GENERAL OVERVIEW
The past week was really good for the cryptocurrency market, with all the top projects posting positive results. Five out of seventeen projects posted a double-digit increase, with Tezos (XTZ), Stellar Lumens (XLM), and Cardano (ADA) even crossing the 20% w/w increase mark.
Bitcoin reported a +6.56% increase w/w and sparkled a rally during the last two days of the period. It crossed its 99-period weekly Moving Average to close just under 7500 USD at 7499.91. The violation of the same Moving Average in March triggered the downward movement along with selling pressure possibly coming from sellers trying to cover losses in legacy financial markets. Therefore, its violation upward is a very positive technical event.
At this point, we think that there is margin for a price run in the short term, with the next very big resistance given by the straight line originating from the market top of December 2017 and passing to relative tops of June 2019 and February 2020.
The halving event could obviously act as a huge catalyst for such a move, with other positive developments possibly coming from new actors in the market such as the Medallion Fund of Renaissance Technologies, which this week obtained from the SEC the permission to trade Bitcoin futures at the CME.
The positive mood on BTC was also reflected in the other top projects, which showed a clear overperformance even during this week.
TOP PROJECTS
As already mentioned, the top cryptocurrency projects clearly As already mentioned, the top cryptocurrency projects clearly overperformed BTC during the past week. The week was overall clearly positive for the market, with the median performance in our 17-coins sample being +6.82% w/w.
Top projects’ overperformance comes with underperformance from medium and small-sized projects, with the overall BTC’d dominance which is, therefore, remaining more or less stable. BTC showed the lowest volatility among the projects during the past seven days, while big platform projects keep overperforming the rest of the pack in a significant fashion.
Tezos (XTZ) has been the best performer, with a +27.68% w/w performance leading to a close at 2.68 USD for our analysis period. AS we already saw in our Weekly Market Cap report, the projects saw Weiss rating putting it at the top of the Technology category among crypto projects together with Cardano. Blockchain technology is still a focal point for investors and these kinds of endorsements are able to produce such huge price swings.
On the other hand, Binance Coin (BNB) has been the worst performer of the week in our sample despite not registering a negative result. It closed at 15.90 USD with a +1.91% w/w performance. The coin was the best project of our sample during the past week and it fas left somehow behind with respect to the other projects during this week
In a wider period, LINK is still the best performer.
TECHNICALS
As expected from our previous analysis, all the coins are trading in the upper half of their past seven days’ trading range, which is normal considering that the overall movement happened in the final part of the week. BNB was the only one close to the middle.
On a weekly basis, XTZ is the only coin appearing to be in overbought territory, while BNB is approaching an oversold level. MACD is not showing a positive setting, while the opposite can be said about the majority of the differences between moving averages.
On the other hand, on a 30 days horizon, MA50 and MA200 still are clearly indicating a negative setting, while RSI is approaching the overbought territory for the majority of the coins. Ada and XTZ are already there. MACD is still in a positive setting all over the spectrum.
We proceed to have a look at the frequency distributions of the coins’ price in terms of satoshis to have a look at the relative performances. Bitcoin rivals as currencies are showing some weakness with respect to BTC in the last 30 days, while Ethereum Classic (ETC) is once again the weak link of an otherwise very good platform group. XLM joins XMR, Tezos, ADA, and Link as the project in the best shape versus BTC.
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DISCLAIMER
The views expressed in this report reflect the analysts’
personal views about the cryptocurrencies subject of the
report. These views may change without notice and are
subject to market conditions. The report is prepared for
information purposes only and by no means constitutes a
solicitation to investment or disinvestment. All the data are
taken from Binance at 15:00 UTC on the 24th of April 2020. USD
and USDT are used interchangeably for illustration purposes.
All the presented valuations, indicators, and analyses are
subject to errors. The report is for personal use only and should
not be republished or redistributed.
