The cryptocurrency market experienced a notable decline recently, with a 4% drop observed just yesterday. Today, prices have continued to decrease. A key support level to monitor is $0.033. Failure to maintain this level could trigger further downward movement.
In the previous week, most cryptocurrencies showed stagnant performance, reflected in the global market capitalization. The week began with a total market cap of $926 billion. However, significant price drops in major assets led to a decline, hitting a low of $729 billion before recovering to recent values.
The market peaked at $970 billion but gradually lost value, closing the seven-day period at $941 billion. Overall, valuation changes were minimal. Many attribute this stagnation to a lack of positive fundamental developments. The only major news during this period was Elon Musk’s renewed interest in acquiring Twitter.
Additionally, the market was shaken by a security breach on Binance Smart Chain, which lost $570 million to hackers. Notably, no group claimed responsibility for the attack.
Following low trading volumes last week, traders are anticipating stronger performance in the coming days. Here’s a closer look at five key cryptocurrencies.
Bitcoin (BTC/USD)
Bitcoin’s performance last week fell short of expectations. It experienced days of low volatility and consistent price declines, though it also recorded some significant gains. For instance, on Monday, it closed with a 3% increase after adding $600 in value. On Tuesday, it broke the $20,000 resistance level, closing with another 3% gain—its largest positive change during the week.
After two days of notable upward movement, the token faced strong resistance. Over the next three days, it turned mostly bearish, with minimal activity on Sunday. Ultimately, Bitcoin ended the week without major losses or gains.
Technical indicators suggest limited potential for a surge. The Moving Average Convergence Divergence (MACD) showed the 12-day and 26-day EMAs struggling to maintain upward momentum. The Relative Strength Index (RSI) also closed below 50.
Yesterday, Bitcoin failed to rally, and the current trading session shows no improvement. The MACD indicates bearish convergence, which could lead to a significant correction if it continues. The $19,000 support level, which Bitcoin has held for the past two weeks, is under increasing pressure.
A break below this level could lead to a retest of the $18,000 support. Market condition changes might bring more upward trends, but Bitcoin must surpass the $20,000 resistance to confirm a bullish shift. Based on recent price action, the top cryptocurrency is likely to remain volatile this week, potentially fluctuating between $19,000 and $18,400.
Ethereum (ETH/USD)
Ethereum’s price movement last week closely mirrored Bitcoin’s. It started strong, rising from $1,277 to close at $1,323 on Monday—a gain of over 3%. Bullish sentiment continued into Tuesday, with the altcoin peaking at $1,370 and closing with nearly a 3% change.
However, this marked the end of bullish dominance. The following days saw very low trading volumes, resulting in minimal price changes. On Thursday, Ethereum peaked at $1,383, but faced strong rejection at this level. Low volatility persisted through the weekend.
On the weekly chart, ETH registered its first green candle after three consecutive red ones, with a positive change of 3.83%. Despite this, indicators tell a less optimistic story. Similar to Bitcoin, Ethereum’s MACD showed signs of stalling, and the RSI declined due to reduced buying pressure.
This week looks challenging. Yesterday, Ethereum lost nearly 3% of its value, and the current session shows no signs of recovery. The MACD is undergoing bearish convergence, and the RSI has dropped below 40. As of writing, ETH is trading below $1,300, approaching the critical $1,200 support level.
This support zone has significant demand concentration, making it a key level to watch. If market conditions improve, Ethereum could rebound above $1,300 and aim to retest $1,400.
Ripple (XRP/USD)
Ripple was the top performer among the top 10 cryptocurrencies last week, recording an impressive 18% gain. It started strong, with a bullish trend prevailing throughout the period. On Monday, it recovered lost ground, rising from a low of $0.43 to close at $0.46—a 3% increase.
The upward momentum continued into Tuesday, with another 2-cent move and a higher percentage gain. Wednesday saw high volatility, as XRP peaked at $0.50 but faced strong resistance, closing at $0.49 with a nearly 3% gain. Thursday brought reduced trading activity, but Friday saw a massive surge, with the asset peaking at $0.53 and closing with a over 5% gain.
Over the weekend, XRP tested $0.55 but failed to break through. Indicators suggest the current week may not be as optimistic. XRP was overbought last week, and with the RSI dropping below 60, a correction is likely in the next five days.
The MACD provides further insight: the 12-day EMA recently intercepted the 26-day EMA. Defending the $0.45 support level is crucial for bulls. Failure to hold this level could lead to further declines, potentially pushing XRP toward $0.40 or even $0.36. Conversely, if momentum returns, XRP could stabilize above $0.50.
Maker (MKR/USD)
Maker had a very strong start last week. On the first day, it surged over 7%, reaching a peak of $818. Tuesday brought further gains, with the asset peaking at $885 before retracing due to strong resistance. Still, it closed with a over 3% gain.
The following days saw low trading volumes, with minimal movement on the daily chart. This trend broke on Sunday, when MKR skyrocketed to $1,162. However, it faced strong resistance and retraced to close at $973—still a gain of over 10% for the day. On the weekly chart, MKR closed with a 28% increase.
In response to this significant growth, all indicators turned bullish. The RSI peaked at 80, and the MACD’s 12-day EMA soared above zero. Such strong momentum suggests substantial price changes this week.
However, MKR is currently overbought. According to RSI principles, this often precedes a correction. If this occurs, MKR could retrace to the $800 support level or the $870 demand zone. Alternatively, it might attempt to retest the $1,200 resistance.
Casper (CSPR/USD)
Casper’s price action last week included several bullish moments. It started with a positive change of over 3% on the first day. The highlight came on Thursday, when the token opened at $0.030, peaked at $0.037, and closed with a nearly 20% gain.
After this sharp increase, CSPR experienced a mix of declines and gains over the next three days. On the weekly chart, it posted a gain of over 27%. An interesting development was the RSI closing near 70, indicating overbought conditions. Although it corrected slightly, it remains near this boundary.
CSPR may undergo a significant retracement in the coming days. This is supported by yesterday’s 4% drop and further declines today. A key level to watch is the $0.033 support. If this level fails, CSPR could fall below $0.030.
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Frequently Asked Questions
What caused the recent decline in cryptocurrency prices?
The decline was primarily due to a lack of positive fundamental developments and reduced trading volumes. Major assets like Bitcoin and Ethereum faced strong resistance levels, leading to corrections.
How important is the $19,000 support level for Bitcoin?
The $19,000 level is critical because Bitcoin has held it for two weeks. A break below could lead to further declines, potentially testing $18,000.
Can Ethereum recover above $1,300?
Yes, if market conditions improve and buying pressure increases, Ethereum could rebound. However, it must first defend the $1,200 support level.
Why did Ripple perform well last week?
Ripple benefited from bullish momentum and increased demand, allowing it to outperform other top cryptocurrencies with an 18% gain.
Is Maker overbought?
Yes, Maker’s RSI reached 80, indicating overbought conditions. A correction is possible, which could bring it back to lower support levels.
What should traders watch for with Casper?
Traders should monitor the $0.033 support level. If broken, further declines toward $0.030 are likely.