BTC price movements during the previous week were some of the most volatile as it attained new heights. Additionally, this also points to a significant increase in the asset’s total market cap, reaching its highest in more than a year.
The notable positive change to BTC was not the only bullish event that took place during the previous session. The global cryptocurrency market also saw significant changes. For example, it opened at $1.33 trillion but experienced a gradual decrease in value that saw it lose $10 billion which marked the lowest for the session.
It soon rebounded and peaked at $.42 trillion as trading progressed. Although some major assets struggled to hold on to key levels toward the end, the crypto market closed at this valuation which signifies another 5% increase as seen two weeks ago.
FTT had one of its biggest one-week surges. The thrill that FTX may resume operations got traders and creditors in a frenzy to stock up on the coin and not lose out on any future surges. As a result, it gained more than 300% over the last seven days.
It is also worth noting that over the last two weeks, a new trend unfolded. During the first two days of the week, most cryptocurrencies experience a significant drop in value. Others do not register any significant changes in value. The volatility comes pouring in on the third or fourth day.
Currently, the global cryptocurrency market cap is down by a few percent at the time of writing. This agrees with the previous statement. Will the trend continue or is the market finally losing momentum? Let’s see
Top Three Cryptocurrencies to Watch
BTC/USD
Bitcoin performance during the previous week was so exciting for many as they saw the apex coin crush yet another critical resistance. The flipping started during the second half of the previous seven-day session. As a result, it closed with gains of more than 5%.
One of the highlights of the intraweek session took place on Thursday. BTC started the day at $$35,633. After a slight dip, it rebounded and slowly crept towards the $37k resistance. It broke it and surged further as many anticipated a flip of $38k. This never happened on Bitstamp as the asset peaked at $37,978. Nonetheless, it traded above $38,000 on other exchanges.
Following such an increase, many are looking forward to the new week and expecting the continuation of the uptrend. At the time of writing, the apex coin is showing no signs a positive close to the current intraday session. It is down by a few percent and dropped to a low of $36,566 a few hours ago. This marks the third day it is seeing this trend.
In response, the Moving Average Convergence Divergence is hinting at more decreases. The metric is displaying a bearish divergence as the 12-day EMA intercepted the 26-day from above. This also marks the second time this week the coin is experiencing this.
As with previous trends, BTC may recover during the second half of the week. This means that the largest cryptocurrency may retest and break the $36k support and may also surge to retest the $38k resistance.
DOGE/USD
Dogecoin enjoyed a significant boost from the general bullish sentiment in the market. The daily chart also suggests that it exhibited a lot of volatility during the previous week. As a result, it surged to a high of $0.082 but dropped to a low of $0.067. In the end, it closed with gains of more than 9%.
One of the highlights of the week happened on Monday. The altcoin opened trading at $0.071 but retested the $0.070 support before a rebound. Following the recovery, it surged to a high of $0.076 but retraced to a close slightly lower than its peak. Nonetheless, it registered gains exceeding 7%.
The new intraweek session is showing a different start from the previous. The coin is struggling to hold prices above $0.074. It opened trading at $0.078 but enjoyed small increases in buying volume that saw it retest the $0.080 resistance. After the attempt, it dropped to a low of $0.075 but is currently exchanging at $0.076.
MACD is the most vocal indicator at this time. A closer look at it shows that the 12-day EMA is gradually approaching 26-day EMA. This means that DOGE is undergoing a bearish convergence. If the current trend continues, it may retrace to $0.72. On the other hand, a change in market trajectory is very likely and the altcoin may retest $0.080 in response.
TON/USD
Toncoin had one its best performances during the previous week. A closer at the candle representing trading action during this period shows a very long wick extending out. This indicates that it tested a critical level but retraced. Nonetheless, it closed with gains of more than 14%.
Like most assets, TON is currently to hold prices above certain levels. The asset opened the current intraweek session at $2.60 but dropped to a low of $0.37. It also exchanging at $2.41 at the time of writing which indicates an almst 6% decrease in value.
A closer look at MACD shows that the 12-day EMA is gradually approaching 26-day EMA. This means that TON is undergoing a bearish convergence. If the current trend continues, it may retrace to $2.20. On the other hand, a change in market trajectory is very likely and the altcoin may retest $3 in response.
