Most cryptocurrencies broke the sideways trend last week. It started with a little downtrend on Monday but recovered as it progressed. These crypto assets had notable increases over the last six days.
The bullish sentiment is spread across the crypto market and these surges reflected the global cryptocurrency market cap. For the first time in more than 30 days, the total worth of the industry rose above $1 trillion.
For the first time in more than three weeks, some cryptocurrencies in the top ten are making appearances among the top gainers. Aside from this set of cryptocurrencies, altcoin coins like MINA and CHILZ gained more than 25%.
With the massive increases across the market, many are looking forward to further uptrends. Nonetheless, we observed that the fundamentals played a huge role in price action over the last six days.
One such is the appointment of Rishi Sunak as the new UK prime minister. The former MP is a well-known crypto proponent and his new role raised the excitement level across the market.
Another crypto proponent, Elon Musk, completed the full purchase of the social media platform, Twitter. The question on everyone’s mind at this time is will fundamentals play another huge role next week?
The question is one that time will answer as there are no foreseeable events. Let’s see how some assets will perform over the next seven days.
Top Five Cryptocurrencies to Watch
Bitcoin may end the current week with its largest performance in more than five weeks. However, a red candle on Monday had many worrying as it broke its previous trends. As the market picked up momentum, the market trajectory changed.
On Tuesday, it surged above the 50-day EMA. It also hit a high of $20,418 after opening at $19,332. Both prices signified an almost 4% positive change. The uptrend continued into the next day as we observed further increases.
On Wednesday, the bulls built on the previous increases. As a result, the asset saw a change of more than 3%. In the weekly chart, we observed that BTC had a more than 4% increase. A look at the indicators sheds more light on how bitcoin performed.
Since its bullish divergence last week, both EMAs have been on an uptrend. Both the 12-day EMA and the 26-day EMA are above 0 which is a good sign. The Relative Strength Index peaked at 65.
A focus price movement reveals a new support. Over the last six days, bitcoin held onto the $20k support. We expect more volatility next week. One of the key levels to watch in the next week is $20,000.
Price action over the last 48 hours is hinting at the asset returning to the sideways trend. If this happens, we may expect bitcoin to trade between $20k and $21k. There are also chances of a breakout.
A breakout above $21k would open the $22k resistance for a retest. The last time it retested the highlighted level was in September. However, the bears are lurking. The apex coin may break the $20,000 support and sink as low as $19k.
Ethereum had one of its best performances over the previous six days. Like most cryptocurrencies, it had low trading volume on Monday. However, it recovered and started an uptrend Tuesday was the first green of the week.
On Tuesday, it tested $1,500 resistance for the first time in more than thirty days. It peaked at $1,525 but faced strict rejection and retraced. However, it closed with notable gains and registered gains of more than 8%.
The price rally continued on Wednesday as we observed further increases. It also attempted to reclaim another key level during that session; the $1,600 resistance. It failed to surge above it but ended the period with losses exceeding 7%.
Nonetheless, the largest flipped this key mark on Saturday and peaked at $1,662. On the weekly chart, we observe that it gained more than 16%, making it one of the top gainers this week. After heralding the current uptrend, most indicators are silent.
One such metric is the Moving Average Convergence Divergence. Since its bullish divergence on the last day of the previous month, it has been on an uptrend. Nonetheless, a look at the Relative Strength Index raises concerns.
ETH was briefly overbought last week. As a result, the asset had several corrections. Although, it is currently below 70. However, it is close to the boundary any small increase could make it overbought.
Such action could start another bearish round. With the new week in view, we may expect ether to maintain its volatility. If that happens, it may retest some key levels like the $1,700 resistance. It may also retrace as low as $1,400 if the downtrend continues.
Dogecoin got special help from Elon Musk. The proponent’s interest in Twitter has had so much impact on the token. One such is the massive increase in price. It is the top gainer over the last seven days.
Following a red Monday, DOGE went on an uptrend. Tuesday was the start of the uptrend. It surged by more than 6% after it broke the 50-day Moving Average. After the surge, it had its biggest increase in 24 hours over the last sixty days.
It gained more than 15%. It attained another milestone on Wednesday. For the first time since August, the altcoin tested the $0.88 resistance but retraced afterward. Nonetheless, it closed with gains exceeding 5%.
It ended Friday above its 200-day MA and with gains of more than 9%. It had another massive surge on Saturday (the largest over the last year). It broke and flipped the $0.10 resistance.
It peaked at $0.15 and ended the session at $0.12, with positive price changes worth more than 45%. In the weekly chart, it recorded gains of 95%. Several indicators blaring warnings following the massive gains the asset had.
Focusing on the new week, we may expect massive retracement as the asset cross several boundaries. One such is the Relative Strength Index. We observed that it is overbought which means there is an impending downtrend.
Based on price movements, one of the key levels to watch is the $0.10 support. Before losing the mark, it withstood several attempts. In the event of a massive retracement, it may retest this barrier. Nonetheless, a continuation of the uptrend may guarantee a retest of the $0.15 resistance.
Shiba Inu was also a great beneficiary of the most recent improvements across the market. It was mostly bullish over the last six days. For example, it reclaimed key levels during the period under consideration.
One such is $0.000011. it surged above the vital mark on Wednesday with a more than 7% increase. It continued its uptrend on Thursday as it flipped the 50-day MA for the first time in more than thirty days.
However, it lost momentum as it retraced and closed a little lower than it opened the intraday session. It climbed above the highlighted metrics the next day and closed above it. It had a more than 10% positive change.
It had its biggest increase on Saturday as it peaked at $0.000015. Nonetheless, it dipped and closed 10% higher than it opened. On the weekly chart, it gained more than 17%. Indicators are passing on further information.
SHIB had a bullish divergence on Monday. The Exponential Moving Average continued its uptrend throughout the period under consideration. The Relative Strength Index showed that the altcoin was overbought on Saturday.
Currently on a downtrend, RSI is h back below 70. Looking forward to the new week, we may expect further price action. It is hard to tell if it is downward or further price increases. Either way, one of the key levels to watch is the $0.000011 support.
Like most cryptocurrencies to watch, we may expect further price surges. One of the toughest resistances it may retest is the $0.000013. A flip of this key level may guarantee an attempt at last week’s high.
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