Nonetheless, traders need to pay close attention to the Relative Strength Index. The coin is fast approaching 70. This may result in another round of price decreases.
Cryptocurrency lender Nexo has acquired a stake in the U.S. federally chartered financial institution Summit…
In this article, we will be focusing on Go blockchain development from scratch. However, before…
Mainstream cryptocurrency exchange CryptoCom, announced today it has been registered in France as a Digital…
$INR is live on Huobi, after successful VC rounds and several strategic partnership announcements. Trading…
Having started as a group of seven co-founders in 2017, the KuCoin exchange has grown…
After a successful IDO and INO, Kitsumon is pleased to announce details of the highly…