Cryptocurencies had one of their biggest run during tehprevious week. We noticed several improvement in the prices of major asset which also reflected on the global cryptocurrency market cap.
The sectro kicked off the intraweek session at $1.18 trillion. Monday came with notable gains, however, the surges came as the week’s end drew close. During this period, the industry peaked at $1.287 T. Unfortunately, it had little downtrend and closed at $1.28 T, signifying a less than 5% increase.
Nonetheless, the increases were bouyed by individual crypto assets. One of the top gainers at the time was CSPR as it gained more than 36% during the previous intraweek session. Other alts followed with surges raging from 20% to 30%.
Fundamentals had little to no effects on price. After the negative CPI dropped on Wednesday, most assets struggled. However, the next two days were filled with “revenge buys.”
With the bullish momentum slowly cooling off, let’s examine how some asset may react this week.
Top Three Cryptocurrencies to Watch
BTC/USD
Bitcoin had a splendid performance last week. It broke several levels making the period one that many will not forget. The positive trend started on Monday and continued into the session.
During the first intraday session, it opened at $28,383 but surged and broke the $29k resistance. It peaked at $29,789 and closed with gains exceeding 4%.
On Tuesday, it flipped the $30k barrier. It kicked of trading at $29,657 and flipped the said barrier to the delight of the bulls. However, it made no significant moves above the resistance afterward. Addiitonally, it failed to record any notable improvement in value.
Over the next five days of the week, BTC struggled to hold on to $30k. It succeded as it ended the session at $30,330. It is also worth noting that it peaked at $31,000 on Thursday but dipped as demand concentration dwindled at the mark.
With regards to indicators, they were fairly positive during this period. For example, the Moving Average Convergence Divergence showed a bullish divergence that took place on Wednesday after both the 12-day and 26-day EMA intercepted.
The Relative Strength Index also shows that the top asset was overbought for the most part of teh previous week. It shuffled between 68 and 70 which was dangerous sign for BTC.
This feared scenario is playing out at this time as bitcoin is struggling to hold the $30k support. It lost during the previous intraday session but is back above at this time. As a result of this trend, MACD had a bearish divergence which may signal more price decreases.
One key level to watch over the next frve days is the $29k support. Although a short term barrier, we noticed a gradual increase in demand concentration at the mark. Nonetheless, if it failed, we may expect a retest of the $28k support.
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