2023-4-4
The past week has brought a relatively mixed bag to the market, with minor losses and gains witnessed across the top 100. However, some prevailed with significant gains, such as XRP and XLM, while others began to stagnate or shed value, including the likes of BTC. As of the 3rd of April, the cryptocurrency market cap stands at $1.17T, a one hundred million increase from the week prior, but a decrease of 1.38% across the past 24 hours.
Bitcoin (BTC)
Opening the week at $27.86k, Bitcoin was subject to vast volatility across the past week, which has volleyed it from the upper boundaries of $26k to the lower $29k. On the 27th, BTC immediately plunged beneath its 7-day SMA, and began to push against the price floor level of $16.6k, before beginning to recuperate some value and thrust itself back above the 7-day SMA threshold and into the upper $27k zone. BTC then began to delve further into the $28k zone and traded relatively horizontally within this boundary and was able to realize a weekly high of around $29.18k on the 30th, before resuming the average trading price of $28.5k.
Having continued the recent streak of volatility, BTC appears to be eyeing up the upper $29k threshold as its new target price. Providing BTC can gain enough momentum, it is plausible that it may push against the $30k resistance zone. In total, BTC price rose by 0.52% this week.
Bitcoin price Data (Data Courtesy of Gate.io)
XRP (XRP)
In another bullish week for XRP, the asset soared, with the asset refusing to shy away from green candlesticks. Opening the week at around $0.45, XRP began to progressively accrue value, moving at a sloping upward pace. By the 29th, XRP reached a weekly high of $0.5749 and continued to stand its ground in the $0.5 zone throughout the remainder of the week, vastly exceeding its 7-day SMA and serving as a testament to the bullish sentiment surrounding the asset as of late.
Having continued its recent bullish streak, it is plausible that XRP may establish a new current price floor in the mid $0.5 region and begin to push further toward $0.60 – provided it can maintain the community support as the imminent Ripple vs SEC verdict looms closer. In total, XRP price rose by 16.62% this past week.
XRP price Data (Data Courtesy of Gate.io)
Stellar (XLM)
In light of a relatively bullish three-month trading trend, XLM has continued to maintain its steady growth trajectory and soar into the $0.11 region again this past week. Opening the week at $0.092, XLM briefly dabbled with the negative end of the 7-day SMA threshold, before it propelled itself throughout the 29th and the 30th into the $0.1 zone and the $0.11 zone. As a result, Stellar price was able to realize a weekly high of $0.1136 on the 1st of April and has demonstrated little signs of slowing down, with the price only degrading into the upper $0.108 zone.
With this positive upward trend, it is likely that XLM will display similar trading patterns across the coming week and that the $0.108 threshold may serve as a new average price zone for the asset in the coming weeks. Across the past week, XLM price increased by 16.99%.
XLM price Data (Data Courtesy of Gate.io)
Hedera (HBAR)
With the past month painting a dismal portrait for HBAR, this trend ensued in the earlier portion of the week, with the asset dipping below its 7-day SMA after entering the week at $0.062. With this price stagnation pushing HBAR’s valuation into the upper $0.058 region, it began to regain some momentum on the 30th and flung itself above its 7-day SMA, and began to spike in price. With these spikes appearing short-lived due to their quick and steady decline, the onset of April disproved this negative sentiment and launched HBAR through the $0.06 and lower $0.07 regions respectively, leading it to reach a weekly high of $0.07755. Having fallen moderately from this, HBAR has closed the week on a promising price of $0.07203.
Having deviated from the recent bearish trading trajectory, HBAR appears poised to continue its bullish breakout, meaning it is possible that in the coming week, it could continue to test the $0.08 region, provided it can maintain the momentum. Across the past week, HBAR increased by 16.65%.
HBAR price Data (Data Courtesy of Gate.io)
Cardano (ADA)
After a relatively bearish month, Cardano has truly bounced back this week following a minor dip below its 7-day SMA at the start of the week, which pushed it to break out on the 29th and soar through the upper $0.30 zone toward $0.40. On the 30th, ADA appeared to slow in growth, however, the late hours of the 31st and the onset of the new month refused to let Cardano stagnate, as a result leading the asset to climb to a monthly high of $0.4079. Following this high, ADA price began to tumble and finally settled at around $0.38.
With the recent volatile downtrend appearing to have been disrupted, it appears as if ADA is pushing toward the $0.41 zone, and that provided it can maintain its current bullish price momentum, it could realize this in the coming week. Across the past week, ADA has increased by 7.34%.
ADA price Data (Data Courtesy of Gate.io)
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