Trading actions over the last seven days were some of the most volatile. We noticed that most cryptocurrencies saw notable increases at the time. Others recorded massive decreases.
One such top loser is Arbitrum. The asset is currently down by more than 90%. In what many describe as a rugpull, the coin is recovering from all-time low of $1.10. STX was also on the list of top losers, as it dipped by 12% last week.
On the global scale, the crypto market was fairly stable as there was no huge increase or drop in price. Nonetheless, there were a lot of fundamentals that failed to impact prices.
One such is the announcement by Tether. The financial service provider and the issuer of the USDT stablecoin anticipate making $700 million in profit in the first quarter (Q1) of 2023, which ends March 31.
In other news, investors finding justice as Titanium CEO may spend the next few years behind bars for a $21 million fraud. Another event was that the $100 million purchase deal for Thailand-based cryptocurrency exchange Zipmex failed since its rescuer failed to make the $1.25 million payment that was scheduled on March 23rd.
With the new week in focus, there is a lot of [anticipation as to how prices may perform. Let’s go over some crypto assets.
Top Three Cryptocurrencies to Watch
BTC/USD
Bitcoin price during the previous week was one that depicted a notable struggle between bears and bulls. It kicked off at $28k but failed to record any notable changes in value during the first two days of the period under consideration.
This changed on Wednesday as the coin retraced to a low of $26,688. Although it had a slight recovery, it failed to erase the losses. As a result, it closed with a decrease of more than 3%. We noticed a similar event played out on Friday and the apex coin had the same level of decrease.
Nonetheless, on Thursday, the top asset had its biggest hike as it attempted to erase Wednesday’s loss. During the last two days of the week, BTC had a meager increase. Due to this, it failed to record any notable improvement in worth.
On the part of indicators, we noticed several readings that could affect price performance. The first metric to consider is the Moving Average Convergence. We noticed that both the EMAs are gradually slowing down their ascent. As a result, we are seeing a bearish convergence.
With a divergence coming up, the first level to watch is $26k support. During the previous seven-day period, the apex coin dipped to a low of $26,688. It went lower during the previous intraday session and dipped to $26,500. We may see the asset retest the $26,000 barrier.
It is also worth noting that a change in market conditions may result in an uptrend for the top coin. If that happens we may expect a retest of the $28k resistance.
LTC/USD
Litecoin had a splendid performance during the previous week. It opened the week at $84 and dipped to a low of $75. Many would conclude that it wasn’t a good start to the previous intraweek session. However, LTC closed with notable improvement in price.
On Tuesday, it tried flipping the losses but peaked at $83; closing with gains of more than 5%. It achieved the highlighted feat on Wednesday when it retested the $88. The altcoin briefly flipped it but retraced to a close at $86. Nonetheless, it registered gains of more than 5%.
LTC’s biggest rally happened on Thursday as it broke the $90n barrier. Afterwards, it surged to a high of $94. Although it experienced a light retracement, the session ended with a positive change of more than 7%. These increases also reflected in the weekly scale.
Litecoin ended the previous week with gains of 11%. Indicators were also positive at the time as the Relative Strength Index remained below 60 and MACD continued its uptrend.
Trading action during the previous intrady session was one many would love to forget as the altcoin lost almost 5%. This also reflected on other metrics like the Moving Average Convergence Divergence.
At the time of writing, the 12-day EMA is arched downwards; indicating the start of a bearish convergence. This is an indication of further downtrends that may see the asset under consideration retest the $80 support. On the other hand, it may reclaim $90.
STX/USD
Like most cryptocurrencies to watch this week, Stacks is not off to a good start. Following a troubling start to the week that saw it lose almost 10%, many are lookin forward to more improvement in price.
At the time of writing, STX is up by more than 9%. If the current trend continues, it may retest $1.20 before the end of the session.
