The cryptocurrencies market slowed during the last week. It seems, the massive sell-off due to the coronavirus epidemy influenced the cryptos too. The traders have booked profits in the cryptos to cover their losses in the equity markets. Bitcoin, which rallied above $10,000 levels, dropped about 14% in February, dragging the other cryptos lower.
The traders are now worrying whether the crypto’s bullish phase is over or will the crypto markets fall further in the coming days. However, several major cryptos still managed to profit during the last seven days.
Which cryptocurrencies managed to stay afloat during the week?
Huobi Token was one of the best performers during the last week. While the HT/USD pair had a volatile week, the crypto managed to stay in the green. It dropped at first but then regained losses, breaking above the overhead resistance at $5.3506.
UNUS SED LEO also performed splendidly compared to others, with a marginal gain of over 1%. The crypto endured a distributed denial-of-service attack a few days ago, but CTO Paolo Ardoino announced that the team managed to deal with the attack successfully.
For now, the LEO/USD pair is trying to recover from its lows at $0.80512. Analysts expect that the bulls will attempt to push the resistance level above $1.025. If the crypto clears the resistance level, the pair will start a new uptrend that can reach $1.36.
Hedge Trade lost roughly 13% in the past seven days. But if the crypto clears the resistance level at $4, it will rebound again.
Meanwhile, the BTC/USD pair has formed a long-term symmetrical triangle. The crypto’s price recently dropped down from $10,500, which is just below the resistance line of the triangle. To gain again, Bitcoin needs to move above the resistance level.
Chainlink has also fallen by 7%. The LINK/USD pair succumbed to selling pressure during the week. However, the bulls purchased close to the trendline, which enabled the crypto a sharp recovery.
- Trading Instrument