The past week was termed “unfruitful” as most cryptocurrencies failed to record any significant increase. The crypto market opened the timeframe at $1.8 trillion and peaked above $1.9 trillion. Unfortunately, it closed the same way it started.
The sector dipped below $1.8 trillion due to bearish grip on Monday. The industry recovered from the dip but was unable to maintain the same momentum throughout the seven-day period. The image below for expresses the state of the market during this timeframe.
Source: Coin360
Based on this depiction, we observed that the only major coin flashing green is LUNA. The other projects are all red, indicating a drop in their value. One of the worst-hit cryptocurrencies is HNT as it lost 15% over the last seven days.
Waves trail behind with an almost equal value. Apecoin is making a comeback after failing to excite last week. It is currently up by more than 35%. The state of the market is not surprising as the fear and greed index has failed to show signs of a move out of extreme fear.
Most Cryptocurrencies Fail to Surge
Many were expecting a repeat of the past week that saw most cryptocurrencies rebound at their various supports and start a two-day uptrend. Current market momentum indicates that market sentiment is still the same and more corrections have been seen.
Although there have been further improvements in the fear and greed index, there have been no such interpretations on the charts. Almost all major coins are down by a few percent and are showing no signs of an impending uptrend.
However, a recent survey reported today by the Bitcoin Mining Council (BMC), a voluntary global group of bitcoin miners who are committed to the network and its core principles, has revealed that Bitcoin mining is becoming more energy-efficient.
Kraken has also secured a Financial Services Permission (FSP) license from Abu Dhabi Global Market (ADGM) to operate as a regulated virtual asset exchange. These are some of the positive stories that have hit the market. Will they have a positive effect on market performance over the next six days?
Top Three Cryptocurrencies to Watch
BTC/USD
BTC experienced bullish action after a dip to its 30 day low. Regaining control at $38,500, the bulls pushed the apex coin to a return above $41,100 but closed the intraday session at $40,800.
Tuesday was the last day for the uptrend as the largest cryptocurrency by market cap made an attempt at $42,000 but stopped due to strong resistance at $41,700. The 24 hour period ended with the asset trading at $41,493.
Thursday saw the top coin surge to its highest for the week as aimed at flipping the $43,000 resistance but failed as it faced intense selling pressure at $42,976. It dipped as low as $39,751 and closed a little above $40,000.
The coin closed the week above its first pivot point support. Additionally, the Relative Strength Index (RSI) suggested that the retracement may extend as it was at 39.4.
The Moving Average Convergence Divergence (MACD) also had most traders on edge as both Moving Averages hint at BTC experiencing a bullish convergence. Unfortunately, both MAs have been close since on Wednesday and is yet to seal the bullish signal.
With market conditions remaining the same, we may expect the $37,000 support to be tested before a possible rebound. However, it is important to defend the $38k support as failure to do so may mean an extended stay at sub-$40k. A change in market sentiment may see Bitcoin aim for $40,000 and depending on the momentum, we see an attempt at $42k.
ETH/USD
Like BTC, Ether experienced a massive selloff that saw it dip to its lowest over the last 30 days. Following the dip to its 30 day low, a buyback was staged. Regaining control at $2,880, the bulls pushed the apex coin to a return above $3,000 but closed the intraday session at $3,056.
Ethereum saw minimal trading volume on the second day of the week. This marked the last day for the uptrend as the largest alt by market cap made an attempt at $3,200 but stopped due to strong resistance at $3,132. The coin failed to record any significant gains as it closed at $3,102.
Another attempt at the highlighted level was seen on Thursday as the asset under consideration aimed at flipping the $3,200 resistance but failed as it faced intense selling pressure at $3,179 – the highest for the week. It dipped as low as $2,940 and closed at $2,983.
ETH closed that session with a more tha 3% decrease – the largest dip over the last seven days. The coin closed the week very close to its pivot point, which may indicate an impending uptrend. Additionally, the Relative Strength Index (RSI) suggested that the retracement may extend as it was at 41.8.
The Moving Average Convergence Divergence (MACD) also had most traders on edge as both Moving Averages hint at BTC experiencing a bullish convergence. Unfortunately, both MAs have been close since on Wednesday and are yet to seal the bullish signal.
There has been no improvement in price trajectory. This suggests that until market sentiment changes ether may retest $2,700 or close the week below it. A dip below $2,800 will spell bad omen for the coin as it increased the chances of further decrease. However, a refinement of current market trends may result in several attempts at $3,000.
APE/USD
Apecoin is one of few cryptocurrencies that resisted the bearish dominance that permeated the market last week Monday. Although it saw very little trading volume and a small increase in price, it failed to record any notable gains.
Tuesday saw the continuation the uptrend. However, on a larger scale as the token under consideration retested and flipped the $13 resistance. It open the intraday session $11 and closed above $13, which indicates a more than 12% increase.
During the third day of the week, APE recorded its biggest surge. For the first time in 30 days, it tested the $17 resistance and flipped. Unfortunately, the victory was short lived as it fell below the mark. Opening Wednesday at $13 and closing $16.7 depicts a more than 25%.
Apecoin on Thursday experienced its biggest loss as it dipped by almost 15%. It closed the intraday session at $14. The token for the first time closed the week very close to its pivot point, which may indicate an impending uptrend. However, the Relative Strength Index (RSI) was printing warnings as it was at 65.
The indicator warned that APE may become overbought. On the other hand, the Moving Average Convergence Divergence (MACD) suggests that the downtrend may not take place week as it is yet to experience a bearish convergence. This is a result of both MAs growing apart since on Wednesday and is yet to seal the bearish signal.
With market conditions remaining the same, we may expect the $16 support to be tested before a possible rebound. However, it is important to defend the $17 support as failure to do so may mean an extended stay at sub-$16. A change in market sentiment may see Apecoin aim for $20 and depending on the momentum, we see an attempt at $23.
Source: https://coinfomania.com/cryptocurrencies-to-watch-this-week-btc-eth-ape/#utm_source=rss&%23038;utm_medium=rss&%23038;utm_campaign=cryptocurrencies-to-watch-this-week-btc-eth-ape