The top cryptocurrency, bitcoin (BTC), fell below the crucial $29,000 support.
Volatile market conditions and BTC’s minor price upticks gave way to independent altcoin rallies.
AVAX, TRX, XTZ, CRV, and ETC were some of the most popular altcoins over the last week.
Over the weekend, as the top cryptocurrency, bitcoin (BTC), fell below the crucial $29,000 support, the larger crypto market was painted in red on their daily time frame.
Data from Santiment highlighted that both bitcoin and ethereum’s networks indicate a dramatically low profit vs. loss transactions ratio. Additionally, on an over six-month downswing, loss trades are compounding, and weak hands are exiting particularly swiftly this weekend.
Historically, one year low levels of daily on-chain transaction volume in profit to loss can dramatically affect the markets. However, with BTC and ETH’s prices moving in a rangebound trajectory, it was difficult to predict whether it will lead to positive or negative volatility.
That said, with BTC’s price dipping to as low as $28,100, the global crypto market cap also dropped to $1.20 trillion at press time.
Price-wise, BTC and ETH had dropped sharply, breaching the $28,000 and $1,700 levels. However, due to largely volatile market conditions, BTC’s minor price upticks give way to independent altcoin rallies.
Overall, in the past 24 hours, the majority of the leading cryptocurrencies had lost ground; however, some altcoins presented decent gains on their weekly charts, standing out from the market.
Here are the five most popular cryptocurrencies of last week:
BTC’s recently gained momentum gave AVAX’s price the much-needed momentum after the altcoin’s fall down to the $23 zone. Ethereum killer Avalanche was one of the hardest-hit coins in the top ten cryptos by market cap.
Avalanche’s native token, AVAX, was down by close to 25% in one week from last Friday to this Friday. However, Saturday came with fresh gains as the coin gained momentum, presenting close to 13% daily gains.
At the time of writing, AVAX traded at $24.75, noting 12.20% gains on the daily chart. However, the coin was still down by 16.93% on the weekly. For AVAX to gain some market momentum, the first resistance lies at the $27 mark which could be critical to the coin’s bullish trajectory.
While higher trade volumes on a daily chart supported AVAX’s recovery, the market volatility and higher BTC correlation could push prices in either direction.
Tron’s TRX has been one of the best performing top projects in terms of price gains over the last month. Notably, every non-stablecoin cryptocurrency in the top ten by market capitalization collapsed by more than 19% in the month-to-date, while TRX was up 30%.
That said, TRX’s price has risen 7.5% year-to-date, while BTC was down almost 38% in 2022, and ETH’s price has slumped by nearly 50%. At the time of writing, TRX traded at $0.08211 noting a 3.35% rise on the daily and almost 10.82% gains on the weekly chart.
Notably, Tron founder Justin Sun launched a Terra-style algorithmic stablecoin towards the beginning of May. With TRX’s price trajectory gaining momentum, the coin could see the $0.1 level in the near future if bulls continue to push the token.
As reported by FXEmpire earlier, Formula 1 racing team Oracle Red Racing announced the launch of an NFT collection at the Monaco Grand Prix. Oracle Red Bull Racing will mint the NFTs on the Tezos blockchain and list the NFTs on Bybit.
The aforementioned announcement helped Tezos’s XTZ start a bullish weekend with a morning breakout supporting a run at $2.00. At the time of writing, XTZ traded at $1.94, noting an 8.17% rise on a daily chart and 5.65% gains on the weekly.
XTZ’s price was above the first major resistance level at $1.8203. If the altcoin can cross the $1.9643 resistance, a breakout above the crucial $2 mark could be expected. In the event of an extended rally, the next major resistance level sits at $2.1083 for XTZ.
Ethereum Classic (ETC)
Over the last week, ETC saw four consecutive green daily candles from 21 May to 24 May, owing to the strong accumulation during the weekend. However, with a market downturn on May 25 and 26, ETC bulls pushed the coin from around the $20 price range to a weekly high of $25.69.
ETC noted considerable resistance around the psychological resistance at the $25 mark as the coin traded at $22.79 at press time, noting 1.83% daily and 11.45% weekly price gains.
Notably, the $25 price range has acted as a substantial support range for ETC even in the past. A push from bulls above the key resistance at $25 in the near term as buying pressure rises could aid some positive momentum to the token’s price. ETC’s price all-time high at the time of writing stood at $167.09.
Curve DAO Token (CRV)
Curve DAO’s token CRV was recently in the news after the stablecoin swap application Curve Finance proposed to end emissions of its CRV tokens from pools related to terraUSD (UST) after UST’s implosion last week.
At the time of writing, despite larger market losses, CRV traded at $1.23 noting an 8.51% rise in price over the last day. However, on the weekly charts, CRV maintained a similar price range as last week on the same day.
Suppose bulls can push the token’s price above the $1.3 and $1.45 resistances in the near term amid rising buying pressure. In that case, the token could continue the uptrend.
This article was originally posted on FX Empire