Most cryptocurrencies to watch this week are some of the best-performing during the previous intraweek session. A clear evidence of this in the top crypto top 100s. These assets are the top gainers over the last seven days and are showing huge signs of more price increases.
Before delving into these cryptos, let’s see how the crypto market performed over the last seven days.
The sector under consideration kicked off at $1.05 trillion and peaked at $1.07 trillion. One key event took place on Wednesday. The global cryptocurrency market dropped to a low of $1.01T. However, it recovered and ended the week at $1.06 trillion. This means that it failed to register any notable increase or decrease during the period under consideration.
The main reason for the drop in value was the negative CPI. An increase in this metric led the market to be in a bearish frenzy that lasted almost the whole day.
A look at the top gainers over the last seven days showed that exchange tokens are recovering from the massive decrease they suffered two weeks ago. This comes after several legal actions by the United States’ SEC.
The next seven days hold a lot of mystery, let’s go over some key assets to watch during this period.
Top Three Cryptocurrencies to Watch
BTC/USD
Like most cryptocurrencies to watch, Bitcoin saw a lot of volatility during the previous week. A look at the weekly chart suggests that both the bears and the bulls had moments of dominance. The candle representing the period under consideration is a green doji with an extended week to the bottom, lower than it was two weeks ago.
During the previous week, the apex coin kicked off trading a little slow as it failed to register any notable increases over the first two days. However, this changed on Wednesday after the negative fundamental.
It kicked off the intraday session at $25,935 but retraced as selling pressure mounted. As a result, flipped the $25k support and dipped to a low of $24,819. Although it saw slight recovery, it closed with losses of more than 3%.
After this event, it spent the next day gearing up for a significant move to the top. One significant moment happened on Friday. BTC started the day at $25,567 and dropped to a low of $25,188. It rebounded and surged to a high of $26,485 flipping the $26 resistance. It also closed above this critical level with gains of almost 3%.
Following the previous week’s action, many are looking forward to better price performance this week. Indicators also support this assumption as the Moving Average Convergence Divergence Showed a bullish divergence that took place on Sunday.
The Relative Strength Index is also on the rise in response to a massive increase in trading volume, with dominance favoring the buyers. It is currently above 60 at the time of writing.
If the present trading conditions last through the week, Bitcoin may shoot for $30k before it runs out. Nonetheless, after, reclaiming $26k, it may serve as a key support through the next five days.
KCS/USD
One of the top gainers during the previous week was an exchange token; Kucoin token. It had significant increases that saw it erase almost all of the value it lost two weeks ago. A look at the daily chart also suggests the asset under consideration had a lot of volatility.
One of the biggest moves happened on Thursday. After holding on to the $6 support for more than three days, it kicked trading at the mark and gradually edged towards other key levels. One such was the $7 resistance. The altcoin broke through it and peaked at $7.10. However, it retraced and closed at $6.81 which signified a more than 12% change in value.
On Friday, KCS had another key moment. It flipped the $7 barrier and attempted $7.5. The trial was unsuccessful as the token met strong rejection at $7.43. Nonetheless, this time, it closed above $7 and registered gains of more than 8%.
With a focus on the new week, the altcoin is not kicking off strong. On Monday it lost the $7 support and dropped to a low of $6.28. Although it rebounded, this action made little to no dent in the projected losses. As a result, it closed with a negative change of up to 9%.
Due to this price action, indicators like MACD and RSI are also reacting. The 12-day EMA is arched downwards and starting the bearish convergence phase. The Relative Strength Index also dipped to 40.
However, the asset is showing signs of recovery at the time of writing. Although not significant, the green candle representing the current intraday session caused a change to the trajectory of RSI. It is currently on the increase and may be an indication of better price performance.
One key level to watch is the $6 support. A flip may result in a drop to $5.5. On the other hand, KCS may reclaim $7.
TWT/USD
Trust wallet is another asset on the list of top cryptocurrencies to watch this week. It had a volatility-filled performance during the previous intraweek session. A look at the daily chart suggests it was mostly bullish with several green candles. On the weekly scale, the asset under consideration is one of the top gainers as it gained more than 22%.
TWT is also kicking the current seven-day period strong as its up by a few percent. During the previous intraday session, it gained almost 4%. However, its currently recovering from a downtrend it suffered a few hours ago. Does this mark the end of the surge?
It is important to bear in mind that indicators are still positive.
