DOGE saw a steady climb in price during the previous week. As a result, it valuation rose above one cent. Its market cap also increased by more than 5% over the last seven days.
However, the single coin increase failed to have any impact on the value of the global cryptocurrency market cap. It opened the previous seven-day session at $1.54 trillion. As the trading progressed, the industry peaked at $1.64 trillion. It maintained this valuation until the period ran out. This means the sector under consideration gained more than 7%.
One of the biggest losers during the previous week was IOTA. The coin had a very good start to the period under consideration. As a result, it surged and was heading to retest of the $0.40 resistance. it failed in this bid as it peaked at $0.37. Following the good start, it started retracing. In the end, it closed with losses of more than 11%.
With a focus on the new week, the crypto market is not off to a good start. As of the time of writing, the sector is down by more than 6%. This is an indication that most major assets are down by a few percent. Let’s see how they will perform over the next six days.
Top Three Cryptocurrencies
BTC/USD
Bitcoin had one of its best performances during the previous week. It flipped several key resistances to attain a new milestone. During this period, it registered a new high for 2023. A look at the weekly candle reveals it closed with gains exceeding 7%.
In a buildup to the new high, it is worth noting that the apex coin had a good start to the period under consideration. It opened trading at $39,988 but experienced a significant increase in buying volume that shot prices to test $42k. The trial was successful as it peaked at $42,404. In the end, the asset closed Monday with gains of almost 5%.
It climbed to its highest of the year on Tuesday. It attempted the $44k resistance and broke it. It was heading for $45k but faced strong rejections at $44,490. It retraced but closed with gains of almost 5%. Following these major attempts at resistance, the apex coin struggled throughout the rest if the week.
With a focus of the new week, BTC is not off to a good start. It kicked off the current intraday session at $43,786. A look at the candle representing the current intraday session suggests that the asset saw a massive increase in buying volume. As a result, it is seeing a notable decrease in price.
Currently trading at $41,086, many indicators are bearish at this time. One such is the Moving Average Convergence Divergence. A closer look at the metric shows that the asset under consideration is having a bearish convergence. Such a phenomenon bears a signal of further price decreases. This may mean that the largest cryptocurrency may retest $39k.
On the other hand, the apex coin may struggle within a channel before a breakout. It may likely try to reclaim the lost levels.
AVAX/USD
AVAX was one of the top gainers during the previous week. A look at the daily chart reveals how fast the coin went. It also shows the massive volatility it had during this period. As a result, it closed the seven-day period with gains of almost 70%.
It is also worth noting the Avalanche had no bearish day during the period under consideration. One of the highlights of the week took place on Friday. It opened trading at $26 and attempted a key critical resistance. It tested and broke $30 for the first time since August 2022. Although it saw small decreases, it ended the day with gains of more than 15%.
Another massive surge happened on Sunday. This time, the coin was heading for $40 but met strong rejections at $37. Nonetheless, it opened the day at $31 which means that the asset gained more than 16%.
With a focus on the new week, AVAX started off bearish as it dipped from $37 to a low of $32. However, it’s recovering and may close with significant gains as it gradually edging toward $40. With its current momentum in view, the altcoin may flip it soon.
After breaking the said barrier, the cryptocurrency may aim for $45. It is important to bear in mind that the Relative Strength Index ic warning of an impending downtrend as it is above 90. This may send the coin as low as $30
