Top Three Cryptocurrencies to Watch This Week: BTC, WLD, XMR

WLD has been one of the top gainers over the last seven days. The reason for the gains it accumulated during this period was something related to its ecosystem. The coin had a massive increase in customers as it surpassed 1 million daily users. 

The sudden increase in the worth of the asset shot it up the ranks of crypto’s top 100. As a result, it is at 88, flipping other coins and tokens to claim this spot. 

In addition to the WLD registering massive gains, it is safe to say it was one of the assets that contributed to the increase in the global cryptocurrency market cap value. It opened the previous week trading at $1.80 trillion. The chart shows that it surged for the most part of the week. Due to this, it peaked at $1.96 trillion. This represents an almost 10% positive change.

The surge is still ongoing this week. During the previous intraday session, the valuation was $1.98 trillion. A few hours ago, it edged closer to $2 trillion but is at $1.96 trillion at the time of writing. Will the surges continue?

Top Three Cryptocurrencies to Watch 

BTC/USD

The previous week was another bullish period for the apex coin. It closed the session with gains of almost 8% as it broke through several barriers. The asset continues to see more increases in buying volume as it continues to climb.

For the first time in more than two years, bitcoin broke $52k. This happened on Wednesday, BTC started trading at $49,728 and experienced a gradual hike in value. It continued upwards after flipping $50 for the third time in three days. It soon tested $52,000 and peaked at $52,098. Although it saw small corrections, it ended the day with gains of more than 4%. 

With a focus on the new week, the largest cryptocurrency by market cap attained a new milestone. A few hours to the time of writing, it broke $53k. However, following the flip, it had a small retracement that sent prices as low as $50,800. 

Flipping $53,000 came as a surprise to many as they expected a significant downtrend. This comes after the coin spent the last five days hovering around $52k with no notable move at breaking out. As a result, the Moving Average Convergence Divergence may be printing a strong bearish signal.

This comes after the 12-day EMA halted its uptrend. It’s been trending almost in parallel as opposed to the surging 26-day EMA. This is a sign of an impending bearish convergence. As with previous times, this could signal more downtrends for BTC. 

Nonetheless, this week, one of the key levels to watch is the $50,800 support. Over the last six days, the apex coin tested this mark twice but failed to break it. If it breaks, the coin may drop as low as $48k. 

WLD/USD

A closer look at Worldcoin’s performance during the previous seven-day period reveals the effect of demand and supply. On the weekly chart, it had one of the longest candles representing trading actions during the previous intraweek session. In the end, the asset gained more than 140%.

The daily chart further expresses how bullish the coin was. Nonetheless, it had its biggest surge of the session under consideration on Friday. It opened trading at $3.46 and surged, flipping its two-month high at $4. It continued upwards as it broke the $4.50 resistance and peaked at a cent higher. It ended the day with gains of more than 28%.

It seems the uptrend might continue this week. During the previous day, the coin gained more than 29% as it tested $8. However, it is currently down by 12% at the time of writing. This comes after it dropped to a low of $6.15. The most recent might be the start of another round of price declines. 

Supporting this claim is RSI. As per the metric, WLD is overbought as it’s currently at 78. More corrections may send it below $5.50. Nonetheless, it might attempt $8 again before the week runs out.

XMR/USD 

Monero is defying the odds as it continues trading above $100. Two weeks ago, Binance announced it’ll no longer support the asset. In the wake of this announcement, many HODLers sold off their bags. However, the coin buyback as it recovered from a low of $100. Over the past week, trading continued above $117.

On the weekly scale, there were not many price changes. It surged to a high of $131 but dropped to a low of $117. In the end, it closed with no significant changes in value. Nonetheless, the candle representing that price action closely resembles an inverted hammer. Traditionally, this candlestick appears at the end of a downtrend. Could this be the end of the XMR price struggles?

Witha focus on the current week, the asset is recovering from a downtrend it suffered during the previous intraday session. As a result, it is up by more than 9%. If the current bullish trend continues, XMR may retest $130 in the coming days.