Bitcoin’s drop to $25.8K and the Terra ecosystem fallout triggered crashes in the marketplace as most tokens witnessed double-digit losses.
- Bitcoin price tried to regain levels beyond $30,000.
- The global crypto market capitalization hovers beneath $1.3 trillion.
- Some of the cryptos to watch this week are BTC, XRP, and SOL.
The broad crypto marketplace witnessed bearish waves over the past week as Bitcoin lost near 30% within ten days to hit $25K, levels last seen in late 2020. The Bitcoin-driven plummets and fallouts in Terra’s UST and LUNA saw the cumulative market cap crash to $1.28 trillion at this publication.
Nevertheless, Bitcoin rose from the $26K zone to $30,000. With BTC hovering beneath the $30K psychological zone, the market sentiment exhibits extreme fear conditions. While publishing this content, Bitcoin traded at $29,795. As the markets attempt a near-term recovery, here are the tokens to watch in the coming week.
Bitcoin price plummeted towards the $25.8K lows over the past week before bulls ensured near-term recoveries to the sub-$29K level. For now, the crypto sees brief upticks as it targets a $30K reclamation.
The surges past $28.2K on 13 May saw the king crypto on higher highs within the following few days. If bulls can erase the sell-side momentum in the upcoming days would support BTC to move past $32.5K. That would ensure optimistic actions in the altcoin market.
Though long-term technical indicator remains bearish at this publication, Ripple saw upticks as Bitcoin presented an upside stance. Moreover, the Ripple vs. SEC lawsuit’s progress triggered an optimistic sentiment among XRP enthusiasts.
While writing these lines, XRP traded near $0.4409, gaining 3% in a day. However, the remittance token lost 23.27% within the past week amid intensified bearishness. Recoveries beyond $0.45 will add to the bullish strength. Also, bulls pushing beyond $0.48 would mean near-term upswings. Nevertheless, volatility would remain in the front seats.
Market bounce saw Solana gaining to explore the $58 level. For now, the alt trades at $54, a recovery from the 12 May slump that had SOL at the $37 low. The token recorded higher lows within the past four days, revealing a bullish trajectory. Meanwhile, trading volume remained low as market players maintained caution. However, surges past $44 triggered positive momentum. Upswings past $62 would confirm Solana’s bullish wave.
The sudden buying pressure resurges for Solana to reclaim the $50 psychological area as a foothold. Buying momentum buy bulls as the broad market highlight a near-term recovery might propel the alt highs as technical indicators flash bullish.