Since dipping below $2 trillion during the previous seven-day period, the global cryptocurrency market cap has struggled to reclaim this mark but failed. The quest to regain $2T continued over the last six days.
We may conclude that the market saw very little volatility during the time under consideration as it hovered around 1.8 trillion and $2T. The week is coming to an end the sector’s valuation still under $1.9 trillion.
The bearish dominance that has been prevalent over the last six days is lessening as at the time of writing as we observed that a few digital assets are enjoying small increases. Nonetheless, the current intraweek session is another week filled with a lot of bullish stories.
One of the biggest news stories during this period is the listing of Shiba Inu along with other projects on Robinhood. The announcement was received with a lot of enthusiasm by the bulls as they propel the various assets to new highs.
Another token that benefited from the enlistment is Compound. It was reported that the asset saw massive gains on Tuesday as it became a tradable asset on the said platform. GMT is the top gainer over the last six days as it is up by more than 14%.
It continued its uptrend after failing to excite last week. Audius closes behind with half Steph gains and the second biggest gainer in the top 100. Unfortunately, ANC is the top loser over the last six days as it is down by 22%.
The image above further expresses the state of the market. We note a consistent drop or stability in Bitcoin price as resulted in it losing its market dominance. it closed the past week at 40.4%, it is currently below 40%. With a brief overview of the market, let’s examine how some cryptocurrencies in the top 10 performed.
Opening the current intraweek session at $42,129, bitcoin was met by an immediate correction that saw it lose more than 6% of it value during the first intraday session. This is the biggest move the apex coin had during the period under consideration.
It lost the $40k support and closed at $39,500 on Monday. Price action during that session set up BTC for a struggle to hold on to the highlighted support. The next two days saw the cryptocurrency see minimal gains and regained stability above $40,000.
An almost 3% increase was seen on Wednesday as the apex coin flipped the $41k resistance. Losing an equal amount on Thursday, the asset under consideration retested $40k and has since been struggling to hold on to the mark.
Bitcoin came very close to being oversold on Monday as the Relative Strength Index (RSI) dipped as low as 35 but recovered the next day. BTC is not out of the danger zone yet as observed that the said indicator is stable at 40.
The apex coin is also exchanging below its pivot point as at the time of writing and trading closer to its first pivot support. Additionally, the largest cryptocurrency is below its Displaced Moving Average (DMA), which adds to the bad vibe surrounding the asset.
Facing the same situation as BTC, Ethereum opened the week at $3,200 and was met by an immediate correction that saw it lose almost 7% of its value during the first intraday session. This is the biggest move the largest alt had during the period under consideration.
It lost the $3k support and closed Monday at $2,970. The next two days saw ETH experience minimal gains and regained stability above $3,000.A 3% increase was seen on Wednesday as the second largest cryptocurrency flipped the $3,100 resistance.
Thursday saw the bears regain control of the market and ether lost more than 3%. It retested $3,000 support and has since been struggling to hold on to the mark. Throughout the week, we observed that ether came close to testing the $2,900 support but failed as there was an increase in demand concentration at the mark
Like BTC, concerns of ethereum becoming oversold oversold loomed on Monday as the Relative Strength Index (RSI) dipped as low as 42 but recovered the next day. ETH has not fully recovered as RSI is still below 50.
The largest alt lost its pivot point during the first intraday session. The rest of the week saw ether trade above or below the mark. As at the time of writing, the asset under consideration is regarded as a bearish asset as it is exchanging below its pivot point. Additionally, the second largest cryptocurrency is below its Displaced Moving Average (DMA).
Binance coin experienced a lot of volatility over the last six days. It evidently saw a bad start to the week like BTC and most cryptocurrencies as it opened the session at $418 and dipped as low as $391, losing more than 5%.
The $400 support was lost due to the seller’s congestion but was regained the next day. An almost 5% increase saw BNB rise as high as $413 on Tuesday, erasing almost all the incurred losses during the previous session.
The recovery continued into the next day as the token experienced more uptrends and hit a high of $424. However, the bears took control of the market on Thursday and the asset under consideration lost a little above the accumulated gains.
The next few days were marked by minimal gains and losses. We observed that after losing its pivot point on Monday and regaining it the next day, BNB has since been trading close to this mark and is above it as at the time of writing,
Like BTC, RSI also dipped below 50, spreading fears of the asset being oversold. However, it regained momentum on Tuesday and surged above 50. Unfortunately, binance coin trading below its DMA.
We may conclude that Ripple was mostly bullish over the last six days. Like BTC, the coin kicked off the week slow as it lost almost 9%. It lost the $0.70 support during this time as it retraced as low as $0.69.
The bulls staged a recovery the next day that saw XRP slowly regain the lost value. The price recovery lasted over the next three days and the asset under consideration soared. The biggest surge came on Friday as the sixth largest coin by market cap gained more than 8%.
This boost saw ripple make an attempt at the $0.80 resistance but was stopped at $0.79. The next few days were marked by minimal losses. However, XRP is one of the few digital assets in the top 10 that may close the current intraweek session in gains.
Losing its pivot point on Monday and testing the first pivot support, fears of further downtrends ravaged the market. Regardless of this fear, the bulls staged a comeback over the next three days and reclaimed the lost levels. Unfortunately, ripple is still exchanging below its pivot point.
The massive correction that was seen during the first intraday session resulted in XRP almost becoming oversold as RSI dipped as low as 32 but recovered as the week progressed. Like BTC, the asset under consideration is exchanging below its DMA.