Most cryptocurrencies saw notable price increases during the previous week. One piece of evidence of this is the peak global cryptocurrency market cap. It saw a high of $1.04 Trillion after an opening at $1T.
Although the positive change did not spread evenly among these crypto assets, tokens like RVN and FLUX gained more than 30% and 20% respectively. At the end of the intraweek session, the market closed at $980 billion.
In conclusion, there was no significant change in the global cryptocurrency market cap. On the part of fundamentals, there were no big stories that could positively impact the industry as some of the significant roundups were about criminals whose spree came to an end.
The sector under consideration is looking better than the previous week’s performance as the final update before the Ethereum merger took place. In reaction to the news, we observed that there were slight changes in price.
Top Five Cryptocurrencies to Watch
BTC/USD
Bitcoin had its first green candle for the first time in more than two weeks. The coin experienced consistent decreases that ensured it lost a significant fraction of its value during the last 14 days of the previous month.
It peaked at $20,500 as the prospect of more price increases became real. Unfortunately, it could not hold on to the said mark and the largest cryptocurrency was hit by a series of corrections.
As a result, it closed at $20,000. The opening price suggests that BTC gained almost 3% during the previous intraweek session. Several indicators herald an impending uptrend. One such is the Moving Average Convergence Divergence.
We observed that the two EMAs that make up this indicator are both close to an interception. A divergence will be a clear signal that the apex coin may enjoy notable price increases for the largest part of the current week.
Unfortunately, price actions are not performing according to the predictions of this metric. The current intraday session marks the second day of consistent price decreases. The Relative Strength Index is also on a downtrend.
The indicator is hinting that the apex coin may soon be oversold if the selling continues to mount. We observed that throughout the past week, BTC did not dip below $19k. This may change soon as there was consistent selling congestion at the mark, which seems to be dwindling as at the time of writing.
However, we may see more push to the top as market conditions improve during the merge. This may send bitcoin to retest the $20,000 resistance and possible flip.
ETH/USD
Ethereum saw better movement than the previously highlighted coin. However, it also saw its first bullish candle after two weeks of consistent price decreases. The downtrend saw it dip as low as $1,400.
Trading actions during the previous intraweek session reignited sparks of hope in the hearts of some traders. The asset surged to a high of $1,649. A series of corrections hit the largest altcoin as soon as it peaked.
As a result, it closed the previous seven-day period at $1,580. Nonetheless, it gained more than 10% at the end. A bullish close could mean a spillover into the current week. This may be the case as we observed that the previous intraday session was marked with notable price increases.
Ether is currently trading at a deficit at the time of writing. Additionally, it has erased the accumulated gains and the largest altcoin is back to its opening price. The indicators are still positive despite this change in sentiment.
For example, a closer look at MACD reveals that the asset is going through a bullish convergence. If the selling pressure continues to increase, we may see it revert to a bearish divergence.
RSI, on the other hand, has taken a bad turn. The metric peaked for the first time in more than ten days at 49 but is experiencing the telling effects of the bear. One indication of this is that the most recent reading places it at 47.
As the merge draws near, ETH is sure to see more price improvements. One key level to keep an eye on during this period is the $1,700. However, the coin has to flip $1,600 before we see an attempt at the said mark. Nonetheless, there are also several ploys to retest the $1,500 support.
MATIC/USD
Polygon had tremendous volatility during the previous seven-day period. It retraced to a low of $0.76 but found support and surged to a peak at $0.91. The asset closed the previous week with gains exceeding 14%.
However, it is seeing the opposite of the previous week’s performance. A clear indication of this are the red candles representing the last 48 hours of the current week. As at the time of writing, the coin already lost half of the accumulated gains.
If the downtrend continues, MATIC may dip as low as $0.80 with eyes set on a possible retest of the $0.70 support. A change in market sentiment may result in the continuation of the previous uptrend.
ETC/USD
Ethereum classic performance during the previous intraweek session was nothing short of volatility as it peaked at $34 after a dip to a low of $30. The token closed the period under consideration with a gain of almost 5%.
It also had a good start to the current intraweek session as it saw a 22% price increase on Monday. This may be one of the biggest pointers to how the week will run. However, the token is currently going through a downtrend.
As a result, it lost almost half the accumulated gains. If the downtrend continues, we may expect a retest of the $30 support.
