The crypto market is currently worth $1.96 trillion after it opened the past week at $2.2 trillion. The crypto space came alive once more as we observed the impact of the internet blackout in Kazakhstan on the various projects.
The depreciation of most cryptocurrencies has sparked a lot of reaction. One of these is the realization that we are in a bearish market. Twitter is also buzzing over the massive correction that has rocked the market.
The crypto market situation is no different from the previous week. From the image below, we observe that most projects are still down. Additionally, we note that these coins are down by barely 1% – not significant.
Source: Coin360
One of the many comments is from Mike Alfred, who said that various comments about BTC hitting a deeper low only make it more certain that the cryptocurrency will breakout.
My feed is full of people calling for #Bitcoin
at $30,000, $20,000, $11,000 etc. I’ve seen this before and it usually means only one thing: we’re going higher.
– Mike Alfred (@mikealfred) January 9 2022
The crypto market experienced a short squeeze during the past intraday session. Some of the many cryptos that benefited from the little hike include Terra, LINK, FTT and other projects.
Seeing the new week start with traders in high spirits, will the next seven days offer something better than the previous? Here are the top five cryptocurrencies to watch
BTC/USD
Last week, Bitcoin opened at $47,290 and surged to an intraweek high of $47580. The digital asset closed the seven-day period at $40,517 which suggests that the top coin lost 12% at the end of the timeframe under consideration.
BTC lost the 200-days MA ($47,969) as selling pressure intensified. The King coin hit $40,700 in fresh attempt by the bears to push prices below $40k. BTC is testing this critical level for the second time this month.
Now, traders have their eyes fixated at $43,000 as the next critical resistance to break. To attain this mark, the most valuable cryptocurrency must gain stability above $42k. Recent market rallies are also pointing to the possibility of this happening soon.
The Relative Strength Index (RSI) is on the rise, displaying a gradual increase in buying pressure. If buying continues to increase, we may see this indicator in the overbought region. Bitcoin price will react prompting it to rise higher than $43k.
In addition to the pattern RSI is printing, the Moving Average Convergence Divergence (MACD) is also hinting at more bullish actions. The histogram associated with the metric suggests a gradual decrease in selling pressure. Nonetheless, we bear in mind the impending death cross.
LINK/USD
While many projects suffered several corrections, Chainlink enjoyed a series of hikes that resulted in the cryptocurrency gaining more than 25%. The coin faced its biggest test at the 200-day MA proved to be a big obstacle in the coin bid to $24 but flipped the resistance on the second attempt. LINK closed the past seven days at $27 – an indication that the digital asset continued to see more bullish actions after surging past the mark.
The sixteenth largest crypto is currently trading at $26.7 per unit. Having crossed the the 200-day roadblock, LINK will look to test $30. The LINK/USD pair will have to break the $28 resistance to hit this level. The pivot point standard suggests that the asset under consideration bullish as it is trading above its first pivot resistance.
The last three days have seen chainlink stay above $24 – making the mark a critical support. However, the coin is not experiencing the same sentiment as the past week as we noticed that the cryptocurrency is down by almost 4%.
Additionally, MACD histogram is displaying a gradual decrease in the buying volume which translates to the retracement the cryptocurrency is experiencing. Nonetheless, we’ve seen weeks that started slow but got heated up as the week progressed.
ICP/USD
Data from Cryptocurrencies to Watch shows that Internet Computer enjoyed a 25% increase last week. Having enjoyed an uptrend for the past two days, the cryptocurrency seems to be going through a cooldown as it is down by more than 9%.
ICP managed to close the past seven days above the Pivot point after more than three close calls during the past intraweek session. The digital asset saw a low $25.4 and surged to a high of $37.9. The coin also ended the period under consideration trading above the 50-day MA.
As with LINK, internet computer MACD histogram is displaying a gradual decrease in the buying volume which translates to the retracement the cryptocurrency is experiencing. Nonetheless, we’ve seen weeks that started slow but got heated up as the week progressed.
ONE/USD
Harmony no doubt has seen a lot of volatility over the past week. Unfortunately, the cryptocurrency did not record any significant gains at the end of the seven-day period. It hit a high of $0.33 and low $0.25.
The ONE/USD pair is trading without a hint of a massive price hike any time soon. Staying clear of both the 50-day and 200-days MA, tezos is also trading above its pivot point – indicating that overall, the coin is enjoying more buyer-friendly conditions.
RSI at this time is dipping and will go below 50 if the current correction continues. Currently down by more than 7%, Harmony seems to be on a bearish start. However, ONE is on the list of cryptocurrencies to watch over the next seven days as the weekly chart suggests that the coin may surge.
DASH/USD
Following the bad outcome of the past seven days, DASH is one of the few coins in the top 100 that ended the past week in profits. The coin opened at $142 and closed at $153 – a more than 7% increase.
The cryptocurrency has not seen a spillover of the past week as it is experiencing retracement. The price drop started as soon as the intraday session began and has resulted in Dash losing more than 5%.
Having seen a bullish divergence barely 48 hours ago, the asset is looking more promising and a bad start to the the seven-day period will not have prolonged effect it. We may conclude that the DASH/USD pair will experience surges as the week progresses.
As the crypto market continues to experience bullish conditions, the above prediction will come true. Let’s see what this week holds
