The top cryptocurrencies to watch this week had a splendid performance during the previous seven-day session. They all flipped key resistance and may continue this trend.
A look at how their price movement affected the crypto market says the sector saw a lot of activity. For example, the session under consideration kicked off at $1.17 trillion. As a result of the increases in the prices of various crypto assets, the global cryptocurrency market cap gradually increased an peaked at $1.25 trillion.
This also marked the first time in more than a month the industry’s value is exceeding $1.22T. However, it retraced and dropped to a close at $1.21 trillion. Nonetheless, the valuation indicates a significant positive change in the worth of the crypto market.
It is also worth noting that fundamentals played a huge role in price action last week. One such was that Ripple gained partial victory over the United State Security and Exchange Commission.
Following this victory, the price of most altcoins, as well as BTC, went up. The price of Synthetix also hit a new peak after the announcement.
With the new intraweek session in view, the price of most cryptocurrencies may be stable as most of these asset trade with a channel. Nonetheless, let’s take a closer look at how some assets may perform.
Top Three Cryptocurrencies to Watch
BTC/USD
The previous week was marked with a lot of volatility. A closer look at the chart suggests that the apex coin saw significant gains and also massive losses. For example, the candle representing the previous seven-day session had a very small body compared to its wick.
This is an indication the top asset flipped key levels but lost them before the week ended. One such mark was the $31k resistance. BTC broke through it on Monday as it kicked off trading at $30k but gradually edged toward the mark. As a result, it peaked a little above $31,000. However, it retraced and dropped to a close at $30,421.
On Friday, following the bullish announcement, the coin under consideration broke through the highlighted barrier and moved further. After its opening at $30,383, it started an uptrend that saw it exceed its previous high and peak at $31,818. This also marked an attempt at the $32k resistance that failed. Nonetheless, it retraced to a close at $31,471 and recorded gains of more 3%.
However, it lost all of its gains during the next intraday session. It dropped below $30k ad hit a low of $29,960. It recovered and ended the day at $30,331. This indicates an almost 4% drop in the value and explain the candlestick on the weekly chart.
It is also worth noting that since this major drop in price, Bitcoin failed to surge. As a result, red candles marked trading actions over the last five days.
The downtrend is still present at the time of writing the apex coin is yet to register any notable gains. During the current intraday session, it dropped below its fourteen-day low and went as low as $29,521. However, it recovered but failed to return to its opening price.
Indicators are negative at this time which may indicate an impending retest of the $29k support.
XRP/USD
Ripple was the star of the previous week. Following its partial victory over the SEC, the coin saw a massive surge. Nonetheless, it is worth noting that the asset under consideration failed to register any significant change in value during the first four days of the week.
On Friday, XRP kicked off trading at $0.47 and saw a massive increase in buying volume. As a result, it also tremendous surge. It made an attempt at the $1 resistance but failed as it faced strong rejection at $0.94. It retraced to a close at $0.81 which signified a more than 70% increase in value.
Following this massive change in price, the altcoin struggled to hold on to key levels during the next intraday session. The bulls tried restarting the uptrend as it exceeded $0.82. However, it retraced and flipped the $0.70 support and went as low as $0.66. It recovered before the day ended and closed at $071. The close also indicates a more than 11% price depreciation.
With a focus on the new week, XRP is showing huge potential. Although the previous intraday session was bearish, the asset under consideration is seeing more increases at the time of writing. As a result, it flipped the $0.75 barrier and may end the session at $0.78.
Still overbought, the altcoin may face massive corrections that may send it as low as $0.65 within the next five days. On the other hand, it may break $0.80 and make an attempt at $0.85.
