Across the past week, the cryptocurrency market has begun to accelerate in volume once again following the previous week’s downward spiral. A majority of the top 20 assets rose by up to 16% in the past week, resulting in a market cap increase of 400 million, with the total market capitalization realizing $1.10T. This upward price momentum appears to be indicative of the market rebounding from what
Opening the week at $21.77k, Bitcoin continued to fall briefly beneath its 7-day SMA, before once again beginning to rise through the $21k territory and push through its 7-day SMA and into the $22k region. On the 15th, Bitcoin began to endure a steep incline, which extended into the 16th and pushed BTC toward the $25k threshold. The 17th led Bitcoin to fall back into the upper boundaries of $23,800, however, it began to sharply rebound on the 18th and maintain a horizontal trading trajectory between the regions of $24,300 and $24,800. As a result, BTC’s price reached a weekly high of $25,074 on the 19th.
Having deviated from the downward trading trajectory that has plagued Bitcoin throughout the start of February and Bitcoin appears to be resuming its bullish trading pattern that was demonstrated throughout January. Providing BTC manages to maintain this momentum, it is possible that it could continue to accelerate in value throughout the coming week and push against the $25k resistance zone.
Having started the week hovering above its 7-day SMA at $1,508, ETH sharply declined below the threshold and traded at a weekly low of $1,471. However, in the late hours of the 14th, Ethereum began to sharply rise in value, with this momentum extending throughout the coming days and pumping it above the $1,700 threshold. As a result, ETH reached a weekly high of $1,720. This positive trading trajectory extended throughout the remainder of the week, with ETH changing hands at an average price of $1,670 and $1,710, seemingly acting as a new average.
Having resumed its recent trend of losing value in the earlier portion of the week before accelerating in value, Ethereum appears to have broken free from its previous correctional period and is testing the newly established resistance zone of $1,720. It is likely that Ethereum will continue to trade horizontally in the coming week and potentially push deeper into the $1,700 zone. In total, Ethereum rose by 10.66% this past week.
Entering the week at $0.37, XRP was subject to immense volatility throughout this week, which led it to volley between the upper regions of $0.36 and $0.40. XRP fell sharply below its 7-day SMA and reached a weekly low of $0.3646, before beginning to move upward once again. This upward trend came to fruition on the 16th, with XRP price reaching a weekly high of $0.4036. It then deviated from this trend on the 17th and began to fall back into the upper $0.39 region. However, it began to rebound and move toward a more horizontal trading pattern between the regions of $0.3851 and $0.3965.
With this immense volatility, XRP will likely continue to experience this in the coming months, with this likely influenced by the mixed sentiment surrounding the imminent SEC vs Ripple verdict. It is likely across the coming week this volatility will ensue and lead XRP to trade closer to $0.40. Across the past week, XRP increased by 3.68%.
Across the past week, Cardano has begun to demonstrate a similar trading trajectory to that of the bullish one painted throughout January. Entering the week at $0.36, ADA initially remained below its 7-day SMA throughout the 14th and 15th, before beginning to steeply incline and push above $0.39. This positive price momentum extended throughout the latter portion of the week, pushing ADA price to a weekly high of $0.4181. It fell beneath this but traded relatively consistently above $0.40 for the remainder of the week, with this appearing to act as a price floor for the time being.
With its bullish momentum appearing to have resumed, it is likely that ADA will continue following this price trajectory, potentially leading it to push further toward $0.42 in the coming week. Across the past week, Cardano rose by 9.74%.
Across the past week, BNB has been subject to substantial volatility once again. Entering the week at $309, BNB plummeted below its 7-day SMA, bottoming at $284.22 on the 14th, before teetering on the edge of $300 until the 16th. On the 16th, BNB accelerated through its 7-day SMA and reached a weekly high of $325.60 and began to trade within the $320 and $325 region until the 17th, where it fell towards its 7-day SMA once again and began to establish a new average trading zone between $308 and $316.
The substantial volatility witnessed by BNB this week and the week prior is likely to extend into the coming week, suggesting that it is likely BNB will continue to be forced toward $300, with little sign of it pushing through the newly established resistance zone of $325. Across the past week, BNB price has increased by 1.26%.