As the crypto market is seeing notable increases in worth, each week presents the same question: What are the top five cryptocurrencies to watch this week?
Last week, the global cryptocurrency market cap rose by more than 10% as the prices of most crypto assets soared. It opened the seven-day session at $980 billion and peaked at $1.18 trillion. This was also the price the period under consideration ended.
During this timeframe, altcoins like MASK and CFX gained more than 50% and 30% respectively. Towards the end of the intraweek session, other major alts picked up momentum. One such is Binance coin as it flipped $330 resistance on Thursday. It also closed the intraday session with gains of more than 7%.
While many speculate the reasons for the increases, others speculated on several theories. One such is that the implosion of the world’s financial system is leading many to seek alternative assets. While this has always been the case, data show a massive investment surge in the crypto market.
In addition, Binance CEO also converted almost $1 billion to Bitcoin. With fundamentals like this, it is hard to deny the impact of positive announcements on the current uptrend.
With the new week gradually unfolding, let’s examine how some assets may perform
Top Three Cryptocurrencies to Watch
BTC/USD
Bitcoin opened the previous week with one of its biggest surges. It opened trading at $22,190 and peaked at $24,618. However, it saw strong rejection at its high. As a result, it closed at $24,200 with gains of more than 9%.
The next big highlight of the session took place on Friday. It opened at $25k and attempted to retest the $28k resistance. Unfortunately, it failed as it faced strong rejection at $27,818. Nonetheless, it closed at $27,466 with gains of almost 10%.
On the weekly scale, the apex coin gained more than 26%. It also had several bullish effects on indicators. One such is the Relative Strength Index. It is currently above 70. It showed that BTC was overbought, starting Friday. The Moving Average Convergence Divergence also depicts the massive bullish trend the asset is seeing.
With a focus on the week, prices are almost equal to their opens. For example, the top coin opened at $28,100 but failed to record any notable increases on Monday. Nonetheless, it lost a fraction of its worth. At the time of writing, bitcoin is back to its opening price.
RSI is another cause for concern as we noticed that it is still above 70. The rules governing the indicators stated that the coin may retrace.
One key level to watch during this period is the $27k support. Based on price movements over the last 48 hours, we may conclude that a retest of this level is almost inevitable. On the other hand, we may see positive fundamental affect prices. If this happens we expect a retest of the $30k resistance is one level to keep an eye on.
ETH/USD
The largest altcoin was not left out from the previous week’s increases. It also flipped key levels during its spree. One such is the $1,700 resistance it broke on Monday. Although the day ended a little lower, it recorded gains of more than 5%.
Another key highlight of the week was when it flipped $1,800. It happened on Friday when the asset peaked at $1,803 but dipped afterward. Nonetheless, price improvement exceeded 7%. ETH also tested the said mark on Sunday and broke it but had a repeat of Friday’s performance.
On the weekly scale, ethereum ended the previous week with gains exceeding 12%. With regards to indicators, they were all bullish. One such was RSI. The reading was firmly placed at 65. This also shows a notable increase in buying pressure at the time. There is no further information as MACD is fairly silent.
With the focus on the new week, it is worth noting that ether is not seeing the same momentum as the previous session. Following what many may describe as a bearish Monday, the largest altcoin is recovering the losses it incurred.
It is hard to predict how the asset may perform this week as indicators are silent. Nonetheless, gaining stability above $1,800 may open a route to test the $1,900 resistance.
A look at the indicators also agrees with the above statement. We noticed that ether is seeing a massive decline in buying volume which is evident on RSI. It is currently at 60 and may also be an indication of a further decrease in prices.
XRP/USD
Ripple had a very volatile performance during the previous week. It opened at $0.37 and dipped to a low of $0.35 but recovered to a high of $0.38 and closed at its opening price. A repeat of this event took place the next day with the altcoin hitting a new high.
On Wednesday, XRP recorded notable decrease in price. It retraced to a low of $0.35 and closed at this mark; losing more than 3%.
It spent the next two days recovering as it gained more than 6% during this period. A look at the indicators paints a clearer picture of what transpired and how that could affect prices this week. The first to consider is the Moving Average Convergence Divergence.
On Thursday, the altcoin had a bullish divergence. Following this event, we noticed an improvement in price trajectory with the asset seeing an increase in value. The increase may also continue this week as we expect further price surge.
A few hours to the time of writing, we noticed that XRP is up by more than 20%. This was due to the news that the parent company may win its legal battle against SEC. It attempted the $0.5 resistance but failed to flip it.
Nonetheless, we may see another attempt before the week runs out. On the other hand, a change in market trajectory may see the coin struggle to hold on to $0.42.
