NEAR as well as other altcoins coin recorded significant gains during the previous intraweek session. As a result, it was one of the gainers altcoin market cap continues to grow.
This growth also had a huge effect on the global cryptocurrency market. It kicked off the previous week at $1.64 trillion and hovered within this range for the first three days of the session. However, trading conditions started changing on the fourth day as most cryptocurrencies saw notable price increases. As a result, the sector’s worth started an uptrend that lasted the whole of the remaining days and peaked as high as $1.82 trillion.
The change in value during the previous intraweek session meant that the market surged by almost 10%. This is not the case at the time of writing as it seems the uptrend is coming to a gradual halt. Over the last 24 hours, there’s barely been a change of up to 2%.
It is worth noting that the global cryptocurrency market cap surged to its highest in more than a year. It peaked at $1.88 trillion during the previous intraday session.
Following the massive gains most assets had yesterday, many traders are gearing up for corrections across various assets. Will this happen?
Top Three Cryptocurrencies to Watch
BTC/USD
Bitcoin went against previous predictions and recorded one of it biggest surges. The main catalyst is fundamentals. The surge came after the announcement of Microstrategy adding to its back of the precious cryptocurrency. As if in a frenzy, other institutions added to their portfolios. The latest happened yesterday as the top asset peaked.
In the wake of the large fund flow to the top coin, BTC started an uptrend. One of the main highlights of the week happened on Wednesday. For the first time in more than fourteen days, it broke through the $44k resistance and surged higher. This took place after it started the day at $43k. It closed the session at its peak which meant an almost 3% increase.
Another highlight took place on Friday when the apex coin had its biggest surge of the week. It started the day at $45,299 and experienced a notable increase in buying volume. As a result, it surged to a high to a high of $48,201 but retraced due to strong corrections at the mark. Nonetheless, it closed at $47,161 which indicates a more than 4% positive change in value. In the end, BTC gained more than 13% on the weekly scale.
With a focus on the new week, bitcoin had another splendid performance during the previous intraday session. It opened trading at $48,313 and broke $50k for the first time in more than a year. However, it closed below it and dropped to $48k a few hours ago.
It is worth noting that the coin has also recovered and is exchanging at $49,700. Many may take this as a sign of the uptrend continuing. On the other hand, the candlestick closely resembles a hammer. If the trend holds true, BTC may see a significant downtrend in the coming days. Nonetheless, it could also gain stability above $50k.
LINK/USD
Two weeks ago, LINK gained more than 25%. Many expected notable corrections after this but it never came. The 1-week chart further depicts the continuation of the uptrend it enjoyed. The candle representing the previous week shows that it gained more than 11%.
One of the main highlights took place on Sunday. The altcoin kicked off trading at $19 and briefly dropped below the opening price. Following its rebound, it surged and broke the $20 barrier for the first time in more than a year. It continued as it peaked at $20.7. It soon retraced and closed a little above the resistance, which meant a more than 5% increase.
This week, LINK attempted $21 but fell short at $20.9. At the time of writing, it is currently experiencing a price decline. Due to this, it is already down by more than 3%. Indicators are pointing to a possible continuation of the downtrend. A closer look at Moving Average Convergence Divergence reveals that the 12-day EMA is slightly arched. This means it halted its uptrend and may start the process of a bearish convergence.
For this to happen, the asset may drop as low as $19. However, it is worth noting that the said mark is not one of the toughest. As such, a drop to $18 is more likely.
