Over the last two days, XMR register significant changes in value. As a result, it retook levels it lost a few days ago. It also returned to it’s fourteen-day high. This comes after it saw significant losses last week.
The trend on Monero is also affecting the global cryptocurrency market cap. During the past week, the crypto market opened at $1.63 trillion but dropped to a low of $1.51 trillion. This was due to the massive price decline across the sector. Nonetheless, it recovered and closed a little below its opening price.
It is hard to come up with the top loserz during the period under consideration as most recovered. Nonetheless, LEO lost more than 3%. On the other hand, Helium was one of the top gainers. It broke through the $8 resistance and is currently up by more than 38%.
With a focus on the new week, the crypto market is off to a good start. It is currently worth $1.68 trillion after it opened the week at $1.62 trillion. With most asset on the uptrend, let’s see if it’ll continue that way
Top Three Cryptocurrencies to Watch
BTC/USD
A close look at the charts suggests that Bitcoin had a big downtrend during the previous week. A big evidence of this is the candle representing price action during this period. A clear wick is sticking out below it.
One of the main events of the week took place on on Monday. The top coin opened trading at $41,555 but experienced strong price decline. As a result, it broke the $40k support and headed for the $39k. However, it rebounded at $39,437 but close with losses of more than 4%.
Full recovery happened on Friday when the top coin registered it’s biggest surge of the week. It started trading at $39,929 and broke the $42k barrier. With the influx of funds into the crypto market, BTC peaked at $42,223. In the end, it closed with gains of more than 4%.
During this intraday session the Moving Average Convergence Divergence saw a change in it’s trajectory. The 12-day EMA started an uptrend and a bullish divergence happened on Sunday.
This is what is currently at play this week. During the previous intraday session, the Apex coin gained more than 3% as it closed at $43,305 after opening at $42,027. There is no sign of any downtrend as the asset is still green at the time of writing.
With no signs of negative fundamentals, it is easy to conclude that the Apex coin will continue its uptrend. One key level to watch is the $44k resistance. Based on previous price movement, BTC may struggle to gain stability above it.
A change in current market trend could send the asset as low as $40k.
XMR/USD
A look at Monero’s performance during the previous week suggest that it had a lot of volatility. The candle representing price action shows that it dropped to a level it hasn’t in more than ten days.
It is worth noting that a bulk of the downtrend the altcoin had happened on Monday. It started trading at $157 but experienced a massive decline in price. As a result, it tested the $150 support but rebounded . Nonetheless, it closed with losses of more than 4%. Additionally, it dropped to its low for the week($146) the next day.
On Thursday, XMR had its biggest increase. This comes after the gained stability above $150. It started trading at $152 and hiked to a high of $157 as it failed to test $160. Nonetheless, it closed with gains exceeding 3%.
With a focus on the new week, the altcoin had a splendid performance during the previous intraday session. It gained more than 4%. However, the current session is the opposite. This comes after it peaked at $174.
The Relative Strength Index shows a sharp increase in selling volume. If this continues, XMR may retrace to a low of $160
