This week has been one with mild market activity for cryptocurrencies with many only recording mild gains for the week despite a notable few rallying. Bitcoin (BTC), the number one crypto, has had a rather slow week recording a gain of only 0.5% for the seven days as the asset now trades back above the $27K mark.
Trading at $27.1K 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. The relative strength indicator is, however, moving below its average line indicating a likely bearish week up 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 likely bearish trend on Bitcoin.
Altcoin analysis
Ethereum (ETH), has also made progress over the week as its weekly gain stands at 1.72%, dominating the bull activity on the network increases. Trading at $1845 as of press time, Ethereum indicators indicate reduced volatility on the asset’s network as the Bollinger bands move close to each other. The relative strength indicator is also moving close to its average line as bulls drive for a shift above the line, indicating a likely bullish trend on ETH.
Ripple (XRP) and Solana (SOL) have however recorded mild progress for the week, with both altcoins seeing a weekly gain of less than 1% as Polygon (MATIC) saw a weekly gain of 5.6% ahead of Cardano (ADA), which recorded a 2.2% increase in price valuation for the week. Tron has also had a pleasant week, sitting on a weekly gain of 6.8% as Litecoin dropped by 4% in valuation despite recording 1.8% gains as of today’s session within 24 hours.
Pepe (PEPE), a meme coin that has made trends over the course of the month, has had a bad week losing 14% in price valuation despite sitting on top of the trending list. The meme coin has however shown tremendous dominance for the month, recording gains of over 420% in price valuation ahead of the recent meme coin craze.
ARPA, ranking as the 5th trending token, has had notable gains over the week gaining 49% in price valuation as per states provided by CoinMarketCap. However, ARPA’s volatility levels are likely to increase over the week as the Bollinger bands now diverge away from each other.
The Relative Strength Indicator is however moving high above its average line, giving a strong indication of a bullish trend on Arpa.
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