The total crypto market cap erased $32 billion from its value in the last seven days and now stands at $1.89 trillion. The top 10 coins were mostly in red for the same time period with Terra (LUNA) being the only one to end the week in green with a 14.9 percent increase while XRP (XRP) lost 13 percent. Bitcoin (BTC) is currently trading at $38,500 while ether (ETH) is at 2,820.
Bitcoin closed the trading day on Sunday, April 17 at $39,723 and after two days of intense selling reached the lower boundary of the mid-term uptrend corridor (or the final phase of the big bear flag pattern if you look at the bigger picture). The zone is right above the weekly horizontal support and the long-term uptrend corridor line.
Bitcoin ended that seven-day period with a 6 percent loss thus confirming its presence below the 21-period EMA on the weekly timeframe.
On Monday, bears were able to push the price all the way down to $38,600 to touch the mentioned long-term diagonal, but the high buying volumes helped the biggest cryptocurrency bounce back. The green daily candle fully engulfed the previous one as BTC closed at $40,812 with a 3.1 percent increase.
The Tuesday session was no different and the price continued to move in the upward direction, stopping at $41,500 in the evening. RSI was still above its moving average.
The third day of the workweek came with an unsuccessful attempt from buyers to break above the 21-day EMA and the zone above $42k. Bitcoin was moving up and down the $42,200 – $40,800 range before closing with a small loss.
On Thursday, the BTC/USDT pair was extremely volatile. I traded in the $42,991 – $39,800 range before closing with a 2.2 percent loss. As mentioned, the coin was trading in a bear flag within a bear flag on the daily timeframe with the lower boundaries of both flags located in the area of around $40,000.
Bears pushed the price down to hit that mark on Friday when BTC temporarily traded around $39,000 before closing at $39,700.
The weekend of April 23-24 came with a confirmation of the diagonal supports break on Saturday and a flat session on Sunday.
Bitcoin continues to slide on Monday morning and is currently trading at $38,500, right at the long-term diagonal support.
The Ethereum project token ETH closed the previous seven-day period at $2,984 after continuously testing the $3,000 level throughout the week. Buyers were considering this level as crucial for the mid to long-term effect on the price of the ether.
On Monday, April 18 the ETH/USDT pair almost hit the lower boundary of the long-term uptrend corridor near $2,850 in the early hours of trading, but somehow managed to avoid a major crash by jumping up to $3,053 later in the session. As per the Volume profile indicator (VPVR), the area above $3,000 is one of the most actively traded on the chart.
Tuesday came with another green candle, this time to $3,100, close to the 21-day EMA and as a confirmation of the break above the March 2022 highs.
The mid-week session on Wednesday was when bulls attempted a breakout. The price of ETH rallied to $3,200 but quickly retraced at the daily candle close, eventually closing in red.
The same thing happened on Thursday when the price first rallied to $3,180 and then quickly fell down to close with a huge loss at $2,983. The extremely volatile session resulted in a 3 percent loss for the ether. It stopped at the low timeframe horizontal support as the zone around $3,000 was once again the last area of defense for bulls.
On Friday, that level was broken as well. The ETH/USDT pair fell further down to $2,964 for the first time since March 2022 in its third consecutive day in red.
The first day of the weekend came with a drop to $2,931 as the selloff continued. The leading altcoin was now dangerously close to the lower boundary of the long-term uptrend corridor.
On Sunday, it attempted a comeback, but the upward movement was limited and resulted in a full retrace.
What we are seeing early on Monday is a break below the mentioned diagonal as ETH is trading more than 3 percent lower.
- Terra (LUNA)
Terra is the only token on the Top 10 list to end the last seven days in green. The coin added 17 percent to its market cap after bouncing back from the 21-period EMA on the weekly timeframe. Still, it was rejected at the psychological level of $100 and is currently trading slightly lower – at $88.
The trading volumes on the LUNAUSDT pair are in a clear downtrend for the last few months while the price kept rising which usually suggests the uptrend momentum is not sustainable. What is more – the $100 level will most probably act as resistance again now.
On the other hand, the Relative strength index is again close to the mid-levels while the LUNA token itself is trading in a long-term uptrend channel where it just formed a higher low, so the technical hint at a potential continuation of the uptrend.
Potential support at $87-$88.
Altcoin of the week
Our Altcoin of the week is STEPN (GMT). GMT is a lifestyle “move-to-earn” token that allows its users to earn while doing physical activities like walking or jogging using its so-called “NFT Sneakers”.
The project was launched in early March via the Binance Launchpad and has since then skyrocketed thanks to its good marketing and the revenue from the sale of the mentioned NFT sneakers.
The coin was initially sold at $0.01 on Binance then rallied all the way up to $3.85, an increase of 38,500 percent in less than 2 months’ time.
As of the time of writing this market update, the GMT/USDT pair is trading 18 percent below its all-time high and is near the April 1 high of $3.16. We can probably expect support around the $2.7 level.
GMT is currently ranked at #59 on CoinGecko with a total market capitalization of approximately $1.94 billion.