BTC continues to decline as selling pressure mounts. It is seeing its third day of consecutive losses as the bulls fail to resume buying.
The current state of the apex coin also plagues the global crypto market. The global cryptocurrency market cap is down by a few percent as valuations struggle to stay above $2 trillion.
Traders continue to heap blame on the bears for the latest state of the market. One such seller is an Ethereum whale who possesses over 3,500 ETH. The wallet awakened after over 8 years of inactivity to take some profit and sell off over 350 units of the coin.
Still on fundamentals, the market is expecting a big event a few days from now. The FOMC will meet this week to discuss a possible interest rate drop. The announcement will undoubtedly cause huge price swings. How will some asset perform this week?
Top Four Cryptocurrencies
BTC/USD
Bitcoin is currently on a downtrend, with massive losses in the last three days. It started the decline on Friday after a more than 4% increase on Thursday. Sunday’s price drop was small as the coin lost a little less than 2%.
The apex coin started the current day at $59,121 but retraced as selling pressure increased. It dropped to a low of $57,488. Although it is seeing sight recovery, it is unable to reclaim $58k. BTC is heading for a loss of almost 3% if trading conditions don’t improve.
There are more worries for the bulls as some indicators are flipping bearish. One such indicator is the moving average convergence divergence. The 12-day EMA has halted its uptrend and trending parallel as the coin loses momentum. The change could mean the start of a bearish convergence if the bulls fail to resume the uptrend.
The relative strength index is also on the decline in response to the most recent change in price trajectory.
The current price BTC is exchanging at is a critical support and has held out against several tests. Bitcoin will reclaim $58k in the coming and will trend within a horizontal channel before a breakout. The rate cut may be the needed catalyst.
SUI/USD
Sui had one its biggest surges last week. One key highlight was on Friday when it gained over 14% following its brief flip of the $1 mark. Although the initial flip was shortlived it lingered around the mark before reclaiming it on Sunday. The altcoin closed the week with gains exceeding 14%.
The current intraday session indicates that the uptrend is gradually coming to an end as it is printing a red candle. It broke above $1.10 and peaked at $1.12 but retraced and tested the $1 mark. Nonetheless, it rebounded and is exchanging close to $1.05 but down by over 4%.
The RSI is at 61 at the time of writing as selling pressure increases. The current decline is a health decline, as the relative strength index was heading 70.
Other indicators are bullish amidst the small decline. For example, MACD is still on the uptrend and prints buy signals. The asset is also exchanging above the 50-day MA, fueling chances of a possible resumption of the uptrend.
SUI will look to continue trading above $1 and edge close to retesting $1.20 before the week runs out. Nonetheless, there are chances that the bulls are exhausted. In such case, the downtrend will continue, and the altcoin may lose the $1 support, retracing as low as $0.95.
FTM/USD
Fantom was one of the top gainers during the previous week. It started the session at $0.41 but surged to a high of $0.52 and closed at $0.50, with gains exceeding 22%.
One of the biggest highlights of the session was on Monday. It started trading at $0.41 and surged to a high of $0.48 but closed with gains of over 17%. It continued the surge the next day with a 3% increase as it peaked at $0.51.
Following several days of trending within a horizontal channel, the altcoin finally broke out on Sunday, briefly breaking $0.52. FTM continued the advance a few hours ago but failed to sustain the push, retracing and dropping to a low of $0.48. Currently printing a doji, the bulls have recovered from the losses and will likely continue the uptrend.
However, there is stiff resistance around $0.52 as the asset failed to decisively flip in the last three months. Fantom’s lingering above $0.46 is an indication that the mark may break this week. It is important for the bulls to keep price above this mark as it is serving as an accumulation point for the buyer.
It is also worth noting that the asset had a golden cross a few days ago. This event may result in further increases in the long term, which may start this week. Additionally, the moving average convergence divergence is still on the uptrend in relation to the previous increase.
All indicators are bullish, allaying fears of a massive decline.
GALA/USD
GALA saw less volatility over the last seven days as it saw less trading volume. Nonetheless, it closed with significant losses amidst the trend. It rose to its highest on Monday but failed to sustain the hike, resulting in its dropping to its opening price.
It lost several key levels over the last two weeks. For example, it is trading below its 50-day exponential moving average. The 50-day MA also points to a possible death cross as it is in contact with the 200-day MA.
Sunday was the most volatile day for the asset. It retraced from $0.018 to a low of $0.017, losing over 4%. The decline is ongoing, as the altcoin has yet to recover. It slipped low and is threatening to flip the $0.017 support.
Indicators are also pointing to an impending flip. In addition to the MAs, the moving average convergence divergence showed a bearish divergence a few days ago. The 12-day continues downwards, and the 26-day EMA will follow. RSI is currently at its lowest in the last fourteen.
GALA will lose the $0.017 support and may retrace as low as $0.015 once it happens.
