Most cryptocurrencies had a decent run during the previous intraweek session. The crypto market registered significant volatility which many perceive as the end of the less-trading volume period.
A quick look at the global cryptocurrency market cap showed that the sector ended the previous week with little losses. It opened the session at $850 billion and surged to a high of $885 billion as the crypto market experienced notable increases.
Unfortunately, this price improvement ended as the market took a turn for the worse. In response, it dipped to a low of $796 billion. It saw a slight recovery and closed at $809 billion. This signifies a more than 5% drop from its open.
It is also hard to deny the role of negative fundamentals during the previous intraweek session. One such was the hike in interest rates. The federal reserve announced on Thursday the increase.
This added pressure on most crypto assets grappling with the effects of a negative CPI. A quick at the top 100 showed that some cryptocurrencies defied the prevalent sentiment to register notable increases in the end.
One such is Toncoin, which ended the previous intraweek session with gains of more than 28%. XDC follows with an increase of more than 15%.
This week, there is no anticipation of any big fundamentals. Nonetheless, many traders are looking forward to better price performance. Let’s go over some of the most promising cryptocurrencies this week.
Top Five Cryptocurrencies to Watch This Week
BTC/USD
Bitcoin had its worst run since December started. It closed the previous week with losses of more than 4%. A look at the weekly chart also showed that the previous intraweek session was the most volatile over the last five weeks.
It broke the previous trend of a bearish start during the period under consideration. As a result, it had its first green on Monday but failed to record any significant increase in value. The bulls built on the lead the next day.
We noticed a retest of the $18k resistance for the first time in more than fourteen days. It flipped the mark and surged to a high of $18,100 but lost momentum above the mark and retraced to a close at $17,772.
Nonetheless, it closed with gains of more than 3%. It made further advancement at the level on Wednesday with success as BTC peaked at $18,200 but met strong rejection at the high. As a result, it dipped to its opening price.
That also marked the end of any bullish attempt at $18k for the week as the next two days were bearish. Bitcoin lost more than 5% during the period and failed. Additionally, on Friday, the coin dipped below $17k, Losing more than 4%.
Several indicators blared warning in response to this. One such is the Moving Average Convergence Divergence. The metric showed that BTC had a bearish divergence before the end of the week.
The Relative Strength Index also dipped to 40. These factors may play out against the asset this week. We may expect further price decreases as there are no signs of recovery from MACD. Nonetheless, price action is picking pace.
Following a bearish start, we are seeing an attempt at erasing the losses during the current intraday session. One key to watch is $17k as BTC may reclaim it.
ETH/USD
The largest altcoin by market cap had another volatile but bearish week. The previous intraweek session was one that many anticipated as they expected massive increases. Unfortunately, this failed as it took a turn for the worse.
Nonetheless, the first two days of the week were marked with significant increases. Tuesday was the most bullish for Ethereum. Like most cryptocurrencies, it had a good start that led to another good performance during the next intraday session.
It opened at $1,276 and dipped a little before finding support and surging to a high of $1,350. Nonetheless, it faced massive rejection and retraced a little lower. It closed with gains of more than 3%. We noticed further attempts at gaining stability above the peak on Wednesday.
It attained the level but failed to hold it as it faced massive correction. As a result, it closed at its opening price which signifies no notable changes to prices. The next two days were marked with massive downtrends.
On Thursday, it dipped below $1,300 and closed with losses of more than 3%. The biggest loss came on Friday as the cryptocurrency lost another key level. It dipped below $1,200 for the first time in almost thirty days.
The decrease ended after the coin saw a low of $1,156. However, it registered losses of more than 10%. ETH had a bearish divergence on MACD as due to this drop. RSI also dipped below 40.
There were no significant changes to this metric and the intraweek session with them still maintaining their bearish stance. With a focus on the new week, we may expect further retracements. The previous day’s price action proved this true.
However, we are seeing an attempt at recovery. It’s hard to conclude how prices will perform. Nonetheless, if the current bullish momentum continues, we may expect a retest of the $1,300 resistance.
BNB/USD
Binance coin lost more than 10% of its value during the last intraweek. Let’s review what happened. It lost almost 3% as the week started. It lost the $280 support in that intraday session.
The following day got off to a strong start because the coin was about regaining lost levels. But the bears caused a downtrend and drove it to a lower low. For the first time in nearly a month. BNB made an effort to retest the $250 support.
The growth came to an end when it recovered to $253. It came close to the buyback and approached the opening price. Unfortunately, it was unable to fully recover its losses because it closed with just minor losses. On Wednesday, the bullish close from the day before persisted.
It attempted to overcome the $280 resistance but was unsuccessful because it peaked at $278. Like BTC and the majority of crypto assets, it soon reversed course. It dropped to a low of $265 and ended the day with hardly any losses. Another down day for the asset occurred on Thursday.
BNB dropped to a session low of $265 and finished down more than 3%. Its worst decline occurred on Friday when it reversed from a high to a low $225. The coin is now declining for the first time since August.
It lost more than 10% after it was over. The final two days of the week saw a number of successful attempts at recuperation. During the weekend, the altcoin increased by more than 6%.
With a focus on the week, we may expect either of these scenarios to play out. Following the massive losses last week, we may expect recovery. A previous outlook pointed to more downtrend.
