Top Three Cryptocurrencies to Watch This Week: BTC, SOL, MATIC

MATIC is making promising gains at the time of writing. The coin is benefitting from positive fundamentals that may guarantee it surges.

This may be a sign that the crypto market may see more volatility this week compared to the previous. Over the last seven days, the crypto market lost a small fraction of its value when it above $1.20 trillion but closed at $1.17 trillion. It’s also worth noting that the sector’s value dipped lower than the close.

True to the previous paragraph, the global cryptocurrency market cap is seeing more increases. This is due to positive fundamentals from some altcoin. For example, Polygon just went through an upgrade which traders are excited about.

As per Lookonchain, a BNB whale moved crypto worth more than $30 million to Binance. Other transactions out of exchanges also happened. As a result, the crypto market is up by a few percent. If the current wave of positive news continues, the global cryptocurrency market cap may also see significant changes.

With regards to the top gainers, altcoins like SOL and COMP gained 14% and almost 5% respectively. On the other hand, FTM was the top loser over the last seven days as it lost 14%.

A look at the charts hints that the next five days may be different from the previous week. Let’s go over some assets that may edge others during this period.

Top Three Cryptocurrencies to Watch

BTC/USD

Bitcoin’s performance during the previous was one that showed small volatility compared to some weeks back. During this period, the apex coin maintained trading within a small channel. As a result, it failed to register any significant gains.

The coin also suffered significant losses in response to several times it broke out of the pattern. This also reflected on the weekly scale as a long red represented the previous week’s performance. A closer look at the chart suggests that the apex asset lost almost 2% which was more than the fraction it gained two weeks ago.

However, the candle has long wicks. On Tuesday, the cryptocurrency started a three-day downtrend that saw it lose more than 4%. During this period, the asset peaked at its highest for the seven-day period. It flipped $31k and hit a high of $31,500. Afterward, it dipped and broke the $30k support for the first time during the seven-day period. It also failed to reclaim the lost level.

On Friday, the coin saw slight recovery and reclaimed the lost support. As a result, it closed with a green candle. The last two days of the week were a little bearish as two red candles represented trading actions.

With a focus on the new intraweek session, BTC is off to a good start. Opening the week at $30k, the apex coin surged to a high of $31k but retraced. As a result, it closed a little above its opening price.

Bitcoin is seeing the continuation of the previous day’s trend at this time. It is up by a small fraction and is showing signs of more price increases. For example, the Relative Strength Index is on an uptrend which may also affect the Moving Average Convergence Divergence and cause a bullish convergence.

SOL/USD

Solana price performance during the previous week was filled with a lot of volatility. As with the previous week’s, it broke more resistance and registered notable changes in price at the of the seven-day period. It closed with gains exceeding 9%.

A closer look at the daily chart suggests that the asset had a bad start to the period under consideration as it failed to record and significant increase in price. As a result, it lost almost 3% in the first 72 hours. Nonetheless, the altcoin made an attempt at the $20 resistance but failed on Tuesday and retraced. One notable thing about this attempt is that the candlestick was an inverted hammer which hints at an impending surge in price.

The hike started on Thursday when the coin opened trading at $19 and retested the $21 barrier. However, it failed in its bid and dropped to a close at $19.60. Nonetheless, it closed with gains exceeding 3%.

SOL had its biggest surge the next day. It tested the highlighted mark again and broke it. It edged closer to $22 but faced a massive rejection at $21.7. As a result, it lost a small fraction of the accumulated gains. Nonetheless, it closed at $21.5 with gains of almost 10%.

With a focus on the new week, a doji represented solana’s price actions on Monday. This means that it failed to register any significant increases or decreases. It is also worth noting that the asset under consideration experienced strong rejections at $22.

SOL is back to flipping resistance as it broke the highlighted barrier a few hours ago. With this in mind, it is important to look at RSI. Currently above 70, the altcoin is overbought. This may signal an impending correction in price.

MATIC/USD

A look at MATIC price chart suggests an intense struggle for dominance between the bears and bulls. After a very good start to the week that saw the asset break the $0.70 barrier, it was negative over the next three days.

It had one of its biggest losses on Wednesday. This happened after it lost the highlighted mark during the previous intraday session. It started the third day of the week at $0.69 and dropped to a low of $0.66. It failed to recover and ended the day with losses exceeding 3%.

This week, MATIC is off to a good start. It is seeing one of its biggest surges in more than two months. It reclaimed $0.70 and made an attempt at $0.75. However, it failed as it retraced at $0.74. Nonetheless, it closed with gains of more than 6%.

Although seeing small gains during the current intraday session, there are no indications of bearish changes to prices this week. The altcoin may retest the $0.81 resistance within the next five days.