Cryptocurrencies like HNT and APE are some of the top gainers over the last seven days. They both surged by more than 8% and are showing signs of more uptrends. Nonetheless, the global cryptocurrency market cap is down by a few percent.
Yesterday, the industry opened with valuations at $935 billion. Trading action during the previous intraday session resulted in the worth dipping to a low of $880B. It recovered above $900 billion but it is trending below its opening price.
Most cryptocurrencies seem to be improving with regards to price. A comparison between the previous week’s chart and one that highlights price actions over the last 24 hours hints at better performances with the next two days.
The image above sheds more light on the previous statement as we observe more coins in green. It remains to be seen if the numbers will greatly increase or decrease. However, the sector is getting more active as we start the countdown to the weekend.
Microstrategy went shopping again. This time, they made a purchase of Bitcoin worth $6 million. Although most cryptocurrencies, especially the apex coin, are yet to respond favorably to this fundamental, it may be one of the catalysts for a little uptrend. Let’s take a look at the prospects of these cryptocurrencies.
Top Five Cryptocurrencies to Watch
The weekly charts show the apex coin had a very bad week. As per the chart, we observed that BTC lost more than 11%. Such a massive decrease will lead many to expect one of the two, more price increases, or more price decreases.
Either way, one of these two scenarios is currently playing out. A closer look at the intraweek chart, we note that bitcoin is down by almost 3% since the present seven-day session started.
A delightful way to start for the bears. We observed that the asset dipped to a low of $18,271. This drop may mean several things in the next few days. One such is that the $19k support is one of the weakest and we may expect more price ranging close to $18k.
This could lead to massive retracement that may ensure the flip of the $18,000 support. Nonetheless, we’ve seen several downtrends come to a halt at $18,800. It remains to be seen if this will also play out this week.
Nonetheless, indicators are passing a very bearish vibe. For example, the Relative Strength Index is currently at 40 in response to the latest downtrend. The Moving Average Convergence Divergence is another such metric.
Since the negative divergence last week, both the 12-day and 26-day EMA are spreading apart with no signs of it ending soon. Adding to the worries, BTC is edging towards a retest of its first pivot support.
If the bulls fail to defend the $18k support, there are strong indications that we may the $17,900 support. Nonetheless, a change in market sentiment may result in the coin picking up momentum. We may see it attempt testing $20k.
Similar to the apex coin, Ethereum lost a massive chunk of its value during the previous intraweek session. The coin dipped by more than 24% as it met several corrections and rejections.
It is important to take into cognizance how volatile the asset under consideration is. Since the start of the current week, it has broken the $1,300 support but recovered and is currently exchanging above it.
A Doji represents the current intraweek session which indicates that there was no massive move over the last 48 hours. Nonetheless, traders may gear up for an upcoming big move.
One reason for this conclusion is that the coin is at a critical level. It is currently trading a little bit far from the $1,300 support. Based on previous movements, once it flips, there are no notable supports until $1,000.
A closer look at indicators shed more light on how critical ETH needs to hold the highlighted level. The Relative Strength Index is below 40 and may soon dip as low as 30. With regards to MACD, we observed that the 12-day EMA is still on a downtrend.
Additionally, the coin is retesting its first pivot support. A flip may mean a retest of the second pivot support. We may conclude that the situation is looking grime for the largest altcoin. Nonetheless, it may pick up momentum and try to reclaim the $1,500 resistance
Ripple showed a lot of resistance to the previous week’s sentiment. Nonetheless, it wasn’t exempted from the dips as it saw a low of $0.32 but recovered to close the session its opening price of $0.35.
The coin made an attempt at the $0.40 resistance but fell short as it peaked at $0.39. It also closed on a bullish note as several indicators indicated more price increases. The current week seems to be offering more in terms of uptrends.
XRP repeaked yesterday from an opening price of $0.35. This signifies a more than 7% positive price change. The altcoin also saw a spillover of that sentiment in the current intraday session.
This time, the coin flipped the $0.40 resistance and gained notable stability above it. It is currently up by more than 8% and may close at this price mark, marking the second day of consecutive gains.
Adding the gains accumulated during the last 48 hours, we note a more than 15% increase. Based on previous price movements, it is very rare for an asset to record such massive increases three days in a row.
This means that the coin may experience retracements within the next 24 hours. How low this will take XRP is still uncertain as there is no solid support to hold on to the positive changes.
One of the closest barriers is the $0.36 support. A flip may send the altcoin as low as $0.32 or lower, depending on the strength of the pressure. RSI is edging closer to 70 and may flip it, making the asset overbought. A correction this week will stop the impending massive downtrend.
Nonetheless, several other indicators are bullish. Going by this sentiment, we may see ripple bounce back and such to retest $0.45.
Algorand ended the previous week with losses exceeding 10%. A closer look at trading action during that seven-day period showed that the asset under consideration saw more bearish pressure, with the bulls struggling to rally the market.
A clear indication of this is the wick sticking out of the daily candles. Nonetheless, the token is seeing more buying pressure as buyers rallied it to a new high yesterday. It peaked at $0.32 but closed a little lower.
This happened after an open at $0.29, which indicates a more than 8% increase. The uptrend extended into the current intraday session as the asset hit a new peak. It surged as high as $0.34. What followed after could be the main cause for concern.
Price movement since the start of the current week closely mimics that of XRP. It recorded its second consecutive day of uptrends. A third day is not certain, which means the asset may see corrections within 24 hours.
Nonetheless, we observed that ALGO faced strong resistance and was sent as low as $0.32. This may mean the end of the uptrend. If such changes to market sentiments happen, we may see the token struggle to hold on to its pivot point.
Once that level fails, the next price mark to watch out for is the $0.29 support. Nonetheless, it may see buyback as the week progresses. It may surge to retest the $0.36.
Stellar’s performance during the previous intraweek session was bad like the other assets. Nonetheless, the coin saw a little recovery from its low of $0.10 to end the week with losses of more than 6%.
The current week presented a change to the previous sentiment. It recorded notable price increases during the previous intraday session. The asset surged from a low of $0.10 to a close at $0.111.
This move signified a more than 4% increase. The current intraday session is also looking like a replica of the bullish sentiment. A closer look at the chart reveals that the token is up by more than 5%.
It recorded its second consecutive day of uptrends. Such gains are rare to take place three times in a row, meaning the asset may see corrections within 24 hours.
Nonetheless, we observed that XLM faced strong resistance at $0.119 and was sent to a close at $0.117. This may mean the end of the uptrend. If such changes to market sentiment happen, we may see the token struggle to hold on to its pivot point.
Once that level fails, the next price mark to watch out for is the $0.102 support. Nonetheless, it may see buyback as the week progresses. It may surge to retest the $0.100. We may see it flip $0.12 and gain stability above it.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!