UNI had one of the best runs during the best runs last. The surges were buoyed by news of a new crypto asset launch on the blockchain. The token, Urainium308 is the first uranium-based cryptocurrency. That aside, Uniswap had a significant boost in its market cap.
This also adds to the global cryptocurrency market cap. At the start of the week, it was valued at $1.41 trillion. As the week progressed, it dipped to a low of $1.38 trillion before rebounding. It soon recovered and peaked at $1.44T. Although it closed a little lower than its high, there was no significant change in the value of the crypto market on the weekly.
One of the top gainers over the last seven days was BLUR. It enjoyed a massive surge that took it as high as $0.68 as it failed to attain $0.70. Nonetheless, it dipped to a low of $0.29 after it briefly broke the $0.30 support. In the end, it closed with gains of more than 62.
The last 24 hours have been mostly calm for the crypto market, as the global cryptocurrency market cap lost 2%. Most assets are also yet to experience any significant changes in value. Let’s see what the next five days hold.
Top Three Cryptocurrencies to Watch
BTC/USD
Bitcoin’s performance during the previous week was less volatile than previous ones. A closer look at the weekly candle suggests that it failed to register any significant changes in value after it saw a higher low than it did two sessions ago. Nonetheless, it also set a new high for the year.
This happened on $37,312 but enjoyed small increases after a small drop to $37,200. Afterward, it tested the $38k resistance and broke it, peaking at $38,437. It soon retraced and closed with no notable change in value.
This is not the first time the apex coin tested the said barrier during that session. Following a retracement to a low of $35,651 on Wednesday, it surged to a high of $37,865. Although it had a small decline in price, it closed with gains of almost 5%.
With a focus on the new week, it is easy to conclude that bitcoin’s price trajectory is vague and lacks any strong momentum. For example, during the previous intraday session, the asset briefly lost $37k but reclaimed it. In the end, it closed with no notable change in price.
The same price movement is also unfolding at the time of writing. A similar situation played out in the week of October 30. BTC ended the week with no significant change in value afterward. The same may also play out following two weeks of such action. This may mean it may continue to trade within the same channel.
Nonetheless, in the event of a change in current market conditions, one of the key levels to watch is the $38k resistance as after a flip, the apex coin may gain stability above it. It is also worth noting that the cryptocurrency is also at risk of retesting $35k.
UNI/USD
Uniswap was one of the top gainers during the previous week. The candle suggests that it had strong volatility at the time as it has long wicks sticking out from both ends. It attained a high of $6.84 and a low of $4.82. In the end, it closed with gains of more than 18%.
The biggest highlight of the week took place on Wednesday. It opened trading at $4.84 and experienced a massive increase in buying volume. As a result, it broke the $5.50 resistance. it continued and flipped the $6 barrier. It faced strong rejections at $6.30. Nonetheless, it closed with gains of more than 26%.
Following the splendid performance during the previous week, UNI is currently struggling to stay above critical support. During the previous intraday session, it dropped to a low of $5.91. Although it recovered, it failed to record any notable changes in value.
During the current session, the altcoin went higher as it broke $6.50. However, it is retracing and dropped to a low of $6 but is exchanging at $6.22.
Indicators are pointing to a further decline in value. For example, the Moving Average Convergence Divergence is showing signs of a possible bearish convergence, The 12-day EMA halted its uptrend and is slightly arched downward. This may continue if current market conditions remain the same.
CAKE/USD
CAKE tested a key resistance during the previous intraweek session. Unfortunately, it failed to flip it making the second attempt at this critical level without any success. In the end, the asset closed with losses exceeding 7%.
One of the main highlights took place on Tuesday. It opened trading at $2.60 and attempted the $2.80 resistance but failed to break it as it faced strong rejections at $2.76. Afterward, it retraced to a low of $2.23. It ended the day with losses of more than 13%.
The new week is not looking better than the previous for the CAKE. During the previous intraday session, it broke the $2.25 support and hit a low of $2.13. It rebounded but closed with losses of more than 6%.
Although seeing small increases, the charts are silent as to the next price actions. One key level to watch is the $2 support. On the other hand, the altcoin may attempt $2.80 again.
