“The week is off to a bad start for the king of cryptocurrencies, trading below the $110,000 psychological level. The weeks are starting to look the same for BTC, which is unable to recover at the moment. And if the sellers continue to apply pressure, the $110,000 support level could be breached and Bitcoin could fall to $90,000. After another challenging week, let’s take a look at the cryptoassets and sectors, […]”, — write: businessua.com.ua
The week is off to a bad start for the king of cryptocurrencies, trading below the $110,000 psychological level. The weeks are starting to look the same for BTC, which is unable to recover at the moment. And if the sellers continue to apply pressure, the $110,000 support level could be breached and Bitcoin could fall to $90,000. After another challenging week, let’s take a look at the top performing cryptoassets and sectors. Let’s start!
Altcoin market capitalization drops dangerously below 1.5 trillion dollars From the end of 2022 the market capitalization of altcoins is growing . So the overall trend is bullish, but the price has been holding close for several months 1.7 trillion dollars . Buyers protect the level of support at the mark of 1.5 trillion dollars but earlier this week sellers are trying again pierce it .
Altcoin Market Cap Chart (1 Week) – Sign up for TradingView with our affiliate link.
If support levels and rising moving averages (9-day/18-day moving averages) fail to provide a positive reaction, a possible drop to the $1.2 trillion support level . The market capitalization of altcoins will then enter a new one correction phase . However maintaining the level of 1.5 trillion dollars remains possible. In this case, the price can reach above the all-time high of $1.77 trillion .
RSI has been forming for several months bearish patterns , therefore, momentum on the weekly chart is fragile . To restore solid momentum required recovery above 68 .
Altcoins have been in the red for the past week Even though Bitcoin is at a support level on the weekly chart, it looks volatile. AND altcoins are already struggling as shown in graph of cryptosector efficiency for the previous week:
Weekly dynamics of crypto sectors. Source: The Block
No sector could show a positive result . Only two categories fell by less than 10% for the last week. Shares of companies in artificial intelligence (AI) and leading DePIN companies were relatively stable, decreasing by less than 2%. Among the most volatile sectors were top gaming company stocks and RWA (real world assets) which fell nearly 20% in one week.
In the last seven days the most effective assets were as follows:
The best cryptocurrencies from the top 100 list for the last week. Source: CoinGecko
WhiteBIT Coin (WBT) leads the rating with growth of about 25% . Follows him memcoin Trump (Official Trump), which has increased by more than 20% . In general only two assets are up more than 20% a five – more than 10% . Let us now analyze the situation with Official Trump (TRUMP).
Official Trump (TRUMP) is recovering, but he remains fragile As we have just seen, TRUMP memcoin is showing signs of recovery ; he was one of the strongest assets during the past week. This happens in the background losses of most altcoins . Since the low was reached during the sudden crash on October 10 TRUMP has grown significantly . It is currently trading at par resistance $8 and between bearish moving averages (9-day/18-day EMA) .
Trump Price Against Dollar (3D) – Sign up for TradingView with our affiliate link.
Trump’s momentum was shaky for several months. Since listing on Binance in January, the price fell by more than 90% . Sellers now have an opportunity to take back control, and if they succeed, downward trend may continue. However, if the price breaks through resistance level $8 cannot be ruled out movements up to $11 . Meanwhile, the RSI has been showing an upward trend for several months and just registered bullish divergence . The RSI indicates that sellers lose power on Trump.
Key points to remember With Bitcoin trading below $110,000, altcoins are struggling. All sectors are in negative territory with only a few altcoins managing to stay in the black. TRUMP is trying to recover but is already facing significant resistance at $8. Ethereum, which is considered the leader among altcoins, does not have better results. It recently fell below $4,000 and a retracement to $3,500 is possible.
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Source: journalducoin.com
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