The top four cryptocurrencies to watch this week make up the bulk of the top 20 and top gainers. It is worth noting that the previous week ended with no notable change in value. It opened the seven-day session at $1.05 trillion and registered small increases.
These positive moves only saw the worth hit a high of $1.08 trillion. It closed at this valuation which shows that there are no notable changes. Nonetheless, during the previous week, we noticed several assets made a return to levels they hadn’t in three months.
One such was APE. It peaked at $6.41 but failed to hold on to this level as it lost momentum. There were other cryptocurrencies with splendid performances.
With the new week in progress, it is hard to predict how these coins will perform. With regards to fundamentals, there are none that could affect prices now or later. Nonetheless, we turn to the charts for answers.
Top Four Cryptocurrencies to Watch
BTC/USD
One outlook from the previous week stated that the apex coin may retest $25k. The prediction failed as Bitcoin struggled below $24k. However, it peaked at $23,994 which is the highest it got in more than three months. The analysis also stated that we may see most of the price performance over the weekend. Sunday was when this feat took place.
Like the previous week, the top coin is not up to a good start. While many may expect an increase like the previous seven-day session, it is hard to conclude whether there may be any. Over the last three weeks, this is the largest red candle to appear on a Monday.
During the previous week, we noticed how BTC struggled to hold on to key support. Based on previous price movements we may expect worse. A look at the Relative Strength Index only points to a decline in buying volume. We are seeing RSI dip to its lowest in more than ten days.
The Moving Average Convergence Divergence is another indicator. With the 12-day EMA touching the 26-day EMA, a bearish divergence is almost inevitable. While all metrics are bearish, we may a final push before a bearish takeover.
ETH/USD
Ethereum was also off to a bad start during the previous week. It had many traders fearful of what lies ahead. However, the weekly chart showed that the largest altcoin closed the period under consideration with no notable change value.
This week is looking more gruesome than the previous as we observed a dip of more than 4%. As a result, there are worries of ETH losing the $1,500 support. Recall that a previous post stated that the asset had a bearish divergence a few days ago. It is still intact.
The Relative Strength Index is also at its lowest in more than fourteen days. If the downtrend continues, the bears may cause more downtrend below the highlighted mark. On the other hand, ETH may hold on to the $1.5k barrier until the week runs out.
MATIC/USD
Last week, Polygon had one of its longest candles on Thursday. It gained more than 13% at the time. Its RSI climbed above 70 in reaction to the massive buying it was seeing. MACD halted its divergence and went bullish.
The events were thrilling and traders would love them to continue. Unfortunately, like most cryptocurrencies, MATIC is not off to its strongest start. Currently down by more 8%, it is struggling to hold on to the $1 support. This is as a result of the bearish sentiment in the market.
We are also seeing several impacts on indicators that may affect its performance this week. A closer look at MACD points to more downtrend ahead. The 12-day EMA is arched downward and would intercept the 26-day EMA in the next 24 hour if market conditions remain the same.
With a bearish convergence underway, a divergence is imminent. Such an event may guarantee the flip of the $1 barrier.
AVAX/USD
17% last week Friday after small increases in other parts of the week. The Moving Average Convergence Divergence continued to soar above zero and a weekly close with gains of more than 20%. This were some of the highlights of the previous intraweek session.
Such a close was one traders look forward to as it marked it fourth consecutive green week. It is hard to say if the present week would be a green as Avalanche is down by more than 4% already. If the downtrend continues it may dip as low as $16 before the session comes to an end.
