The cryptocurrencies were spared so far by the sell-off tide caused by coronavirus fears. But in the past week, investors began to sell everything in a state of panic after the virus spread worldwide. They have booked profits in the cryptos to cover their losses in the equity markets. As a result, Bitcoin dropped about 14% in February and dragged the whole crypto space lower. However, the top five cryptos still managed to profit during the last seven days.
UNUS SED LEO and Huobi Token rose. What about Bitcoin and Chainlink?
UNUS SED LEO was the best performer during the past seven days, with a marginal gain of over 1%. The crypto endured a distributed denial-of-service attack on Feb. 28. The LEO/USD pair is now trying to recover from its lows at $0.80512. Analysts expect that the bulls will attempt to push the resistance level above $1.025. In the case of success, the pair will start a new uptrend that can reach $1.36.
Huobi Token was the second-best performer during the last week. While the HT/USD pair had a very volatile week, the crypto managed to stay in the green. It fell at the beginning but then rebounded and broke above the overhead resistance at $5.3506.
Chainlink has also declined by 7%, but it still came out as the third-best performer. Even though the LINK/USD pair succumbed to selling pressure during the week, the bulls purchased close to the trendline, which enabled a sharp recovery.
Meanwhile, Hedge Trade lost about 13% in the past seven days. Experts argue if it will manage rebound soon or not. It depends if the crypto clears the resistance level at $4. Because, if it can’t, then the currency declines further.
The last place in five best performers of the week went to Bitcoin. It seems the BTC/USD pair has formed a long-term symmetrical triangle. The price recently fell from $10,500, which is just below the resistance line of the triangle. To gain again, Bitcoin needs to move above the resistance level.