The top five cryptocurrencies to watch this week are a mix of both the top gainers and losers. Nonetheless, we will go over their prospects and how they may perform over the next seven days.
Before delving into them, let’s go over how they performed over the last seven days. It is interesting to note that it was filled with a lot of bearish actions and most assets including the global market cap are down.
The crypto industry opened at $1.07 trillion at the start of the week and peaked at $1.08T. As it progressed, it dipped to a low of $1.01 and had a slight recovery. At the time of writing, it is worth $1.02, and may end the session with this valuation.
Many may fault the lack of bullish attempts at a lack of positive fundamentals. Nonetheless, so much news made the rounds.
For example, the well-known non-fungible token (NFT) firm Yuga Labs revealed on Tuesday its intention to introduce the TwelveFold NFT collection on the Bitcoin blockchain.
In other news, Australian SMSF pensioners are unfazed by the bear market and continue to invest in cryptocurrencies despite significant unrealized losses.
With regards to fundamentals, there are no big ones to look forward to over the next seven days as there are no developing ones that could affect trading action. Nonetheless, this does rule out their effect.
With a brief overview of what transpired over the last six days, let’s examine the top coins to watch.
Top Three Cryptocurrencies to Watch
BTC/USD
Over the last seven days, the apex coin lost more than 4%. The first day of the previous intraweek session was marked with huge volatility as we noticed it dipped to a low of $23,136 and peaked at $23,560. Interestingly, it failed to register any notable gains in the end.
The next few days were marked with little to no significant price moves. This ended on Friday as we noticed a notable change in price.
Bitcoin opened at $23,469 and retested the $22,000 support for the first time in more than fourteen days. Although it closed at $23,300, it closed with losses exceeding 4%.
After this event, the last two days of the week were marked with very little attempt at recovery. Due to the massive drop on the fifth day, several indicators sank lower into bearish dominance.
For example, the Moving Average Convergence Divergence’s 12-day EMA moved farther from the 26-day EMA. The Relative Strength Index also had its fair share of negative action as it dipped to a low of 42.
With focus on the new week, we noticed BTC is making attempts at recovery. For example, it peaked above $22,600 and is holding on to $22,400.
While it is hard to come to a conclusion as to how prices will one level we may keep an eye on is the $22k support. We notice a lot of demand concentration at this mark.
It is also worth noting that if the highlighted level flips, we may expect a retest of $21k. On the other hand, if trading conditions improve, we may expect an attempt at the $24k resistance.
ETH/USD
Like most cryptocurrencies to watch this week, the past week was not one of the best for the asset. It is safe to conclude that it was mostly bearish during the period under consideration and lost almost 5%.
Monday was not one of its best starts as it failed to register any notable changes in price. This trend continued over the next 24 hours with ether losing a meager fraction of its worth.
On Wednesday, the largest altcoin closed with gains of more than 3%. During this session, it peaked at $1,669 and closed a little lower. This was the only green candle over the last seven days.
The last four days of the week were marked with consistent decreases in prices. One of the biggest happened on Friday.
ETH opened trading at $1,648 and retested the $1,600 support. It flipped and the coin dipped to a low of $1,543 but closed a little higher. Nonetheless, it recorded losses of almost 4%. A red candle on Sunday tells how the week ended for the second-largest cryptocurrency.
At the time of writing, there are no changes to market sentiment and ether is still struggling. If these market conditions remain the same, it may retest the $1,500 support before the session runs out.
Nonetheless, a look at RSI paints more bullish prospects for the asset. We noticed support at 42. The last time it dipped to this level, it started a fresh bullish round. If the same takes place, we may expect a return to $1,600.
MKR/USD
Maker was one of the top gainers during the previous intraweek session. It saw a whopping 22% increase in price and marked its third week of consecutive gains.
One of the highlights of the week was on Wednesday when the asset opened at $791 and peaked at $959. It closed at $925 and recorded gains of more than 16%.
A similar event took place on Sunday but on a smaller scale. Nonetheless, MKR registered gains of almost 10%. A look at the chart says that indicators are also bullish, which may affect prices this week.
The 12-day EMA is on the rise with the gap between it and the 26-day is growing. RSI is also above 60. However, trading actions during the present intraday session tell a different story.
Currently down by more than 3%, MKR is not off to a good start. It is also important to pay attention to the Moving Averages. The token just had a golden cross.
