BNB and the rest of the crypto market are seeing a lot of gains at this time. When predictions of an impending downtrend fill the space, sudden increases take over. This has been the trend over the last seven days.
Nonetheless, this trend had a significant effect on the global cryptocurrency market cap. For the first time in almost a year, the crypto market’s valuation is above $2 trillion. Starting the previous intraweek session, the sector under consideration was valued at $1.97 trillion. A closer look at the chart suggests that trading continued flatly for the most part before a small breakout on Sunday. As a result of this change in trend, it crossed $2 trillion.
Nonetheless, the close suggests that the industry failed to register any significant gains during this period. On the other hand, some altcoins had notable increases during this session amidst the flat trades.
One such asset was Uniswap. The asset surged by more than 40% during this period. It is also worth noting that a bulk of the surge took place on Friday as it cruised past several resistances. It was heading for the $13 resistance but had strong rejections at $12.8.
With a focus on the new week, most cryptocurrencies are on the uptrend. Will this pattern last for the whole week?
Top Three Cryptocurrencies to Watch
BTC/USD
The first half of the previous week was fairly flat as Bitcoin lost small percentages. The movement also affected its performance on the weekly scale as the top coin registered its first red candle in four weeks. Trading conditions no doubt raised concerns of the top coin seeing more downtrend. Nonetheless, it had small bullish moments.
One of the most significant moves took place on Tuesday. The apex coin opened trading at $51,776 but experienced a decline that resulted in the asset retesting $50,800. It soon rebounded and attained its highest price in the last two years. It peaked at $53k before retracing to a close of $52k. In the end, BTC failed to register any notable changes in value.
With a focus on the new week, the largest cryptocurrency by market cap is off to a very bullish start. Due to the previous week’s event, many took it as sign that the uptrend is over. However, trading actions since Monday proved that wrong. Bitcoin started trading at $51,738 and began to surge after it dropped below $51k. Following its recovery, it broke the $54k barrier and continued till it hit a brick wall at $54,969. Nonetheless, the day ended with gains of more than 5%.
The current intraday session is an extension of the previous one as the apex coin continues its rampage. It was heading for $58k before it experienced small rejections at $57,615. Nonetheless, it’s already up by more than 4% with indicators speculating more increases.
One such is the Moving Average Convergence Divergence. The metric shows that BTC just experienced a bullish divergence. With prospects of further increases, the largest cryptocurrency may test $60k in the coming days. On the other hand, RSI is saying the asset is overbought.
BNB/USD
Binance coin was one of the many altcoins that had significant increases during the previous week. The coin flipped several levels and returned to levels it lost more than a year ago. As a result, on the weekly chart, It closed with gains of more than 11%, the highest in two months.
One of the key highlights of the week took place on Wednesday. BNB started trading at $354 but recovered after a small decline to $351. Afterwards, it surged and was heading for $380 but failed. This is due to small rejections at $379. Nonetheless, the day ended with the asset gaining more than 7%.
The new week is offering a similar trend as the altcoin gained more than 3%. However, the current price shows that it is not seeing the same trajectory as the previous day’s. On Monday, the exchange coin flipped $400 from a low of $379 and peaked at $411. At the time of writing, it is struggling to keep prices above $400.
Nonetheless, indicators maintained their previous trend. For example, MACD is still on an uptrend. This is the same with the Relative Strength index. It is worth noting that RSI is currently blaring warnings with the asset under consideration above 70.
SOL/USD
Solana is another asset that had a bearish performance during the previous week. A look at the 1-week chart suggests an almost 8% drop in value during this period. It bears mentioning that the coin had a bearish divergence during this session.
A closer look at the daily chart shows that during the first five days of the week, the coin failed to register any significant increases. As a result, the asset had a flurry of red candles trailing its price decline. Nonetheless, one of the main events took place on Wednesday when it tested the $100 support but failed to flip it. In the end, it closed with losses of more than 3% as it rebounded and closed higher.
The new week is looking more positive than the previous. The altcoin had a splendid performance during the previous day. It closed $110 after it started trading at $103. This meant it gained more than 6%.
Efforts to continue the uptrend failed yielded very little result as the coin peaked at $112 a few hours ago. Additionally, the candle is a red one, indicating small downtrends. Nonetheless, MACD is pointing to the asset seeing more price increases as it shows that SOL is undergoing a bullish convergence.
