Over the last seven days, major cryptocurrencies have struggled to hold key levels. As a result, they failed to record any significant increases.
A look at the global cryptocurrency market cap shows that the situation spans across the entire industry we notice a small drop in value.
The sector kicked off at $1.18 trillion and peaked at $1.23 trillion. However, it lost momentum and dipped to a low of $1.13 T. It also closed at this mark, highlighting the prevailing sentiment during this period.
With regards to fundamentals, many news made the rounds but failed to impact prices. For example, although the past year was not favorable for the crypto market, Jack Dorsey’s Cash app reported revenue of $2.16 billion from Bitcoin during this period.
The El Salvadorian government once again shown its commitment to encouraging the advancement of new technology. This time, a new law removing taxes from technological achievements was adopted by the nation.
The week is not promising as the most assets are seeing small decreases in value. Will this stop? How will some cryptocurrencies perform?
Top Three Cryptocurrencies to Watch
BTC/USD
The past week was what many may describe as a rollercoaster. Bitcoin made various attempts at critical resistance and also dipped and retested several supports.
One of the main highlights of the week happened on Monday. The apex coin opened at $29,254 and showed small signs of an uptrend but halted. Afterward, it retraced and flipped the $28k barrier. As a result, it dipped to a low of $27,666. BTC closed that session with losses of almost 4%.
Many expected an attempt at $30k on Friday as bitcoin coin edged closer to it. It opened the day at $28,860 and surged to a high of $29,701. In addition to failing to flip the mark, that marked the final shot at the mark over the last seven days. Nonetheless, it closed with gains of almost 3%.
Over the next two days, the apex coin was on a downtrend. During this period, BTC lost more than 4%. A closer look at what transpired showed a short-term support; the $28,400 barriers.
The mark failed to hold during the previous intraday session as bitcoin tore through it. The cryptocurrency dipped to a low of $27,290 and lost almost 3%. Currently, the coin is holding on to $27,500 and is exchanging at $27,582.
Over the last 40 hours, BTC has created a short-term support at $27,300. After testing it twice this week, we may expect a breakout. It may be to the top or down.
Indicators are silent at this time as they bear no new information. One of the key levels to watch over the next five days is the $27k barrier. Once it flips, we may expect a dip to $26,500. On the other hand, we may expect an attempt at $29k.
BSV/USD
A look at the chart shows that Bitcoin SV did not have a splendid run. Prices were mostly downhill as the previous week as the token lost more than 3% during this period.
There were no massive moves during this session. Nonetheless, one of the highlights of the week was on Saturday. It opened at $33.3 and dipped to a low of $32. As a result, it ended the session with losses of almost 3%.
A look at indicators at the showed that BSV was experiencing a gradual decrease in buying pressure. This is evident on the Relative Strength Index. It was at 35 which indicates that the asset is gradually losing value and may dip below 30 if the downtrend continues.
This happened during the previous intraday session. The token had one of its biggest dumps. It opened trading at $32.3 and flipped several supports. It lost the $32 barrier and afterward, the $30 barrier. As a result, it dipped to a low of $28.9. However, it recovered and closed at $30, losing more than 6%.
Due to this significant drop, BSV was oversold. RSI drop as low as 25. However, we saw the metric play out again.
Bitcoin SV is having one of its biggest surges during the current 24-hour period. It kicked off trading at $30 and broke some resistance. Some of these levels were $38, $42 and inched closer to $44 but failed as it halted at $43.3. It is also up by more than 41% at this time.
The token is oversold as a result of the massive surge. This may affect its performance over the next five days.
BSV may experience huge retracements that may see it dip as low as $36 (the next strong support). We may also expect further attempts at $44.
KAVA/USD
Out of the seven days in a week, KAVA was bullish in five. However, the cryptocurrency closed with losses of more than 6%
The main reason for this figure is that during the bearish days, the token lost a significant fraction of its value. For example, on Saturday, kava had its biggest dump of the week. It open trading at $0.79 and retraced, losing several levels. The most critical of these levels is the $0.75 barrier. Nonetheless, the asset dipped to a low of $0.71.
In the end, the altcoin closed with losses of almost 9%. It failed to recover fully as it saw small increases that were not sufficient to reclaim lost price marks.
KAVA is very positive this week as it’s on it second green. However, it wasn’t all bullish for the asset. During the previous intraday session, it dipped to a low of $0.67, breaking the $0.70 support in the process. Nonetheless, it recovered and briefly broke the $0.75 resistance as it peaked at $0.78.
It went further during the current 24-hour period. It attempted $0.90 but halted at $0.88. Afterward, it retraced and is currently trading above $0.80.
We noticed that the surges the asset is seeing is gradual and more sustained. We may look forward to a flip of the $0.90 resistance and an attempt at $1 within the next five days.
