ETH as well as other cryptocurrencies saw tremendous downtrends during the previous intra-week session. In what many refer to as a bloodbath, these assets dipped below the levels many ever imagined and crushed several critical barriers in the process.
These decreases also affected the global cryptocurrency market cap. At the start of the week, the value of the market was at 1.17 trillion. However, as the bearish situation got harder, it retraced. It threatened to go below the valuation of 1 trillion but reached a low of 1.05 trillion.
During the last two days of the session, the industry was mostly dull. As a result, most assets were stagnant and failed to see any significant increase or decrease in price. This was also the reason at the market cap failed to recover. Nonetheless, it ended the period under consideration with losses of more than 5%.
However, during this period, some assets closed with significant increases. For example, a fairly new coin named Akmat Network registered significant increases. As a result, it climbed up the top 100s and is currently at 92. Additionally, it is up by more than 28% at this time.
Assets like optimism are also showing huge potential and are recovering from the bloodbath on Thursday. Nonetheless, let’s look at how some major cryptos will perform in the coming days.
Top Three Cryptocurrencies to Watch
BTC/USD
Bitcoin price over the last 7 days was filled with a lot of volatility. It experienced one of the biggest moves on Thursday. However, prior to that it also registered little decreases. It is worth noting that the asset had a positive start to the week.
This was evident as it kicked off trading at 29280. However, it tried testing the 29,000 support as it dropped to a low of 29086. However, it rebounded and peaked at 29659 but retraced and closed at 29408. Regardless of these attempts at key levels, the coin closed with no significant change in price.
Volatility returned to the market on Wednesday when it lost the 29k support. BTC dropped to a low of 28693 and failed to recover. The downtrend extended until the next day as Bitcoin saw its biggest decrease in more than six months.
After it opened trading on Thursday, the Apex coin saw a spike in selling pressure. Due to this, it came crashing down and broke several supports. One such critical support is the $28k barrier. It dropped to a low of 26,226 on Bitstamp and 25k on other exchanges. Although it saw a slight recovery that brought up a close at 26642, it ended the session with losses of more than 7%.
It dipped further the next day as it closed with losses of more than 2%. Addiction and it’s the last two days of the week were filled with very little volatility. As a result, ended the intra-week section with losses of more than 10%.
With the focus on the new week, bitcoin is not showing any signs of recovery. It dipped further as a dropped to a low of 25,350. However, it is currently trading at 26k. Nonetheless, the related strength index is pointing to a possible uptrend in the coming days.
ETH/USD
Like the entire cryptocurrency market, Ether also struggled throughout the previous week. A look at the weekly chart suggests that it recorded losses of more than 8%. However, the major move happened on the fourth day of the session.
ETH opened trading at 1805. however, it broke at the barrier and dropped to a low of 1542. During this process, it broke the critical support at 1616. As the session progressed it recovered and reclaimed the 1600 barrier. As a result, it closed at 1682. This also signified losses of almost 7%. It is also safe to say that the last 3 days of the week were a bit dull for the asset.
With a focus on the new week, the apex altcoin, is showing no sign of recovery at this time. The last 46 hours were marked by small downtrends that saw it dip to a low of 1581. At the time of writing it is trading at 1620.
It is hard to predict how prices may perform this week. However, it is worth noting that are SI is still below 30. Currently at 22 signs of an impending uptrend are becoming clearer. Additionally, the current intraday session is forming a hammer candlestick. This may also be an indication of the end of the continuous downtrend.
