Top Three Cryptocurrencies to Watch This Week: BTC, ADA, SOL

Most cryptocurrencies had one of their biggest losses during the previous week. In what many may refer to as a “bloodbath,” most assets lost more than 10% before recovery. This decrease also greatly affected the global crypto market cap.

During the massive drop the sector under consideration lost more than 5%. It dipped to its lowest, reaching a low of $1.04 trillion. It is worth noting that the crypto market kicked off the day at $1.1 trillion but closed at the low, signifying a more than 5% drop at the time.

A little recovery on Sunday saw the industry close at $1.06t which indicates a more than 6% drop from it opening price of $1.15t.

While many claim not to understand the reason for the sudden change in sentiment and trajectory, the telling culprit is a massive selloff from a whale. This was the case as a few days back,a popular whalewatch claimed that Robinhood was planning to dump more than $1 billion worth of crypto. The rippling event was the result.

A closer look at trading activities at the of writing shows that most assets are still struggling. Nonetheless, some are showing massive potential by creating new support structures or maintaining a previous long-term. Let’s examine these coins and how they may perform this week.

Top Three Cryptocurrencies

BTC/USD

On the weekly scale, Bitcoin lost more than 4%. This is the highest loss since the second of May. Nonetheless, the top asset lost several key levels it may struggle to reclaim.

One such is the $26k barrier. The apex coin kicked off the previous week at $27,114. Afterward, it experienced a massive downtrend that saw it drop down several levels. It dipped as low as $25,389. Although it saw a slight recovery and attempted to reclaim the said support but failed as it closed at $25,739. This indicated a more than 5% drop.

Nonetheless,  BTC recovered all the losses the next day as it peaked at $27,236. In the end, the asset gained more than 6%. While many rejoiced at the prospect of more price increases, indicators were not too positive.

This was evident in the next price action. Bitcoin dropped to a low of $26,140 and closed with losses of more than 3%.

The next big move was on Saturday in response to the massive bearish sentiment in the market. The asset flipped the $26k support again and wenet as low as $25,420 before rebounding. Nonetheless, it lost almost 3%.

Price action during the previous week points to a significant demand at $25,400. If this holds true, BTC may maintain it until the next bullish push. Additionally, since Saturday, the $25,600 barrier putting up more resistance.

After testing the highlighted mark three time already, BTC may be gearing up an impending uptrend. However, indicators do not agree. For example, the 12-dau EMA is stil on a downtrend and is showing no signs of recovery.

The Relative Strength Index is a little positive as stable above 40. This may be the “calm before the storm.”

To the top, one of the key levels to watch is the $27k resistance. BTC may reclaim it this week.

ADA/USD

Cardano’s performance last week was nothing short of volatility. The daily chart further expresses that there are a lot of long candles on the daily chart. However, they were all red.

The trend started on the first day of the period under consideration. It kicked off at $0.37 but dipped as it saw a massive increase in selling pressure. Due to this, it dropped to a low of $0.34 and closed a little higher. Nonetheless, the altcoin lost almost 7%.

Wednesday was another bearish period for the asset under consideration. It retested two critical levels. After opening at $0.35, it broke the $0.34 support and slipped further. It retested the $0.32 and briefly flipped it as it hit a low of $0.31. This time ADA closed with a more severe outcome; it lost more than 8%.

Following the short break in bearish action the next day, Cardano lost another key barrier. It broke the $0.30 support and dropped to a low of $0.29. It failed to reclaim this key mark before the day came to an end. As a result, it lost almost 9%.

ADA was not immune to the massive bearish dominance in the market on Saturday. It dipped to a low of $0.23; crushing several supports. However, it saw significant buybacks and surged to $0.27 and ended the session. In the end, it lost 6%.

On the weekly chart, the asset lost more than 27%. This is the biggest loss on the chart over the last six months. Additionally, the most recent decrease in value caused some changes in some indicators’ trajectory. For example, the Moving Average Convergence Divergence displayed a bearish divergence which may indicate more price decreases.

With focus on the new week, we may expect more price increases. Following the lows from Sunday, the form and ascending pattern which may continue through the next five days.

SOL/USD

Solana also recorded massive losses during the previous week. It dipped by more than 28% as it revisited levels it left in January.

SOL went as low as $13. It kicked off the session at $21 but met strong sellers’ congestion, hence the low. Nonetheless, it recovered. and closed at $15 with several changes to the trajectory of some indicators. One such is MACD. It’s currently displaying a bearish divergence which may indicate more price decreases.

The bearish sentiment is still present in the market. Price action over the last 40 hours is a strong indication of this. Solana failed to record any significant increases during this period. Nonetheless, the Relative Strength Index holds good news.

The altcoin is currently oversold, which may be an indication it’s gearing up for further price increases.