As the new week unfolds, the crypto market is on the verge of another breakout. Some coins like Cardano and ONE are setting the bars high as they kick start a new week with multiple news that is sure to positively impact the prices of these coins.
The crypto market ended on a very bearish note last week. This week may be a reverse of the last seven days, let’s take a look at the top four cryptocurrencies to watch this week.
BTC closed the last seven days with a loss of more than 18%. The king coin recorded a high of $52,936 and a low of $42,900 during this time. Many traders are hopeful that the new week will usher in a different situation than what the coin closed last week. Market trends as been disrupted but recent events earlier today suggest that these trends may be back in play.
Price movement tends to go higher over the weekend and dip as another week unfolds. The last 24 hours have stayed true to these actions and bitcoin has recorded an intraday low of $43,400 and a high of $46,060. BTC current price revealed that the coin is currently at a loss of 3%.
The next 24 hours may be a continuation of the current situation. We may see bitcoin dip as low as $43,000. If the bulls don’t support the $43k mark, BTC may be on a free fall as there are no visible supports until $37,000. The current market sentiments are a little bullish and suggest a rally soon. We may see the largest crypto surge as high as $47,000 and higher.
Cardano is starting a new week with much positivity. IOHK tweeted earlier today that Cardano completed Alonzo hard fork, ushering in its long-awaited smart contract functionality. He added that this is where the mission truly begins as Cardano and it’s whole community, start delivering on the vision it has been working towards for so long. Building a decentralized system that extends economic identity and opportunity to everyone, everywhere.
Unfortunately, ADA failed to excite as it losses 10% of its worth per unit. A failure to pick up momentum will result in the coin dipping to $2.2. Although the $2.2 support is weak but critical to guarantee that the ADA/USD pair will continue to trade above $2. We may see Cardano surge as high as $2.8 as it aims for $3.
Polkadot is the only coin in the top 10 that closed last week in gains above 3%. A recent analysis stated that many predictions are aiming at $40 and there is a lot of resistance to this course. Aside from retesting $35, the bulls also take care not to leave any space for bearish dominance as the $38 resistance is a very strong one and may take repeated attempts to flip it. The analysis concluded by reinstating the bulls commitment as the RSI is on the rise and showing no signs of dipping.
DOT did not slip into the bearish dominance like most coins did as was previously predicted. The eighth coin by market cap ranking surge to another high during the last 24 hours. Polkadot hit a “wall” as the $38 resistance proved the strongest so far after $35. The current price shows that some traders are taking profit as the coin under consideration is trading at $35.8 following a correction at $38.
Polkadot may continue to fall back on the $35 support until it flips $38. Massive seller congestion may result in the coin falling back to $30. The DOT/USD pair has the potential to surpass $40 this week as the bull will continue to push the coin.
Harmony had a 20% price hike over the last 24 hours. The surge in ONE price came after the project announced a new $300 million ecosystem fund that will attract 10,000 developers and project founders to build on the protocol. Unfortunately, the coin failed to stay off bearish sentiments as it lost 14% over the last 20 hours.
The coin could be heading for a new week of bullish actions. We may see improvements to the coin in the coming days. These improvements span from price to projects features. ONE is headed for $2.5 as the bulls are looking to take profit at this mark. After failing to stay above $2, the mark will be a tough one to flip.
The crypto market is knee-deep into the bearish dominance. Will it continue or will the bulls respond? Let’s see.