HBAR has experienced notable volatility since the day started. With most of the price moves toward resistance, the asset stands as one of the top gainers over the last 24 hours. It joins other altcoins which had tremendous effect on the global cryptocurrency market cap.
A look at the chart shows that the sector under consideration is seeing significant increase in valuation compared to the previous week. It kicked off that session with worth at $1.68 trillion. As the period progressed, it peaked at $1.70 trillion. However, it had a small decline that saw it close at $1.65 trillion.
Nonetheless, the top 100s is filled with altcoin that had splendid performances during the last seven days. One such is Bitcoin SV. It opened session trading at $48 but had a massive surge due to a sudden increase in buying volume. It broke the $100 resistance and continued forward but faced strong rejection $107. In the end, it closed with gains of more than 96%.
The effect from the HBAR and big movers over the last 20 hours saw the global cryptocurrency market increase by more than 4%. Looking at the positive changes in the value of most cryptocurrencies, many question how the market will perform in the next five days. Let’s see
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BTC/USD
Bitcoin was fairly stable during the previous intraweek session. A look at the weekly chart furthers claims of reduced volatility during that period. In the end, it closed with no significant changes in prices.
There are not many highlights due to the reduced volatility. Nonetheless, it made attempts at one critical level. The $44k resistance. Prices revolved around it as the coin edged close to it on Monday but failed to break it due rejections at $43,800. A repeat of the same event took place on Thursday with the top coin peaking at the same mark.
On the other hand, prices remained above $41k. BTC had two close calls with the said mark. For example, on Tuesday, it dropped to a low of $41,639. On Sunday, it went as low as $41,306.
The new week is looking different from the previous one. This comes after the apex coin broke the said resistance during the previous intraday session. It started trading at $42,258 and surged to a high of $44,192. As a result, it closed with gains of more than 4%.
During the current intraday session, the asset took it a step further. It broke the $45k barrier and attempted the $46k resistance but failed due to strong rejections at $45,922. Currently trading at a little below $45k, it is proof of what happened after it hit the day’s peak.
Indicators are pointing to more increases this week. The Moving Average Convergence Divergence is printing a bullish signal at this time. A closer look shows the 12-day EMA edging closer to the 26-day EMA in what is described as a bullish convergence.
With promises of the uptrend continuing, BTC may surge above $46k within the next five days On the other hand, $42k remains key support.
HBAR/USD
During the past week, HBAR closed with losses of more than 5%. A closer look at the weekly chart shows that trading actions during that period was represented with a red candle. It has two wicks sticking out depicting a low and high.
It dropped to its lowest level on Tuesday. It opened trading at $0.92 but experienced a massive price decline. As a result, it broke the $0.85 support and dropped to a low of $0.83. It recovered and closed at $0.89 which depicts an almost 3%. It gained the value it lost during the next intraday session. However, the asset peaked at $0.94 (the highest of the week) on Thursday.
The new week is looking better for the altcoin. During the previous intraday session, it gained more than 6%. It might close the current day with such profit. If the current trend continues, HBAR may gain stability above $0.10. On the other hand, a change in the present trajectory could send it as low as $0.83.
AVAX/USD
Avalanche was very bearish during the previous intraweek session. A look at the weekly chart shows one of the longest red candles in more than six months. Dropping to its seven-day low, the asset closed with losses of more than 19%.
One of the main highlights of that period happened on Tuesday. The coin started trading at $48 but experienced a massive decline in buying volume. As a result, prices also declined. It dropped to a low $40.6 as it failed to break the $40 support. It rebounded and closed at $44 which meant it lost more than 7%.
With a focus on the new week, AVAX is seeing improved trading conditions. It opened the previous day at $38 but had a significant push in price as it saw more buying volume. Due to this, it surged in a bid to reclaim several key levels. One such is $40. It peaked at $42 but closed at $41.9 which indicates gains of almost 9%.
The current intraday session as the asset is experiencing significant decreases at this time. This comes after a failed attempt at $44. It tested the $40 support but rebounded at $40.3.
Indicators are quite silent to the next price action. However, if trading conditions do not improve, the altcoin may drop as low as $36. If it does, AVAX may attempt $48.
