BTC is at the forefront of all of the fundamentals making waves this week. Most of it revolved around Bitcoin ETF. In response, several cryptocurrencies had notable increases in price during the previous intraday session. This adds to the value of the global cryptocurrency market cap.
However, a closer look at the charts shows huge similarities between this week’s and last week crypto market worth. For example, it kicked off the previous session at $1.65 trillion but peaked at $1.76 trillion as it progressed. Following more than 24 hours at this value, several crypto assets dipped which resulted in the sector plummeting. It closed at its starting price.
During the previous intraday session, the industry’s value reached a high of $1.71 trillion but is currently retracing. This comes as what many will describe as the calm before the storm in anticipation of SEC’s verdict.
While many wait for the outcome, let’s see how some cryptocurrencies may perform this week.
Top Three Cryptocurrencies to Watch
BTC/USD
During the second half of the previous week, the apex coin failed to register any significant changes in worth. However, the first half was filled with notable volatility. As a result, the asset closed with gains of almost 4%.
One of the key events that took place during that period happened on Monday. BTC opened trading at $42,258 and experienced a notable push at the start of the day. Due to this, it broke the $44k resistance and closed at $44,192. This meant that it gained more than 4%. Additionally, the surge continued into the next day as BTCÂ edged close to $46k but halted at $45,922.
The uptrend came to an end on Wednesday. The coin started the day at $44,972 but retraced. This comes after it failed to break $46k and it peaked at $45,500. It dropped to a low of $41,454 but rebounded and closed higher to register losses of more than 4%.
The previous intraday session is one of the most profitable for the apex coin. BTC opened the day at $43,936 and started an uptrend after a brief correction. It surged as anticipation reached a new height. As a result, it broke $46,o00 and was heading for $48k. However, it halted its advances due to strong rejections at $47,281.
Concern of whether the asset will lose all of the gains it accumulated is high. This comes after the coin failed to continue the uptrend. A few hours ago, it dipped to a low of $44,903. Nonetheless, the current price shows it’s recovering.
With fundamentals in view, one of the key levels to watch is the $50k resistance. BTC may continue and attempt the $52k barrier. In the event of a reversal, bitcoin may end the week trading above $42k.
ETH/USD
Ethereum saw small volatility during the previous week. However, it was unable to break the $2,500 barrier. It also dipped to its lowest in almost fourteen days. In the end, the top altcoin closed with losses exceeding 2%.
It had a strong start as it opened Monday at $2,282. It attempted the $2,400 resistance but failed. This comes after it faced rejections at $2,352. Closing at its peak, ETH registered gains of more than 3%. The uptrend continued into the next day as it broke the said barrier and reached a high of $2,433. In the end, it retraced to its opening price.
This also marked the start of a downtrend that would see the largest altcoin lose all of its gains. On Wednesday, it had its biggest downtrend as it broke the $2,270 support and edged close to $2,100. Although it rebounded, the altcoin lost more than 6% as it closed at $2,210 after kicking off the day at $2,357.
With a focus on the new week. ETH may be set for more bullish action. This is evident in what transpired during the previous intraday session. Following a small retracement below $2,200, it rebounded and tried testing $2,400. However, it failed as it halted its advances at $2,360 and closed a little lower to register an almost 5% increase.
It was also on the verge of losing all it gains as it retraced to $2,228. A change in market trajectory saw it return to its opening price. As a result, indicators like the Moving Average Convergence Divergence are currently printing positive signals. It showed that the apex alt had a bullish convergence.
With this in mind, ETH may retest $2,500 within the next five days.
SOL/USD
Solana was not immune to the general market sentiment during the previous week. A closer look at the chart reveals a candle with a close semblance to a doji. However, it has a longer body which depicts that the altcoin had small increases.
With a focus on the new intraweek session, the previous day was the most bullish. It started trading at 89 but experienced a massive increase in buying volume. As a result, it tested $100 but failed to break it. It retraced to a close at $98. It is worth noting the surge happened after the asset dropped to a low of $85. In the end, it closed with gains of more than 10%.
During the current intraday session, SOL slowed down. It went further from the previous day’s high and peaked at $104. However, it faced strong rejection and is trading below $100. This comes after it dropped to a low of $95.
The indicators are silent about the next price action. Nonetheless, if the current trend continues, the altcoin may retest $110. On the other hand, it is worth noting there is a strong demand concentration at $85. In the event of sentiment changing, Solana may test this support.
