The majority of cryptocurrencies had stronger uptrends throughout the previous week, which has helped the cryptocurrency market recover. The value of the total market capitalization of cryptocurrencies saw significant fluctuations.
One such example is the 8% growth it experienced during the previous seven days. The distribution of price increases is further shown in the graphic below.
The aforementioned chart showed that although some assets had insignificant price changes, others experienced stronger uptrends. Bitcoin is one such asset with a modest price gain.
Compound is in first place among the top gainers with a gain of more over 35% for the time frame under discussion. Shiba Inus trail with a nearly same price change as well. XDC was the biggest loser, suffering a loss of more than 19 percent.
The majority of cryptocurrencies rebounded from the bearish and rose to heights not seen in days, much to the delight of traders. The fear and greed index is one metric that captures this sentiment.
At the beginning of the last seven-day session, the metric was 9, and it is now 14. Will the price of cryptocurrencies keep rising in the future? The top five coins to watch this week are listed below.
BTC/USDC
The top currency closed last week without seeing a substantial price gain. But after bitcoin flipped the $20k support, trade activity during the first intraday session stoked worries that it may plunge to levels not seen in days.
The feeling persisted the next day as the bulls unsuccessfully tried to overcome more obstacles. As the pinnacle coin suffered its worst loss since the beginning of the week on Wednesday, the bears took full control of the market.
Nonetheless, on Friday, BTC surged by more than 5%, erasing the previous losses. Bitcoin price gained less than 3 percent from the previous week’s finish at $21,000. The closing of the indicators was positive.
Throughout the week, the Relative Strength Index was over 30 and reached a peak of 40. The currency has begun a trend identical to the one from the previous intraweek session. Two days have passed with hardly any volatility and no notable price movements.
The Moving Average Convergence Divergence is now in a downtrend and will start a negative convergence shortly, as we have seen. If that occurs, we may anticipate further price reductions over the next few days.
The $19k support is one of the crucial levels that traders are closely monitoring. BTC may cross the level by the end of the week, depending on the strength of the selling push. However, these two days had consistently low volatility, mirroring the trend from the previous week.
If the pattern continues, we may expect bitcoin to experience buybacks soon and experience a level of uptrend. This may facilitate another attempt above $21,000.
ETH/USD
The top currency closed last week without seeing a substantial price gain. But after bitcoin flipped the $20k support, trade activity during the first intraday session stoked worries that it may plunge to levels not seen in days.
The feeling persisted the next day as the bulls unsuccessfully tried to overcome more obstacles. As the pinnacle coin suffered its worst loss since the beginning of the week on Wednesday, the bears took full control of the market.
But on Friday, BTC rose by more than 5%, wiping all the prior losses. Bitcoin gained less than 3 percent from the previous week’s finish at $21,000. The closing of the indicators was positive.
Throughout the week, the Relative Strength Index was over 30 and reached a peak of 40. The currency has begun a trend identical to the one from the previous intraweek session. Two days have passed with hardly any volatility and no notable price movements.
The Moving Average Convergence Divergence is now in a downtrend and will start a negative convergence shortly, as we have seen. If that occurs, we may anticipate further price reductions over the next few days.
The $19k support is one of the crucial levels that traders are closely monitoring. BTC may cross the level by the end of the week, depending on the strength of the selling push. However, these two days had consistently low volatility, mirroring the trend from the previous week.
If the pattern holds, we may anticipate bitcoin to soon see buybacks and a little uptick. This could make it easier to try again for more than $21,000.
SHIB/USD
Last week saw one of the highest increases of Shiba inus price. During the last intraweek session, the coin increased by more than 33%, rising from $0.0000082 to close at $0.000010.
It shares this negative trend with the majority of cryptocurrencies, which has caused several coins to lose a small percentage of their value. With a current decline of more than 6%, there are no prospects of a comeback.
Given that the 12-day MA is poised to enter a downtrend, this is cause for caution. If it takes place, we could anticipate a bearish convergence shortly.
