BTC, ADA, and SOL: The Top Three Cryptocurrencies to Keep an Eye on This Week
Most cryptocurrencies experienced significant losses last week, resulting in what some are calling a “bloodbath.” The majority of assets lost over 10% before making a partial recovery, impacting the global crypto market cap. The market cap dropped by more than 5%, reaching its lowest point at $1.04 trillion. It is worth noting that the market started the day at $1.1 trillion but closed at the lowest point, indicating a drop of over 5%.
One of the main reasons for the sudden change in sentiment and trajectory seems to be a massive selloff by a whale. A popular whalewatch account claimed that Robinhood was planning to dump over $1 billion worth of crypto, which caused a ripple effect in the market.
Despite some assets still struggling, there are a few that are showing promising signs by creating new support structures or maintaining previous long-term levels. Let’s take a closer look at these coins and their potential performance for the upcoming week.
BTC/USD:
Bitcoin experienced a loss of over 4% on the weekly scale, marking its highest loss since May 2nd. The cryptocurrency struggled to reclaim several key levels, including the $26,000 barrier. Starting the week at $27,114, Bitcoin saw a significant downtrend, dropping as low as $25,389. Although it attempted to recover and reclaim the support, it closed at $25,739, indicating a drop of over 5%.
The following day, Bitcoin managed to recover all the losses and peaked at $27,236, gaining over 6%. However, the indicators were not too positive. The cryptocurrency then dropped to a low of $26,140 and closed with a loss of over 3%.
On Saturday, in response to the bearish sentiment in the market, Bitcoin broke the $26,000 support again and dropped as low as $25,420 before rebounding. Nonetheless, it lost almost 3%. The price action during the week suggests significant demand at $25,400, which could hold until the next bullish push. However, indicators do not fully agree, with the 12-day EMA still showing a downtrend and no signs of recovery. The Relative Strength Index is slightly positive, remaining above 40, indicating a possible “calm before the storm.” One key level to watch is the $27,000 resistance, as Bitcoin may attempt to reclaim it this week.
ADA/USD:
Cardano’s performance last week was highly volatile, with the daily chart displaying numerous long red candles. The downward trend began on the first day of the week, starting at $0.37 and dropping to a low of $0.34, resulting in a loss of almost 7%.
Wednesday was another bearish period for Cardano, as it broke the $0.34 support and briefly flipped the $0.32 support, reaching a low of $0.31. This time, ADA closed with a more severe outcome, losing over 8%. The following day, Cardano broke the $0.30 support and dropped to a low of $0.29, failing to reclaim it before the day ended. As a result, it lost almost 9%.
On Saturday, Cardano was not immune to the market’s bearish dominance, dropping to a low of $0.23 and crushing several supports. However, it saw significant buybacks and surged to $0.27 by the end of the session, resulting in a 6% loss. On the weekly chart, Cardano lost over 27%, marking its biggest loss in the past six months. Some indicators, such as the Moving Average Convergence Divergence, displayed a bearish divergence, indicating the possibility of further price decreases.
Looking ahead to the new week, there may be expectations of price increases. Following the lows from Sunday, Cardano has formed an ascending pattern that may continue in the next five days.
SOL/USD:
Solana also experienced significant losses last week, dropping by over 28% and revisiting levels last seen in January. It reached a low of $13 after starting the session at $21, encountering strong selling pressure. However, it managed to recover and closed at $15, resulting in several changes to the trajectory of some indicators. For example, the MACD is displaying a bearish divergence, suggesting the possibility of further price decreases.
The bearish sentiment still prevails in the market, as Solana failed to record any significant increases in the past 40 hours. However, there is some good news in the form of the Relative Strength Index, which indicates that the altcoin is currently oversold. This may be an indication that Solana is gearing up for further price increases.
In conclusion, last week’s losses in the cryptocurrency market had a significant impact on the global crypto market cap. While some assets are still struggling, others show potential for recovery or maintaining their long-term levels. Bitcoin, Cardano, and Solana are among the top cryptocurrencies to watch this week, as they may experience price increases or further losses depending on market conditions.
Tags:
Analysis
Crypto Market Watch
