YFI price action during the previous week was one that garnered a lot of attention. While many were thrilled at the prospect of the coin hitting new high, the bears took profit, causing tremendous losses in the price of the asset. Nonetheless, it reflected on the total value of the crypto market.
The global cryptocurrency market cap kicked off at $1.41 trillion but gradually dipped as trading progressed. It dropped to a low of $1.36 trillion but recovered. Following the rebound, it surged to a high of $1.43 trillion but ended the session at its opening price.
This means that most assets failed to register any significant change in value over the last seven days. For example, in cryptos top 10, most assets gained or lost less than 2%. Nonetheless, tokens like Kasper registered tremendous increases. It opened at $0.087 and went as high as 1 cent. KAS tried going for $0.2 but halted it advances at $0.15. It closed with gains of more than 60%.
On the other hand, XRP retested the $0.75 resistance as rumors of Blackrock an ETF for it. The firm soon quelled the spreading rumors, causing a significant downtrend. The coin soon dipped to a low of $0.58 before rebound. It ended the session at $0.62 with losses of more than 5%.
With the new week in view. There are expected huge fundamentals. With this in mind, we turn to the charts.
Top Three Cryptocurrencies to Watch
BTC/USD
Bitcoin prediction during the previous week was as predicted. It traded within a channel and failed to break the bounds. A look at the candle shows a considerable size. However, it has a longer wick depicting a significant downtrend.
A previous weekly outlook pointed to a possible drop below $36k. This happened on Tuesday when the top coin opened trading at $36,474. It retraced and tested the $35k support before rebounding as there is a huge demand concentration around it. Nonetheless, it closed the day at $35,564 with losses of almost 3%.
Another highlight happened during the next intraday session. BTC surged from its open and tried retesting the $38k resistance. However, it failed to flip it as it faced strong rejections at $37,975. Following small rejections at it dropped to a close at $37,877 and recorded gains of more than 6%.
With a focus on the new week, the apex coin is not having one of the best starts. Following little volatility during the previous intraday session, the current day is looking better. Bitcoin opened trading at $37,473 and is currently exchanging at $36,757, the largest cryptocurrency is recovering from a drop to $36,281. This means it is likely to close with losses of more than 2%.
The charts are a bit silent about the next price action. Nonetheless, the Moving Average Convergence Divergence displayed a bearish divergence and is showing no signs of recovering. This means that the coin may continue to small downtrends. A drop to the sub-$36k is almost inevitable. BTC may continue the previous week’s pattern.
RNDR/USD
The previous week was one of the best performances. It opened trading at $2.41 but dropped to a low of $2.10. After rebounding, it attempted the $3.80 but failed as it retraced at $3.64. In the end, the asset closed with gains of almost 40%.
It had one of its biggest surges on Wednesday. It opened trading at $2.25 and experienced strong notable uptrends. As a result, it attempted the $3 resistance but failed to test as it faced strong rejections at $2.95. Following little downtrends, it closed at $2.84 which signifies a more than 26% drop in value at the time.
The new week is offering a mixture of both the bullish and bearish. Nonetheless, the token tried flipping testing the $3.80 resistance but failed as it faced strong rejection at $3.74. It soon retraced to its opening price and closed, forming a doji during the previous intraday session.
The situation has changed as the asset is seeing more decreases in value. It started the current session at $3.41 but started retracing following a failed attempt at $3.60. Afterward, it tested the $3 support and failed to flip it. This was also the price it closed as it recorded losses of more than 10%.
Following the massive gains it had last week, RNDR is at risk of huge selloffs. It is also worth noting that the 12-day EMA is arched downward and may start the process of a bearish convergence.
YFI/USD
Yearn.finance climbed to a new height during the previous week. However, it ended the session with losses of more than 4%. A look at the candle depicts a price rollercoaster that saw many traders take profit at the top. Nonetheless, there are highlights.
One such took place on Thursday. It opened trading at $12,000 but retraced to a low of $11,250 before rebound. It soon surged, flipping the $14k resistance and attempted $15k but failed as it faced massive rejections at $14,777. It continued its trial at the mark and flipped the next day as it peaked at $15,850.
Following the more than 33% loss the coin had on Saturday, the coin has been on a downtrend. As a result, it is down by more than 9% over the last 24 hours. Additional indicators are silent as to the next price actions. Nonetheless, the massive loss it had over the last four days is an indication of an impending rebound.
