The week is gradually coming to an end with no notable change in value. However, we are seeing late drama as the week is coming to an end. For the most part of the week, we noticed that the value of the crypto market trended around $810 billion.
However, this seems to change as the sector is gradually dipping due to small decreases in the value of most cryptocurrencies. A look at the top 100s, we noticed it’s painted with several reds. A drop to $800 billion will have no significant impact on prices.
Nonetheless, let’s see how the industry performed over the last seven days. It opened the week at $812 billion but dipped to a low of $790B on Tuesday. The sector under consideration recovered before the day came to an end.
It also peaked at $818 billion. Aside from these moves, the crypto market was relatively calm. A look at the chart below further explains the stability in the value of most crypto assets.
We noticed a close semblance between the volatility of a stablecoin and that of major cryptocurrencies. The reason for such performance is the drop in trading volume during the period under consideration.
A previous analysis pointed to several bullish fundamentals. There are no big events to anticipate in the new week. Nonetheless, some assets are gearing up for an uptrend. Let’s see them.
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The last seven days were some of that many felt like the crypto market was on vacation. This was because of the lack of volatility. However, the first two days of the week were marked with notable price movements.
For example, it opened the first intraday session at $16,744 and experienced strong selling pressure that saw it dip to a low of $16,293. It saw a small recovery but failed [to erase the losses and closed down by almost 2%.
The next day, Bitcoin had its biggest surge of the week. For the first in more than four days, the coin made an attempt at the $17k resistance. It recorded a short-lived success as it peaked at $17,034.
However, it lost the mark before the intraday session came to an end and closed at $16,900. Nonetheless, it closed with gains of almost 3%. After these key events, there were no significant moves.
Over the last four days, the coin has been somewhat “stagnant.” the current intraday session is making no changes to this conclusion as we see the same thing playing out. On the weekly, there’s no notable impact on prices.
A look at the indicator hints at what to expect during the next seven days. The Moving Average Convergence Divergence is the first on the list. The 12-day EMA continued its downtrend on Monday due to the price activity after a bearish divergence on Sunday.
The price increases caused a recovery to start on Tuesday. Both the 12-day and the 26-day EMAs are touching as of the time of writing, indicating that a bullish divergence is about to occur. Due to this reading, we may conclude that BTC may experience significant price increases.
It may maintain the $16k support and flip the $17k resistance. If the momentum continues it may gain stability above the barrier
Ethereum had a similar experience to most cryptocurrencies. However, it showed more volatility and may be one of the bullish assets on the weekly. Nonetheless, a bad start to the period under consideration left many in fear of more price decreases.
It started Monday at $1,183 and attempted the $1,200 resistance but failed dues to strong rejection at $1,194. It dipped to a low of $1,150 and closed a little above it. As a result, it failed to record any notable price change.
This changed the next day as we noticed the longest green candle of the week. It opened at $1,167 and tested $1.2k again. This time, it flipped and peaked at $1,230, it soon retraced but held on to the mark.
It closed with gains of more than 4%. Another day filled with noticeable volatility is Thursday as ETH dipped below the highlighted mark. However, the bulls responded with a push to $1,236, the high for the week.
The last few days of the session under consideration were marked with no significant change in value. The current intraday session is not better and we also noticed a small candle representing trading action.
On the weekly scale, ethereum may close with gains of more than 2%. There are indications of more. Following a bearish divergence last week. The 12-day EMA started showing signs of recovery on Tuesday as a result of the notable increase the coin had.
Currently touching the 26-day EMA, we conclude that a bullish divergence will take place tomorrow. This event normally happens before an uptrend. With this in mind, we may expect further price increases over the next seven days.
One of the key levels to watch during this period is the $1,200 support. Defending this mark may open the $1,300 resistance for a retest. We may see an attempt at $1,400.
Binance coin had a better price performance during the last seven days compared to the last three weeks. The massive downtrend seems to slow down the coin experienced little trading volume over the period under consideration.
Like most cryptocurrencies, it had a bad start to the week as it opened at $251. It dipped to a low of $237 but saw a small increase that saw it close with losses exceeding 4%. The downtrend stopped the next day.
The following day, when the coin rose from $239 to a high of $252, the bulls organized a significant rally. It reversed the prior losses and rose to the beginning price of the week. Sadly, the bears took control once more the following day as BNB retraced to a low of $245.
It lost 2.15% as of the close. Due to low trading volume, the past four days of the week saw no significant price changes, like the majority of cryptocurrencies. It maintained the $240 support throughout during this time. However, it attempted to retest the highlighted spot on Thursday.
We have reasons to believe that the new week will offer more in terms of price increases. One reason for this conclusion is the Moving Average Convergence Divergence. BNB recently had a bearish divergence. The 12-day EMA dropped even more as a result of Monday’s price movement after a sharp downturn the previous week.
The price rise led to a comeback that started on Tuesday. The 12-day EMA and the 26-day EMA are currently so close to one another, indicating an impending divergence. If this takes place, we may expect to see Binance coin attempt reclaiming key levels.
One such level is the $260 resistance which may guarantee a strong support when it flips.
Dogecoin shrugged off most of the prevailing sentiment over the last seven days. Starting the first day of the week, DOGE had its biggest drop of the period under consideration. It opened at $0.078.
It retested the $0.070 support but rebounded. After the rebound, there were no significant attempts at erasing the losses that day. As a result, the coin closed with losses of more than 8%. Like most cryptocurrencies, Tuesday offered comfort.
Dogecoin opened trading at $0.071 and peaked at $0.075 but closed a little lower. Nonetheless, it ended the day with gains of almost 5%. The bears made more attempts at seeing prices crush $0.070 but failed the next day.
As a result, we see a candle with longer wicks and a small body signifying no notable changes to prices. On Thursday, the coin made an attempt at returning to its opening price but failed as it experienced strong resistance at $0.077.
Nonetheless, this was another bullish session as DOGE closed with gains exceeding 4%. Smaller climbs over the next two days saw the altcoin reclaim all the lost levels for the week. However, it is experiencing notable price decreases at the time of writing.
As a result, it may close the current intraweek session with losses of more than 3%. There are promises of further price increases. As with most cryptocurrencies to watch, we will rely on the Moving Average Convergence Divergence as it is the only positive indicator.
Two weeks ago, the meme coin had a bearish divergence that worsened due to consistent price decreases. It showed signs of recovery on Tuesday and maintained the momentum throughout the end of the week.
Both the 12-day and 26-day EMA are also closing in on each other in what many describe as a bullish convergence. With an impending divergence, we expect prices to react positively. One key level to keep an eye on over the next seven days is the $0.080 resistance.
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