Crypto Market Week Ends in More Losses Amid Russia-Ukraine Woes

The global crypto market cap is $1.77T, a 3.02% decrease over the last day. The total crypto market volume over the last 24 hours is $57.54B, which makes a 20.21% decrease. Meanwhile, the top crypto in terms of market cap, Bitcoin, is currently trading at $38,831.67. In the past 24 hours, its price has gone down by 3.71%, leading the market in a wave of plunge.

Gold is Overtaking Bitcoin

The crypto market started a plunge sparked by speculation that Russia could invade Ukraine in a matter of days. Traders and investors have been nervous about the war, hence the selling pressure as uncertainty rises. 

Bitcoin is barely holding to a $40k price level, and this week’s mid-sized decrease coincided with the SP500 falling once again. Meanwhile, gold has reached an eight-month high. The dollar has fallen, allowing gold prices to rise. Yields in the United States fell, with both the 2-year and 10-year yields falling.

After breaking below the 44.20 floor of the 14-day RSI, the price strength of Bitcoin has also firmly entered oversold territory. This indicator is presently tracking at 43.55, its lowest value since February 3, when bitcoin was trading at a low of $36,200.

Despite the current decrease, there appears to be the chance of more falls if downside momentum continues.

Ethereum

The last two days were not easy for ETH. In the past 24 hours, it has lost 6%, and in 7 days, the loss stands at 9.3%, trading at $2,640.

The concern now is whether the ETH correction will end here or continue. The overall market structure will turn bearish if the key support level fails to hold in the coming days, and ETH is more likely to approach the previous local low at $2,200.

If buyers don’t put ETH back in an uptrend soon, the indicators on the daily timeframe are curving down and may turn bearish. Up until now, the $3,200 mark has acted as a barrier to higher prices.

Cardano (ADA)

ADA’s price has been on a downturn for the previous seven days, with a 9% loss at the time of writing. The signs are still negative, and ADA is approaching the crucial support level of $1. Buyers must defend this critical level, or else the outlook for ADA soon is grim.

The MACD did a negative crossing yesterday, and the RSI is still making lower lows. Thus, the daily indications are bearish. Although this isn’t promising, ADA has a shot at staying afloat if purchasers can hold it over $1.

ADA also has two key resistance levels at $1.1 and $1.2, which rejected every attempt by the price to go higher in February.

The Rest of the Crypto Market is also Plunging

Following a big gain last week, XRP has entered a consolidation phase, generating a massive pennant. As a result, volatility lessened, and the price finished the previous seven days with a 4.9 percent drop at $0.786. A break from the pennant will determine where XRP will go next. The main resistance level is $0.96, and the important support level is $0.70.

The price of BNB, on the other hand, sparked a lot of interest this week as it broke above the downturn that began in November 2021. Unfortunately, it has begun another significant slide in the last two days. It is presently trading at $381.25, a 5.71 percent decrease from yesterday and a 5% decrease from seven days ago. Overall, it is still ranked fourth in the crypto market.

Solana (SOL-USD) and Fantom (FTM-USD) performed worse, dropping by more than 5% each, highlighting their increased volatility. GALA and the Sandbox were among the most significant cryptos to collapse on Saturday, as the red wave was in full force to begin the weekend. At the time of writing, they had losses of 13% and 10%, respectively.