This week has had mild market activity for cryptocurrencies, with many only recording mild gains as a notable few rallied. Bitcoin (BTC), the number one crypto, has had a relatively slow week recording a drop of only 0.3% for the seven days as the asset now trades back above the $30K mark.
Trading at $30.5K as of press time, Bitcoin’s volatility seems to have stabilized over the week as the Bollinger bands now move closer to each other, indicating low volatility levels on the asset. However, the relative strength indicator is moving above its average line, indicating a likely bullish week ahead as bulls and bears struggle for market dominance.
The MACD, currently moving above its average line, is approaching the average line as bears look to drive for a shift to the negative side, indicating a struggle between bulls and bears.
Altcoin analysis
Ethereum (ETH) has also made no positive progress over the week, as its weekly drop stands at 0.17%, as bears look to claw back markets from the bulls. Trading at $1916 as of press time, Ethereum indicators indicate reduced volatility on the asset’s network as the Bollinger bands move close.
The relative strength indicator also moves close to its average, demonstrating the uncertainty between bulls and bears on the network.
This week, Ripple’s (XRP) and Solana’s (SOL) efforts have been notable as Ripple dropped by 2%, whereas SOL gained 11%. Polygon (MATIC) also saw a weekly drop of 0.9%, as Cardano (ADA) recorded a 3.4% drop in price valuation for the week. Tron (TRX) has also had a pleasant week, sitting on a weekly gain of 3% as Litecoin (LTC) gained by a massive 24% valuation.
Pepe (PEPE), a memecoin that has made trends over the past months, had a bad week, losing 3% in price valuation despite severally appearing on the trending list. The meme coin has, however, shown tremendous dominance for the month, recording gains of over 21% in price valuation ahead of the recent memecoin craze.
However, Bitcoin Cash (BCH) has dominated this week’s session as the asset now boasts a 50% weekly gain as it trades at $301. The daily gain now stands at 3.6% with a market cap of $5,857,425,662, as the trading volume now stands at $1B.
