Following the stability in prices most cryptocurrencies had, we may expect further movement this week. A clear indication of this is the small increase in volatility over the last 40 hours. Although the candles were a mix of both colors, it offered hopes of better price movement.
However, let’s see how the global cryptocurrency market cap responded to this condition. There was no notable change in value at the end of the week as it closed a little closer to its opening price. Nonetheless, it dipped to a low of $802 billion.
Fundamentals were mostly bullish but had little or no impact on prices. One such is El Salvador’s plan to purchase one BTC daily. There was also an investment round that saw Matter labs raise $200 million.
There were also bearish stories as well. One such is that FTX CEO retained $300 million from an investment round for himself. Binance CEO stated that the bid to sell off FTT was one that would have happened a long time ago.
The market seems to be under equal pressure since the week started, let’s see how some assets will perform.
Top Five Cryptocurrencies to Watch
BTC/USD
Bitcoin was dealt sideways for the largest part of the week. It lagged to register any significant changes throughout the last five days. For example, on Monday BTC brought about its longest candle for the week. It cast $17k as it peaked at $17,130.
However, it had very little effect on prices as the coin failed to register any notable gains or losses. The low volatility went on into the next day as we discovered a smaller candle but also green.
Furthermore, BTC also attained a little resilience above $17k but ceased to register any meaningful increase or losses. The first red candle of the week came on Wednesday as the coin lost a few percent.
The next three days were marred with minimal movement. We may presume that the top coin has never undergone this level of dormancy since it became a tradeable asset.
On average, BTC moved by 0.30% during the timeframe under contemplation. A look at the weekly chart exhibited that the top coin may end the existing intraweek session with no significant losses or gains.
A look at the indicators shed more light on the existing condition of the market. One such is the Moving Average Convergence Divergence. As a consequence of the ample recent market conditions, the 12-day EMA and 26-day EMA are discerning a flat downtrend.
The same scene appears in Moving Averages. The Relative Strength Index was also stable. It moved between 35 and 37. A look at the chart indicated a straight line, depicting the last three days.
ETH/USD
Ethereum was not acquitted from the low volatility shattering the market. It made its largest moves during the first three days of the week. However, it failed to register any substantial gains and losses in price.
Like BTC, it had its longest candle on Monday as it peaked at $1,288. Nevertheless, it fell to a low of $1,172. A closer look at the candlestick shows a very small body differing from some of the largest last weeks.
The next day was better, however, it was superficial but green. Like most assets, Wednesday was marred with a small downtrend that saw the largest altcoin drop in worth.
As with other days, it ceased to register any gains or losses. However, the drop in volatility surpassed a remarkable amount as the last three days were filled with minimal price trends. On average, it gained or lost less than 1%.
On the weekly scale, the low volatility is also reproduced. We saw one of the tiniest candles over the last three months. Nevertheless, many credits the most recent state of the market to the ripple in self-custody after the FTX Fall.
The 50-day MA and 200-day MA are also seeing the impact of the most recent state of the market. The sideways movement also shows on RSI. We detected that the indicator moved around between — and — during this period.
BNB/USD
Binance coin also underwent a low trading proportion across the market. A clear inkling of this is the weekly chart. We detected a Doji depicting the earlier week’s price actions.
On Monday, it peaked at $291 but retraced to a low of $267. It closed at $278 after it opened trading at $278. Both rate marks revealed that the coin failed to register any significant increases during the intra-day session.
Moreover, We discerned a similar action as the asset under review retreated to its previous high. It boosted unhurriedly to a halt as it encountered strong resistance at $282. The next was a duplicate of this event.
Like BTC, the altcoin relished more price resilience during the first three days of the week differed from the rest.
On Friday, the asset had its biggest haul of the week. It peaked at $274 after opening the intra-day session at $267. It registered gains of almost 3%. It lost tempo the next day as it retraced to the earlier opening price.
About indicators, we discovered slight actions. A look at the Relative Strength Index exhibited that it ranged between 45 and 38. Regardless, we identified that it’s on a downtrend, and the metric is slowly touching 30.
The Moving Average Convergence Divergence is another metric on the downtrend. We saw that both the 12-day EMA and 26-day EMA are unhurriedly nearing their previous lows. We also discovered the exact trajectory in the Moving Averages.
XRP/USD
Ripple had a standard of volatility compared to most assets in the top 100. It saw most of the price action during the first three days of the week. On Monday, it rose from a low of $0.32. It peaked at $0.37 and wrapped up with gains of more than 10%.
The upswings persisted into the next day as it made further advancement. It tried testing the $0.40 resistance but lagged after a strong rejection at $0.39. Nevertheless gained almost 3% in the end. However, like BTC, its first red candle was on Wednesday.
It fell from $0.39 to a low of $0.36. It stopped the intraday session with losses of more than 3%. The next three days were marred with little or no substantial influence on prices. As a result, the asset failed to register any outstanding increases or decreases.
This deviated on Sunday as the altcoin had its massive price dip. It opened the intraday session at $0.38. It saw a tiny uptrend that saw it struggle to flip $0.40. Like the previous tries, it failed.
It closed at $0.36 with losses of more than 6%. This loss wiped out a large chunk of XRP’s amassed gains. Nevertheless, it ended the week with a price difference of more than 5%. This makes it one of the top gainers in the top 10.
A look at the indicators may offer more insight into how prices operated over the last seven days. MACD saw more actions. The 12-day EMA surged close to the 26-day EMA. This is proof of an inevitable bullish divergence.
ADA/USD
Cardano is another asset that underwent low volatility over the last seven days. Opening on Monday, it retraced to a low of $0.31 but regained. It peaked at $0.34 but closed with no notable gains or losses.
The bulls built on the lead as it gained more resilience above $0.34. Nevertheless, it dipped and failed to register any significant price changes. Like most cryptocurrencies, it had its first of the week on Wednesday.
It had a duplicate of what developed the previous day. This time, it was a red candle as the asset dropped by a few percent. It had a serious low as it retraced to a low of $0.32.
The next two days were marked by invariably low trading volume. As a result, it failed to record any significant price increases or decreases during the period under contemplation. This changed on Sunday as it encountered huge retracement.
It dipped to a low of $0.30. This was the largest candle on the chart and the altcoin’s largest move of the week as it lost more than 4%. On the weekly scale, it lost more than 5% of its value.
The Moving Average Convergence Divergence resumed its downtrend with no difference in trajectory over the last seven days. We also saw the same notion on RSI as trended around 38.
The bulls built on the lead as it gained more resilience above $0.34. Nevertheless, it dipped and failed to register any substantial price differences. Like most cryptocurrencies, it had its first of the week on Wednesday.
It had a repeat of what developed the previous day. This time, it was a red candle as the asset dipped by a few percent. It had a serious low as it retraced to a low of $0.32. Further, dip the next day as it lost the $0.32 support.
