The top cryptocurrencies to watch this week had significant volatility over the last seven days. Some registered notable increases and may see a bullish close to the week.
However, it is worth noting that trading conditions during this period were not some of the most favorable. A clear evidence of this is the global crypto market cap.
The sector may close with a significant decrease. It opened the week at $1.20 trillion but retraced as the session progressed. On Monday, it dipped to a low of $1.16 trillion which is currently the lowest.
A few hours ago, it dipped to a low of $1.17T. It remains to be seen if it will break its low. However, a close at the current value may signify an almost loss.
One contributing factor to the most recent gradual decline in value is the decrease in interest in the crypto market. A clear indication of this is the Fear and Index. It remained neutral for the most part of the week.
This is also due to a lack of huge announcements that may improve sentiment.
With the new week a few hours away, let’s see how some assets may perform.
Top Three Cryptocurrencies to Watch
Bitcoin had another unproductive week. It was mostly stagnant, with no strong push toward resistance or support. As a result, it failed to register any significant increase over the last six days.
However, it had its biggest move on Monday. It kicked off trading at $30k and started a downtrend almost immediately. For the first time in more than thirty days, the apex coin broke through $29k and went below. It dropped to a low of $28,842 before recovery. Nonetheless, it failed to fully recover but reclaimed $29k and closed at $29,177.
Following the more than 3% drop in value, BTC did not make any attempts at $30k. The highest it went was on Wednesday when it peaked at $29,600. It is also worth noting that signs rebound on Monday, the cryptocurrency did not slip below $29,000.
This is also the same situation at the time of writing. Although it dipped to a low of $29,034, it is showing little signs of recovery. However, the current price and the highlighted critical support are in close proximity. This means that the struggle to hold on to it may continue over the next 24 hours. The question on traders’ minds at this time is whether it will hold.
Indicators are pointing at the continuation of the bearish trend. For example, the Moving Average Convergence is still on its downtrend with no hint of recovery as both EMAs are not closing the gap between them. The Relative Strength Index is going downhill with readings at 42.
These are clear signs that BTC may lose the $29k support if market conditions remain constant. If that happens, the apex coin may retest $28k. This is another critical and tough barrier to bank on over the next seven days. On the other hand, BTC may reclaim $30k.
Dogecoin is one of the top gainers this week. The coin no doubt saw a lot of volatility during this period and also enjoyed positive fundamentals. The news of Elon Musk rebrand of Twitter made waves and the asset saw a significant boost in value.
One such move happened on Tuesday when the asset started trading at $o.o74 and saw massive increases. As a result, it made an attempt at $0.085 but failed to flip it. It faced strong rejection at $0.083 before retracing to a close at $0.081. It also registered gains of more than 10% in the end.
However, it had its biggest loss the next day as it dipped to a low of $0.076 before a small recovery. Nonetheless, it lost more than 5%. Following this huge loss, the coin struggled to hold to critical support. It is also worth noting that during the last two days of the week, DOGE saw notable movement and left the barrier it was struggling to hold.
On the weekly scale, the altcoin may close the week with gains of almost 9%. Indicators are also looking bullish. For example, RSI is at 62 which shows that the asset is seeing a moderate amount of push from the bulls. MACD still maintains its uptrend, which may be an indication of more increases to come.
Over the next seven days, one of the key levels to focus on, to the top is $0.085 resistance. Following the failed attempt on Tuesday, the coin may retest it. On the other hand, a drop in momentum may guarantee a drop to $0.075. It is worth noting that this mark is not one of the strongest. This may translate to a close below it.
Quant was mostly bearish throughout the start of the week. During the first two days, it lost almost 3%. Over the next 48 hours, it failed to register any significant increase. One notable thing during this period is that the coin held on to the $102 support. Although it broke on Wednesday, it recovered and closed the day above it.
On Friday and Saturday, the coin had its biggest moves of the week. It left the critical level and went as high as $106. The next day, it went further and broke above $110. It peaked at $112 and closed with gains of almost 5%.
This is also reflected on the weekly chart as the coin may close the session under consideration with gains of more than 5%. As with some of the assets to watch this week, indicators are also positive. RSI is currently at 60. MACD is surging.
However, it is worth noting that the decrease in the value of the altcoin during the current intraday session may be an indication of an impending downtrend that may see the coin lose all it gains over the next seven days.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!