The market went through a recovery phase over the last seven days as there was a slight improvement. With many cryptocurrencies seeing little more hikes and minimal retracements, the crypto market no doubt saw a lot of improvements from the last two week’s performance. The market closed the period at $2.08 trillion.
Most cryptocurrencies have surged by more than 5% over the last seven days with Near Protocol enjoying a more than 45% increase. Nonetheless, many the will argue that the slight increase was not enough and that may be true as many projects still remain under bearish dominance.
Unfortunately, the bullish sentiment could not be sustained into the new week as we observe that the market is getting hit by continuous corrections that have left most cryptocurrencies testing critical supports. The image below further illustrates the extent to which these projects are dip into bearish dominance.
Market fundamentals are fairly flat, with news of more criminal activities earning more attention. Crypto Fear and Greed Index throughout the past week was fairly stable as the readings surfed between 21 and 23. The industry is currently worth $1.98 trillion as of the time of writing- an indication of the most recent retracement. Here are the top five cryptocurrencies to watch this week.
The most valued crypto asset is currently trading at $41,653 as of this time. Although there has been no significant increase in the price of the apex coin over the last 24 hours, nonetheless, the coin hit reverse as it was retracing a few minutes to the time of writing.
Last week, BTC dipped below $40,000 but recovered. We note how the cryptocurrency remained above $41,000 after ascension to the time of writing. The $41k support is one critical level to look out for as the bulls may continue defending the mark.
Currently trading at $41,700, bitcoin seems to have hit support it rebounded at $41,600. The most recent test makes it the second time the digital asset is testing the mark. With increased selling pressure the support may give way and the largest cryptocurrency may dip as low as $39k before the end of the week.
Fears of more bearish action is felt across the market as the apex coin experienced a death cross four days ago. This is also reflected in the Relative Strength Index (RSI) as observed in the decrease in the indicator and bitcoin may become oversold if current conditions do not improve.
Amidst the strong retracement the asset is seeing, BTC is still holding on to the $41,600 support. A crack in the defenses of this vital level may result in the apex coin dipping as low as $39,000. However, a change in market trajectory may see crypto’s largest token retest $44k but no guarantees of stability above the mark.
Fantom gained 38.5% last week as it saw a low of $2.1 and a high of $3.3. Following a more than 70% increase during the last fourteen days of December, the 27th token by market cap took a short break and returned to bullishness.
The coin seems to be taking another break as it is not experiencing the same sentiment as it did last week. We noticed that it is down by almost 15%. Additionally, MACD histogram is displaying a gradual decrease in the buying volume which translates to the retracement the cryptocurrency is experiencing. Why is it on the list of cryptocurrencies to watch?
During the last seven days, the digital asset flipped the $2.6 resistance as well as the $2.8 to close above $3. More worries about the token as bearish divergence is seen is seen on the daily chart – hinting at a further downtrend.
The FTM/USD pair is on the second day of price drops and may close the day with its candle painted red. The $26 support flipped once and was regained. We may expect a tough struggle at $2.7 as the recent record suggests it is a level to bank on. Nonetheless, the candlestick pattern on the weekly chart suggests that the asset may recover as we observe a bullish engulfing.
As with most of the cryptocurrencies to watch this week, Oasis Network no doubt has seen a lot of volatility over the past week. The cryptocurrency saw gains of more than 54% at the end of the seven-day period. It hit a high of $0.60 and low $0.30.
As with the preceding cryptocurrency, ONE is not experiencing the same sentiment as the past week as we noticed that it is down by almost 11%. Additionally, MACD histogram is displaying a gradual decrease in the buying volume which translates to the retracement the cryptocurrency is experiencing. Why is it on the list of cryptocurrencies to watch?
The Moving Average Convergence Divergence (MACD) suggests an impending price dip as fast and slow lines may intercept in the next 24 hours. A massive dip may leave ONE looking to rebound at $0.29 as the coin remains in accumulation phase.
Nonetheless, the cryptocurrency is seeing a lot of corrections as it goes on its second consecutive day of losses. Will it continue? The weekly chart suggests that the coin may see further improvements in price in the coming days as the cryptocurrency experiences a bullish last two weeks and is showing no signs of a downtrend. Chart patterns also suggest recent retracements happen only after consecutive weeks of gains.
Secret gained 49% last week as it saw a low of $5.2 and a high of $9.2. Following the below per performance last two weeks, Secret is one of the many coins in the top 100 that ended the past week in profits. The coin opened at $5.8 and closed at $8.8– a more than 49% increase.
The cryptocurrency is seeing a spillover of the past week’s sentiment as it is one of the few tokens experiencing an uptrend. The price hike started as soon as the intraday session began and has resulted in SCRT gaining more than 5%.
Having seen a bullish divergence barely during the previous intraweek session, the asset is looking more promising and a good start to the the seven-day period will have prolonged effect on it. We may conclude that the SCRT/USD pair will experience surges as the week progresses. If the surge continues, Secret may retest $10/
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