NEAR recently hinted at a possible partnership with computer chip maker, NVIDIA. While there are wide speculations as to what the deal entails, many look forward to it.
Notably, the previous week was filled with a lot of uptrends for the coin. However, the failed to have any significant impact on the global cryptocurrency market cap. It started the past week at $2.56 trillion but retraced as several cryptocurrencies suffered losses in value. Recovery started on the third day as it returned to its opening price. In the end, the industry ended the previous intraweek session with losses of almost 5%.
Internet computer was one of the top gainers over the last seven days. Amidst the downtrend, it gained more than 20% as it reclaimed $15 after rebounding at $10.
With a focus on the new week, it is clear that the crypto market is bubbling. The last 24 hours were some of the most interesting as several major cryptocurrencies reclaimed levels they lost. One such is WIF. It is currently up by almost 20% and exchanging at $3.25.
ICP and other assets are also on the rise. Will they sustain the trend for the remainder of the week?
Top Three Cryptocurrencies
BTC/USD
A look at Bitcoin’s weekly chart suggests that the apex coin struggled during the previous seven-day session. The candle representing the said session is a hammer. However, it has a long wick sticking out which depicts a dip to a low. It further showed that the apex retraced to a level it hasn’t in more than ten days.
One of the biggest highlights of that period took place on Tuesday. BTC started exchanging at $67,600 but retraced after a small hike. As a result, it tested and broke the $62,000 support to register a low of $61,447. It started recovering but ended with losses of more than 8%. This was the same figure it gained the next day as it reclaimed the lost level.
The new week has offered signs of further price increases. During the previous intraday session, it tested and broke $70k and was heading for $72k but faced a huge wall as it peaked at $71,213. A few hours ago, it went further but failed to flip the said mark.
It is worth noting that a positive close today will mark BTC’s fourth consecutive green. Notably, indicators are reacting to the latest change in trend. For example, the Moving Average Convergence Divergence is currently printing bullish signals.
A closer look points to the 12-day EMA halting its downtrend and heading for an interception with the 26-day EMA. However, the Accumulation and Distribution channel is painting a different picture. This comes after a slight downward arch amidst current increases.
With MACD in view, it is safe to conclude that the apex coin is set for a new all-time high this week. It may test $75k as the quest continues. Nonetheless, there’s a huge chance of a slip to $64k if the A/D prediction of price declines play out.
SHIB/USD
Shiba Inu failed to recover from the losses it incurred two weeks ago. The past seven-day period was another bearish period for the memecoin. As a result, it lost more than 4%. This comes after it dropped to a short-term support but recovered.
Nonetheless, one of the highlights of the session took place on the first day. It opened trading at $0.000029 but retraced to $0.000026. Although it had a small recovery, it closed with losses of 9%. A similar event took place during the next day with losses of more than 7%.
Over the last four days, SHIB gradually climbed lost levels. During the previous intraday session, the memecoin briefly flipped $0.000030 but retraced to a close of $0.000028. It is continuing the same bullish trend. A few hours ago, it attempted $0.000032 but failed as it peaked at $0.0000318.
Indicators are pointing to a possible continuation of the market trajectory. For example, the Moving Average Convergence Divergence is currently printing bullish signals. A closer look points to the 12-day EMA halting its downtrend and heading for an interception with the 26-day EMA.
To this effect, the memecoin may attempt a return to $0.000035. To do this, it has break out from $0.000030. This is especially true as the asset is about to close the second day below the mark.
