Cryptocurrencies had one of their biggest runs during the previous week. We noticed several improvements in the prices of major assets which also reflected in the global cryptocurrency market cap.
The sector kicked off the intraweek session at $1.18 trillion. Monday came with notable gains, however, the surges came as the week’s end drew close. During this period, the industry peaked at $1.287 T. Unfortunately, it had a little downtrend and closed at $1.28 T, signifying a less than 5% increase.
Nonetheless, the increases were buoyed by individual crypto assets. One of the top gainers at the time was CSPR as it gained more than 36% during the previous intraweek session. Other alts followed with surges ranging from 20% to 30%.
Fundamentals had little to no effects on price. After the negative CPI dropped on Wednesday, most assets struggled. However, the next two days were filled with “revenge buys.”
With the bullish momentum slowly cooling off, let’s examine how some assets may react this week.
Top Three Cryptocurrencies to Watch
Bitcoin had a splendid performance last week. It broke several levels making the period one that many will not forget. The positive trend started on Monday and continued into the session.
During the first intraday session, it opened at $28,383 but surged and broke the $29k resistance. It peaked at $29,789 and closed with gains exceeding 4%.
On Tuesday, it flipped the $30k barrier. It kicked of trading at $29,657 and flipped the said barrier to the delight of the bulls. However, it made no significant moves above the resistance afterward. Additionally, it failed to record any notable improvement in value.
Over the next five days of the week, BTC struggled to hold on to $30k. It succeeded as it ended the session at $30,330. It is also worth noting that it peaked at $31,000 on Thursday but dipped as demand concentration dwindled at the mark.
With regards to indicators, they were fairly positive during this period. For example, the Moving Average Convergence Divergence showed a bullish divergence that took place on Wednesday after both the 12-day and 26-day EMA intercepted.
The Relative Strength Index also shows that the top asset was overbought for the most part of the previous week. It shuffled between 68 and 70 which was a dangerous sign for BTC.
This feared scenario is playing out at this time as bitcoin is struggling to hold the $30k support. It lost the mark during the previous intraday session but is back above at this time. As a result of this trend, MACD had a bearish divergence which may signal more price decreases.
One key level to watch over the next five days is the $29k support. Although a short-term barrier, we noticed a gradual increase in demand concentration at the mark. Nonetheless, if it fails, we may expect a retest of the $28k support.
Solana also attained its milestone during the previous intraweek session. Like most cryptocurrencies, it revisited levels it hasn’t since last year. It is also worth noting that the previous session was the most bullish for the asset in almost three months.
A look at the chart reveals that cryptocurrency had a good start. It kicked off the first intraday session at $20 and made an attempt at the $21 resistance. Unfortunately, it failed but peaked a $20.9 and closed at this level. This signifies a more than 3% increase.
Tuesday was the main highlight of the week as the coin had one of its biggest surges. It broke two major levels during the session. It flipped both the $21 and $23.5 resistance. The day ended with SOL exchanging at $23.7, indicating a 10% increase.
The asset had small bullish moments before another breakthrough on Sunday. It flipped the $25 barrier and ended with a positive change of almost 5%. This also set the tone for the present week as indicators like the Relative Strength Index hint at massive downtrends.
We noticed that Solana was overbought. During the previous intraday session, it had a notable price decrease. It dipped as low as $24 after it flipped the $26 resistance. The day ended with the coin losing more than 3%. The current session is not promising.
Although a green candle, it is a doji. This is a clear indication of the notable grapple for dominance as selling pressure and buying pressure are almost at equilibrium.
It is also worth noting that SOL had a death cross on the Moving Averages during the previous week. This may also play against the bulls as technical indicators are mostly bearish. One level to keep an eye on is the $22 support. Once it flips, we see an attempt at the $20 barrier.
One of the newest additions to the crypto market is Arbitrum. Following weeks of massive following from the crypto community, the asset is experiencing trends across the crypto market.
Like most cryptocurrencies, ARB had a massive surge during the previous week. Kicking off trading at $1.18 it broke $1.2 on Monday and peaked at $1.27. Nonetheless, it closed at $1.24 and recorded gains of more than 5%.
One of the main highlights of the week was on Thursday when the asset flipped the $1.30 resistance. That marked a breakthrough as the coin went under it two weeks ago and failed to surge above it. The cryptocurrency went as high as $1.37 and closed with positive changes of more than 14%.
Friday brought the biggest yields. ARB was edging toward $1.80 but halt in it tracks. This was because of strong resistance at $1.75. Nonetheless, it registered increases of more than 23% which also reflected on the weekly performance of the asset.
It gained a whopping 45% but is showing signs of an impending downtrend.
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