Most cryptocurrencies to watch this week are some of the top performing coins during the previous innytraweek session. Nonetheless, it is almost impossible to ignore the sudden turn in event after Tesla’s announcement.
The car manufacturer reported that it had sold 75% of its total Bitcoin holding. This caused panic among traders as some weak hands sold off their assets to escape the resulting action. The crypto market has not recovered from the dip.
Nonetheless, there are indications that we may see a change in market sentiment in the coming days. Here are some of the most promising top coins to watch this week.
Top Cryptocurrencies to Watch
BTC/USD
The top coin started a downtrend the previous week after the electric car manufacturer made the previously mentioned announcement. BTC has not recovered and is showing no signs.
However, the period under consideration started with the asset experiencing massive price increases. It opened the first day of the week at $20,786 and peaked at $22,760. The price increase was one that many appreciated.
We observed that the uptrend continued until the next day. The apex coin was about testing $24k but stopped in its tracks as it faced rejection at $23,800. Nonetheless, it closed with gains exceeding 4%.
The coin failed to impress on Wednesday after flipping $24,000. The next few days were marked with consistent downtrends. Interestingly, the losses were meager and did not have any adverse effect on the asset.
One reason for this conclusion is that indicators do not bear any bullish message. For example, the Moving Average Convergence Divergence will likely experience a bearish divergence. A closer look at the metric shows that the 12-day EMA is edging closer to the 26-day EMA.
This means that MACD is undergoing a bearish convergence and a divergence will follow. One of the key levels to watch is the $20k support. The current state of the market is hinting at a possible retest of the highlighted level.
Nonetheless, trading conditions may improve. If this happens, we may expect an uptrend and the cryptocurrency will reclaim $22k. There are indications that after gaining $22k, more uptrends will follow.
ETH/USD
Like most cryptocurrencies in the top 10, the largest altcoin saw a change in its price trajectory after the bearish fundamental. Similar to BTC is showing no signs of recovery. Nonetheless, it is exchanging above its pivot point.
The coin, exchanging above its pivot point, is not rocket science. It had a very good start to the past week. One indication of this is the massive increase the it enjoyed on the first day of the intraweek session.
It opened at $1,336 and surged as high as $1,597. This is no doubt one of the biggest surges the asset enjoyed during the period under consideration. It closed with gains of more than 18%.
The altcoin went on a cool down the next day as it dipped below $1,500. Although it failed to have any adverse effect on it, the downtrend lasted for the most part of the week. Nonetheless, it regained composure on Sunday and gained more than 3%.
Several indicators were blaring warnings, one such was the Moving Average Convergence Divergence. A closer look at the indicator reveals that the 12-day EMA was on a downtrend and inducing a bearish convergence.
Since the current week started, there has been no positive price change in view. For example, MACD is close to undergoing an interception. The 12-day EMA is edging closer to the 26-day EMA as a result of the consistent downtrend.
There is bound to be more downtrend once a divergence takes place. This means we may see more critical levels break due to lack of demand concentration. One of the key levels that may flip first is pivot point at $1,300.
SOL/USD
Solana is also experiencing the same sentiment most cryptocurrencies to watch this week. It is fair to say that the announcement shook the whole crypto market. A closer look at the indicators show Solana is no different from the previous coins.
SOL was also on an uptrend during the first two days of the week. On Monday, it surged from $33 to a high of $44. The coin saw minor corrections that saw it retrace below its peak. However, it closed with gains of m0re than 12%.
The second day of the intraweek session saw the asset peak at $47 but met rejection and failed to record any notable gains. It went on a cooldown on Wednesday as it failed to continue it uptrend.
It saw three days of consistent price decreases. However, the only effect of the downtrend was cumulative as we observed that the asset almost lost all of its accumulated gains. A green candle on Sunday cushioned the effect.
One of the toughest supports during the period under consideration is $40. Despite the consistent losses, SOL did not flip this level. We may see the alt regain its mark and continue its uptrend.
Nonetheless, the asset is ahead of the rest. For example, it already had its bearish convergence and divergence. It is currently in the divergence stage which is also telling on the price of the altcoin.
Additionally, SOL is also testing its pivot point as at the time of writing. A flip of this critical level will result in an increase in selling pressure. This open further supports for testing. One such is the $30.
TWT/USD
Trust wallet token is different from the previous crypto in terms of price movements. For example, Tesla’s news did have any adverse effect on it as it shook off the bearish sentiment the next day.
It is safe to conclude that the alt enjoyed massive price increases during the period under consideration. It kicked off the week at $0.80 and dipped to a low of $0.79. It picked up momentum and peaked at $0.83.
A little correction saw it dip but maintained above $0.80. It was mostly bullish during the week but on the daily chart, the green candles carried meager percent. It recorded its highest surge on Friday.
It peaked at $0.92 but met rejection at the level. As a result of the selling congestion, TWT closed at $0.87. The distance between both market prices suggests that the asset gained more than 4%.
The same phenomenon as Friday’s, unfolded during the previous intraweek session. Trust Wallet Token hit a high of $0.96 but retraced as low as $0.90. It recorded a price change of more than 3%.
The current intraday session is an assurance that TWT will continue to enjoy more price increases. The asset is gradually edging towards stability above $0.95. We may expect more attempts at $1.
While most asset suffered significant losses over the last two days, TWT is enjoying an uptrend. As a result, it is more than 6% higher than it closed the previous week. Additionally, the asset is exchanging above its pivot point.
QTUM/USD
QTUM enjoyed notable price increases during the previous intraweek session. An almost perfect start to the week hinted at more uptrends. It opened at $2.95 and surged to a high of $3.25 but closed at $3.19.
Both mark price indicates that the asset saw a price change of more than 8%. A green candle also represented the next day as it made further attempts above $3. However, it recorded it biggest drop on Wednesday.
Qtum retraced from $3.24 to as low as $3. At the end of the session, the altcoin came out with losses of more than 6%. Nonetheless, we may conclude that it was mostly bullish over the past week.
It only saw two days of losses, which amounted to a little above 7%. The token also attempted flipping the $3.5 resistance on Saturday but failed. It gained more stability above $3.4 during that intraday session.
Indicators were also positive at the end of the week. One such is the Relative Strength Index. The metric ended the period under consideration at 62. We also noticed a consistent increase in the histogram associated with MACD.
A bad start to te current week may be a red flag for many. Nonetheless, a closer look at the Moving Average Convergence reveals that the 12-day EMA is still on an uptrend. We also observe the same phenomenon on its histogram.
The asset is also trading above its pivot point which places it on the list of top bullish cryptocurrencies. One of the key support to watchout for is the $2.9. In the event of a massive downtrend, the highlighted level may be one to bank on.
With regards to resistance, we may see QTUM attempt $4. Depending on the demand concentration, the token may surge above $4 and edge towards $5.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!
