Many cryptocurrencies saw significant increases in worth last week. These increases were a result of notable changes in market sentiment. A closer look at the Bitcoin Fear and Greed Index showed that traders’ expectations were decent as the metric moved between 48 and 50.
This also reflected in the global cryptocurrency market cap as it recorded little increases. On Monday, it kicked off at $1.11trillion but surged to a high of $1.14T before the day closed. It hit its weekly on Sunday when the sector peaked at $1.15T after it dipped to a low of $1.10T a few days ago.
Although this increase is not huge, it showed the crypto market is slightly improving from the previous week. The fear and greed index is also above 50 at the time of writing.
A look at the top 100s, we noticed a new altcoin is making wave. The asset gained over 16% over the last seven days, flipping key levels and experiencing the bullish sentiment. AGIX is a fairly new token to the top 100s as it made its appearance last week.
On the other hand, the top loser during this period was PEPE. It continued it plummet and lost more than 16%. Optimism followed suit with losses of more than 11%.
There are strong indications of significant volatility over the next five days. Let’s look at some assets that may benefit.
Top Three Cryptocurrencies to Watch
BTC/USD
Bitcoin had its biggest bullish move last week. Since May started, this was the first time it is registering any notable increase at the end of a seven-day period. The top asset closed with gains of almost 5% which suggests there were so many highlights
One such thing happened on Wednesday. BTC kicked off trading at $27,225 but retraced as selling pressure mounted. It flipped $27k and dipped to a low $26,076. It recovered but closed at $26,325 which signified a more than 3% drop in value. It is worth noting that this was the only red candle on the chart throughout the past week.
The next day, the largest cryptocurrency broke the $26k barrier. It went as low as $25,878 before rebound. The session ended with the asset under consideration closing at $26,478 and registering no significant change in value.
The biggest surge of the week happened on Sunday as the top bitcoin opened at $26,875 and attempted the $28k resistance. It had significant success as it peaked at $28,248 and closed a little above critical barieir. In the end, it saw gains of more than 4%.
With focus on the current week, BTC is seeing a little draw backs from the previous four-day increases. As a result, it failed to record any notable changes in values. This is also the same situation as at the time of writing.
Bitcoin is seeing its second day of consecutive losses. This has also reflected oon indicators like the Relative Strength Index as it is at 52. Nonetheless, we noticed another gradual buildup of demand concentration, forming a short-term support at $27,500.
If the barrier holds, BTC may attempt the $29k resistance next. However, a flip may guarantee a further drop below $27k.
XRP/USD
The sixth-largest cryptocurrency by market cap registered signicant increases over the last seven days. This also marked the third week of consecutive increases as it gained more than 5% during this period. This also a clear indication that the asset saw notable positive changes at different intervals.
One such was on Wednesday. Like most cryptocurrencies, the third day of the week was bearish. It kicked off trading at $0.46. It slowly towards the $0.44 barrier but failed to break it as demand concentration mounted at the mark. It recovered but closed with losses of more almost 3%.
Following this single negative session, the altcoin was mostly bullish. It flipped several levels during this spree. One such was the $0.47 resistance that broke on Friday. XRP opened trading at $0.45 and slowly edged toward the said mark. The altcoin had little success as it peaked at $0.47 but closed at $0.46. Nonetheless, Ripple registered gains of more than 3%.
It made more progress on Sunday as it attempted the $0.48 resistance. It was also successful as the top altcoin closed above the mark with gains of almost 3%.
A closer look at the daily chart showed that the asset under consideration is currently on its fourth day of consecutive increases. However, several indicators are blaring warnings.
One such is the Relative Strength Index which is gradually approaching 70. Going above it may be bad news for XRP as it may retrace.
INJ/USD
Injective is one of the top gainers over the last seven days. Last week, it gained more than 5% with a candle that suggests that it saw huge volatility.
Like most cryptocurrencies, Wednesday was one of the most bearish periods for the asset. It kicked off trading at $6.81 and experienced massive retracement. It retraced to a low of $6.30 but rebounded and ended the session at $6.37 which signified a more than 6% drop in value.
It edged closer to the $6.00 barrier the next day but halted its advances a little above the mark. After that attempt, it made another close call on Friday with the same effect.
The biggest surge happened on Sunday as it opened trading at $6.37 and saw massive buying volume as the day progressed. It crept toward the $7 resistance and flipped the mark as it peaked at $7.42 before retracing. It closed at $7.08 and recorded gains of more than 11%.
The surge is ongoing as at the time of writing. This time, it edging toward $8 resistance and hit a high at $7.81 and is up by almost 3%. It is also worth noting that this is the second consecutive day of increases as Monday was also bullish.
Based on previous price movements, INJ may break the $8 barrier if current bullish conditions continue.
