ADA may close the current week on a bullish note, gaining almost 3% as of this writing. The ongoing uptrend affects other crypto assets.
Assets like RAY and AERO are up by over 10%. Finally finding its spark, raydium retested and flipped $3.50. Aerodrome Finance is also on the rise as trading volume surges by over 23%. The latest surges saw it break into the top 100s, holding the 79th spot.
Other major assets, like DOGE, also register significant price improvement amidst the decline in trading volume. The number of trades is currently down by over 16%, but the community remains bullish. The largest memecoin returned to trading above $0.14.
Fundamentals are currently silent as it’s the weekend. Nonetheless, an emerging report suggests that the most significant Bitcoin mining company may struggle to continue expanding as chip makers cut ties. The latest news is that it acquired another facility in Kenya.
The global cryptocurrency market cap is slightly increasing, stabilizing above $2.30 trillion as the uptick continues. Let’s see how some assets in the top 20 performed this week.
BTC/USD
Bitcoin had a bad start to the week, registering notable losses on Monday. It closed with losses exceeding 2% after it lost the $68k support. The decline started after its failed $70k. The dip continued until it found support at $66,815.
BTC continued downwards on Wednesday following a small increase the previous day. It lost the $66k barrier but met buyback around $65k. It surged as the buying pressure spiked, almost fully erasing the losses incurred.
It continued its uptrend Thursday, reclaiming lost levels. The apex coin tested $69k but failed to flip. Due to small rejections at the peak, it ended the day at $68,800 and registered gains exceeding 2%.
The one-day chart shows that BTC lost all the level the next day as tension in the Middle East escalated. The tension caused panic in various sectors, including the crypto market, resulting in further decline. Bitcoin dipped to $65,900 before rebounding.
It has since been on the rise, registering small gains. Nonetheless, it is gradually climbing and has attempted $68k with limited success.
Indicators like the Bollinger band are relatively quiet, as the apex coin trades a little far from the upper band at $72k. The latest price action comes after it broke out of the band last week and has since lost over 4%. The average directional index continues downward amidst the ongoing buyback attempts.
Nonetheless, the relative strength index is rising as buying volume rises.
BNB/USD
Binance coin price movement since the start of the week has been relatively calm. Monday was bullish at the start, as it climbed to a high of $611, but it experienced significant rejections that saw it retrace to a low of $591—the downtrend, as the altcoin recorded small losses the next day.
Volatility picked up on Wednesday, with BNB opening at $593 and sinking to a low of $572. The bulls attempted to rally the asset following the massive decline but failed to erase the losses. The altcoin closed with losses of almost 2%. They continued the uptrend into the next day as it retested $600.
Friday brought another massive wave of selloffs. The cryptocurrency dropped to a low of $565, losing over 3% despite small increases. It has since been on the uptrend but has yet to fully recover, explaining why it’s down by over 3% on the weekly scale.
The RSI fell to 46 during the previous intraday session and is now at 50. As buyback attempts persist, the average directional index is rising. According to Bollinger Bands, the cryptocurrency is improving and approaching a move back above the middle band.
Nonetheless, MACD is currently displaying sell signs due to a continuous bearish divergence. A few days ago, the 12-day EMA completed a negative convergence by crossing below the 26-day EMA.
SOL/USD
Solana is rising and has almost fully recovered from Friday’s decline. It started the current day trading at $170 but had a massive increase in buying volume, resulting in a notable price surge. Currently trading at $177, it is up by almost 4% as it aims to retake $180 following several failed attempts over the last three months.
SOL continued the previous day’s trend of over 3% gain. It reclaimed $170 after starting trading at $164. Trading actions over the last 48 hours followed a massive decline on the fifth day of the week.
It started the day at $177 but retraced as trading conditions worsened. The bears staged several selling congestions, which resulted in a massive price decline. It lost $160 but rebounded $159 and surged afterward, closing at $164. It ended the day with losses exceeding 7%.
SOL is edging closer to the upper SMA on the Bollinger bands. The previous dip happened after it broke out of the band on Thursday. However, the average directional index is slightly rising as buyers build momentum.
The relative strength index is 65, approaching 70 as buying pressure increases. The same sentiment is present in the moving average convergence divergence as the 12-day EMA continues its uptrend.
ADA/USD
Cardano’s price trajectory has changed over the last 48 hours. It is currently up by over 2% and looks stable above $0.34. The previous day was no different, as the altcoin registered a similar increase, reclaiming $0.33.
Both days of consistent increases come after the massive losses it experienced on Friday. The day started trading at $0.347 but turned bearish as the bears staged several selling congestions, resulting in the asset losing the $0.34 support. It continued downward, hitting a low of $0.315. Although it had a slight recovery, it lost almost 6%.
The altcoin is down by over 6% on the weekly scale. Nonetheless, indicators on the one-day chart show mixed signals.
The RSI fell to 37 on Friday but is at 45 at the time of writing. As buyback attempts persist, the average directional index is rising. According to Bollinger Bands, the cryptocurrency is improving and approaching a move back above the middle band.
Nonetheless, MACD is displaying sell signs at the moment due to a continuous bearish divergence. A few days ago, the 12-day EMA completed a negative convergence by crossing below the 26-day EMA.
