Bitcoin, Ether, Major Altcoins – Weekly Market Update April 11, 2022
The total crypto market cap erased $229 billion from its value in the last seven days and now stands at $1.91 billion. The top 10 coins were all in red for the same time period with Terra (LUNA) and Solana (SOL) being the worst performers with 24.8 and 23.1 percent of losses respectively. Bitcoin (BTC) is currently trading at $41,500 while ether (ETH) is at 3,070.
Bitcoin ended the month of March with a solid 5.5 percent increase – its second month in green after hitting the zone around $33,000-$32,000 in early January.
The coin hovered around the $46,000 mark during the weekend of April 2-3 closing the seven-day period at $46,401 with a 1 percent loss. BTC managed to stabilize above the key macro support on the weekly timeframe but was not showing the expected strength after the solid breakout a few days before.
On Monday, the BTC/USDT pair remained flat at $46,557 at the daily candle close after hitting a daily low of $45,165 in the early hours of trading. Neither bulls nor bears were able to take over control as the market could not choose a direction.
The Tuesday session was slightly different. Sellers pushed the price down to $45,500 to re-test the lower boundary of the mentioned horizontal support in the $45,500-$46,000 zone. The move resulted in a 2 percent price decrease.
The mid-week session on Wednesday came with a sudden crash. The biggest cryptocurrency erased 5.2 percent of its valuation and moved below both the horizontal support and the 21-day EMA, returning back to the old ascending triangle figure.
The RSI indicator was in its mid-range while the overall trading volumes remained stable.
On Thursday, April 7 we saw BTC bouncing back up from the $42,700 lows. It formed a green candle to $43,460, but the important $44,000 mark remained out of sight for bulls.
On Friday we saw a continuation of the downtrend. Bitcoin erased another 2.8 percent and stopped at $42,180.
The weekend of April 9-10 started with a short jump to $42,800 on Saturday, but the reversal attempt was short-lived as on Sunday the BTC/USDT pair reached the sub-$42k zone.
Bitcoin is currently trading at $41,500 on Monday.
The Ethereum project token ETH ended the month of March with a solid 12.4 percent increase which helped it regain positions above the 21-period EMA on the weekly chart. The coin also managed to surpass the horizontal resistance in the $3,100-$3,300 range eventually closing the previous week at $3,531 or 7.1 percent higher.
On Monday, April 4, the ETH/USDT pair registered its temporary top by hitting $3,571 after a volatile session during which it was trading in the $3,570 – $3,400 zone. The coin remained flat at the daily candle close, but the stagnating trading volumes were suggesting a short break in the price rally could be expected.
The ether lost 3.2 percent on Tuesday by falling down to $3,400. The more and more hawkish stance taken by the US Federal Reserve (FED) in regards to the interest rates hikes was stopping the crypto market from resuming the rally.
The third day of the workweek came with a huge red candle to $3,159 as ETH broke below the horizontal support and the 21-day EMA, finding support at the 200-EMA. It lost 7 percent for the session.
On Thursday, April 7, the ETH/USDT pair found its temporary bottom at $3,142 as buyers pushed the price up to $3,222 to avoid a full retrace of the weekly candle.
The Friday session came with a strong push in the upward direction in the morning. ETH hit $3,309 but lost ground later in the day eventually closing in red.
The first day of the weekend was a good one for bulls, but still, the coin was not able to surpass the $3,300 mark, instead, it was printing a bear flag formation on the daily chart.
On Sunday, the ether once again reached the 21-day EMA at $3,193.
What we are seeing midday on Monday is a break below the bear flag which could mean more downside is to be expected.
- Binance Coin (BNB)
The BNB token was the least impacted by last week’s market selloff. It erased 7 percent of its valuation and lost the 21-period EMA on the weekly timeframe, but somehow managed to avoid double-digit losses.
The coin could not continue the price rally that saw it reverse in early March a 4.5 months-long downtrend.
Even the recently announced Binance.US funding round that saw the company raise $200 at a $4.5 billion valuation could not help its native token make another leg up.
The next obstacle in front of bulls is $500 – a stable horizontal resistance while $400 and then $350 are the potential support zones for them.
The BNBUSDT pair is currently trading at $406.
Altcoin of the week
Our Altcoin of the week is Monero (XMR). One of the most popular altcoins from back in the day, XMR is a project focused on private, untraceable transactions.
The coin added 8.7 percent to its market cap for the last seven days making it one of the few coins in the Top 100 list that actually closed the week in positive territory. It was Monero’s sixth consecutive candle in green on that timeframe as it managed to break above the 21-period EMA.
The XMR token is currently facing strong horizontal resistance in the $250-$270 area, but a breakout there can open the door for an attack of the all-time high as no technical obstacles are present on the chart all the way up to $500.
The most probable reason for the recent surge in the price of Monero is the upcoming regulations in the European Union that will allow the governing bodies to trace and identify the transfers of crypto-assets, to prevent their use in money laundering, terrorist financing, and other crimes.
Monero is currently ranked at #34 with a total market cap of approximately $4.3 billion. It is trading at $221.