Most cryptocurrencies to watch this week are grappling with the effects of massive uncertainty in the market. There are showing no huge signs of recovery but have good prospects looking at indicators.
Nonetheless, the previous week’s events were so similar to the current one which indicates that the sector under consideration is still down. For example, the global cryptocurrency market was at $1.18 trillion when the previous seven-day session started. It dipped to a low of $1.09 T but recovered and closed at $1.12 which signifies no significant increases or decreases.
The several decreases in the value of major assets saw the sector’s gradually dwindle. Some of the biggest losers over the last seven days were BSV and KLAY. Both cryptocurrencies lost more than 14% and still grappling with selling pressure.
On the other hand, the CFX and LDO are the top gainers as they both registered increases of more than 19% during this period. Many may attribute these gains to fundamentals. It is worth noting that there no huge announcements that impacted prices majors cryptos.
Nonetheless, several predictions happened. For example, a previous weekly outlook stated that KAVA may flip $1. This took place on Sunday when the altcoin peaked at $1.04 and gained more 9%.
At the time of writing, there is no big news that could affect price performance this week. Let’s turn to the charts
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Bitcoin kicked off the previous week at $28,667 and retraced flipping a key barrier; $28k support. It dipped to a low of $$27,290 but recovered and closed at $27,690. It also registered losses close to 3%.
On Thursday, BTC started trading at $27,624. It retested and briefly flipped the $27k barrier but rebounded and closed at the mark. A similar event took place the day before but the asset reclaimed the mark under consideration.
The next day, the top coin retraced in what many described as “shocking and without warning.” It flipped another barrier; $26k and retraced to a low of $26,868. Nonetheless, it rebounded and closed at $26,811 failing to record any significant increases or decreases.
These were the main highlights from the previous week. In the end, the apex coin lost more than 5%.
Indicators were also very bearish at the time. For example, the Moving Average Convergence Divergence retraced further. Both EMAs are below 0. The Relative Strength Index is another bearish metric. It closed at 40 after kicking off at 48.
The situation is almost the same at the time of writing. However, there is some good news. The first is that MACD’s 12-day EMA is halting its downtrend. A closer look at the metric shows that it is almost straight and may arch upwards if trading conditions improve.
With this in mind, we may consider what happened during the previous intraday session. Bitcoin peaked at $27,666 after opening below $27k. This marked the first bullish attempt this week. This also be the first of many as the asset may retest $28k within the next five days.
On the other hand, BTC is holding onto a very fragile barrier. This may indicate further downtrends and a retest of the $26k support.
Two weeks ago, the largest altcoin reclaimed severals and end the session at its opening price. As a result, a doji represented what transpired.
The previous intraweek session is different as the asset closed with a notable decrease in value. It registered losses of more than 3%. Let’s go over the key events during this period.
It started slow as it failed to record any significant changes in price on Monday. Nonetheless, like most cryptocurrencies to watch, it attempted a key level. ETH retraced to a low of $1,800 but recovered and closed at $1,849.
It registered its peak of the week on Wednesday when it retested the $1,900 resistance. It failed to break and retraced below $1,800 for the first time in more than seven days. The second-largest cryptocurrency rebounded and closed at its opening price; the same outcome as Monday.
The next day, it broke the said barrier and recorded losses of almost 3%. It also ended the intraday session below $1,800. Ether dipped further on Friday and hit a low of $1,737 but rebounded and closed at $1,808.
Indicators were also negative. MACD dropped below zero and RSI sank below 50.
However, they are positive at this time. For example, the 12-day is not retracing anymore. It hit a wall and is showing signs of an impending bullish convergence. RSI is also responding to the small increases the altcoin is seeing. The metric is at 45 at the time of writing.
With all these readings in mind, we turn to price movements. Ethereum is seeing its second day of consecutive increases. Although not big, this is what changes the trajectory of the indicators. This may also be an indication of more uptrends.
One level to watch is the $1,900 resistance. The largest alt may attempt the mark if current trading conditions remain constant. It is also worth noting that the $1,800 support is also close.
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