Last week in the crypto markets was marked by conflicting actions from bulls and bears as they engaged in a struggle for control. The bears attempted to drag both Bitcoin and Ethereum downwards, so the top cryptocurrencies remained unchanged. Meanwhile, smaller market-cap coins experienced significant growth.
Several low-cap tokens on the list of weekly gainers have shown substantial growth, with Oasis Network (ROSE) leading the pack, followed by Mina (MINA) and The Graph (GRT) in third place. Other tokens have also experienced significant gains.
The Oasis Network (ROSE) managed to surpass its November value with a weekly increase of around 35%. During the last seven days, the InvestorsObserver Sentiment Score rated Oasis Network as Bullish based on its volume and price movement.
As of Monday, ROSE is currently trading at $0.07639, experiencing a 2% decrease in the past 24 hours but a remarkable 100% surge over the last week. The token reached its peak of $0.08087 earlier this week and ended the week at $0.07572 after starting at $0.05377, displaying a robust and impressive performance.
While the recent upswing of ROSE may excite investors and traders, some market analysts caution that the token’s current rally may not be sustainable. The support level at $0.072 is considered to be unstable, and a potential break below this mark could lead to a drop to $0.050 in the coming days.
Despite these warnings, its outstanding performance has attracted the attention of the investment community, which is closely monitoring the young network as it continues to make progress in the crypto market.
Another low market cap token also emerged as a weekly gainer; Mina (MINA) saw a significant price increase, with a weekly gain of 32% and a current trading price of $1.02.
The cause of MINA’s sudden price increase can be attributed to an announcement from the leading crypto exchange Binance regarding the implementation of zk-SNARKs, which provide confidentiality and security for information during proof-of-reserve verification.
Binance’s adoption of this technology has set the trend for the future use of zero-knowledge proofs, and the Mina Protocol is poised to be a key player in this area.
Moreover, some popular coins are experiencing gains in weekly charts, including The Graph (GRT) with 20%, Lido DAO with 16%, and Hedera (HBAR), with an increase of 20%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
The first month of the year saw an impressive surge in the value of both Bitcoin (BTC) and Ethereum, but it appears that the two cryptocurrencies are taking a breather in February. For three weeks straight, neither of them has recorded any substantial weekly gains as BTC remains in a state of consolidation.
The price of Bitcoin extended its downward trend, dropping below the $22,200 support level and even breaking through the $22,000 support zone. It traded toward the $21,500 support level, creating a low near $21,475 before entering a period of consolidation.
Although there was a minor bounce-back above the $21,800 resistance level and a break above a key bearish trend line with resistance near $21,900, the cryptocurrency still appears to be struggling.
Similarly, Ethereum was unable to recover above the $1,600 resistance and continued to drop in value. The cryptocurrency dipped below the crucial $1,550 support level, moving deeper into bearish territory.
The price even plunged below the $1,530 support level, forming a low near $1,492 before consolidating losses. Ethereum is now showing bearish signs below the $1,550 mark.
Despite these setbacks, recent CoinMarketCap data shows that Bitcoin is currently trading at $21,832.35, with a slight increase over the past 24 hours but a 4.67% decrease over the past seven days. On the other hand, Ethereum is being traded at $1,517.68, experiencing a 0.23% decrease in the past 24 hours and a 7.19% drop over the past seven days.
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