SHIB network experienced a network outage over the weekend. As a result, it ended Sunday with no significant change in prices. The project’s developers quickly scrambled to fix the issue and succeeded, as Shibarium was up by Monday.
The crypto market has regained its bullish posture following a week of notable price declines. It is up by over 5% in the last seven days as it reclaims $2.45 trillion. However, it has yet to register any significant gains today.
Nonetheless, many predict that traders will pick up post-halving, and the crypto market will see further price increases. This is currently not the case, as some major assets are consolidating their gains and not making any attempts at resistance. Will it continue throughout this week?
Top Five Cryptocurrencies to Watch
BTC/USD
The BTC/USD pair is currently consolidating around $66,300 as the bulls scramble to keep prices above $66k after a low of $65,800. As a result, the coin is printing a red candle with a semblance of a hammer. Such candle indicates the end of an uptrend. However, the apex started a trend of taking breaks after each surge. This may be the continuation of the trend as indicators will show.
The moving average convergence divergence is printing buy signal at the time of writing. It shows that the 12-day EMA and 26-day EMA are in contact. With the bullish convergence complete, traders are expecting a divergence. To achieve this, the apex coin must sustain the previous buying pressure. MACD’s histogram suggests that the asset is doing so as it is displaying one of the smallest bars.
However, the Relative Strength Index places indicates a slight increase in selling volume as it halted its uptrend. Nonetheless, the bulls are still at an advantage as the metric is above 50.
In the coming days, the apex coin will look to retake its pivot point at $68,300. The bears are currently staging selloffs at $67,200 which may require a greater momentum to flip. The bulls will attempt to build the needed momentum to flip this price mark.
ETH/USD
Ether is experiencing a price consolidation of around $3,200. As a result, it remained range-bound and traded between $3,192 and $3,250 over the last eight hours. Nonetheless, it is printing a green candle, which suggests that it is seeing healthy buying pressure.
MACD’s histogram also points out this bullish action, as for the first time in over ten days, it flipped green. The 12-day EMA and its counterpart are also in contact but are starting to diverge as the metric continues to print its buy signal. This is also an indication of an impending surge this week.
RSI also continues its uptrend despite the price consolidation. Nonetheless, the current price mark is one of the most contested as both the bulls and bears have used it to their advantage. It has served as both support in recent times and now resistance.
The bulls need to accumulate within this level as ETH faces major rejection at the mark for the second time this week. Trading close to the resistance will also improve the chances of flipping it. The coin will look to reclaim $3,400 within the next five days.
BNB/USD
Binance coin has experienced significant price improvements in the last seven days. As a result, it gained over 15% as the bulls continued their relentless bid at resistance. However, it is currently printing a doji as the selling pressure mounts. This hike in selling volume accounts for the over 7% increase in trading volume.
RSI is also hinting at a possible end to the asset’s bullish trend as it halts its uptrend and is trending parallel at this time. Additionally, BNB is also printing bear flags on the chart, which also points to an impending change in price trajectory.
If this holds, the coin will retest $575 based on Fibonacci retracement. If the bulls fail to defend this mark, the altcoin will retest $517.
On the other hand, MACD is printing bullish signals. The indicator shows are emerging bullish divergence as the gap between the 12-day and 26-day EMA is growing. The histogram associated with the metric also points to further price increases showing that BNB is seeing healthy buying pressure.
If the bullish reading holds, the altcoin will look to break above the psychological barrier $615. Gaining stability above it will result in a retest of $640 within the next five days.
SOL/USD
Solana bulls seem exhausted after pushing the asset to a high of $158 as recovery is underway. It is reclaiming levels it lost two weeks ago. It also gained over 5% during the previous intraday session. Currently priniting a red a candle, the signs of an impending downtrend is glaring.
Still below 50, the relative strength index is halting its uptrend and seeing significant decrease at this time. RSI reading hints at an impending downtrend.
However MACD is seeing a bullish convergence at this time. With the 12-day EMA and the 26-day EMA coming in contact, both metric will diverge which will mean further price surges. The current red candle could alsos be the continuation of the asset’s trend of “a day with significant increases followed by another with little or no price changes.”
The pivot point standard places the next critical level at $174. The SOL/USD pair will look to reclaim this important mark. Having broken above the $156, the bears willl look to stage the next massive selloff at $168. If this happens, the coin many crash as low as $147. However, with market billed to see more uptrend, solana will continue it climb as well.
SHIB/USD
SHIB had a volatility-filled performnace during the previous week. The gained over 15% as it closed at $0.00000026. The coin will look to continue the uptrend. However, current price suggests a halt to the trend. This comes as the coin peaked at $0.00000028.
The high is barely shy of the pivot at $0.00000030 which will offer the bulls another critical support. Nonetheless, the relative strength index is hinting at the equal pressure from both the sellers and buyers. This hike in selling pressure explains the over 21% ncrease in trading volume over the last 24 hours.
Nonetheless, MACD shows that the coin had a bullish divergence during the previous intraday session. This means the buyers are still siezing the initiative and will push prices to a high. Per PPS, they will look to gain stability above the pivot point.
