The previous week witnessed a decline in positive sentiment in the cryptocurrency market, posing a hurdle for bullish investors attempting to combat the bears’ momentum. Both Bitcoin and Ethereum demonstrated a downtrend and failed to resist the bears’ takeover effectively.
The resultant impact of this occurrence was negative on the general market outlook. As a result, in the weekly chart, a number of altcoins have suffered notable losses.
Fantom FTM is at the top of the list of altcoins experiencing significant losses this week, followed by Aptos APT and Avalanch AVAX in second and third place, respectively.
Fantom FTM has experienced a significant decrease of 20% over the past week, leading among the top 50 tokens by market capitalization. Fantom’s performance in the first quarter of the year has been steady, starting off at a low point of slightly below $0.2. While there was some decline in late February and early March, the overall trend has been positive.
Currently, the price is nearing its highest point of the year, and there seems to be a general sense of positivity among investors regarding its future trajectory. FTM is trading at $0.425, demonstrating a 1.30% decrease in the past 24 hours and 1.32% in its marketcap.
Meanwhile, APT, the cryptocurrency, has become the center of attention among the community due to its significant weekly loss, which ranks second. Within the last week, APT has declined by about 19.53%. As of now, the token is trading at $10.24, with a slight increase of 0.40% observed in the last 24 hours.
Avalanch AVAX, which is currently trading at $16.87 with an 18.43% loss in the weekly chart, is also gaining attention. Buyers needed to push the price of the altcoin above $18 for its recovery, as indicated by the current increase in selling pressure reflected by the red AVAX trading volume.
Moreover, some popular coins in the top 100 are experiencing slight gains in weekly charts, including LEO at 4%, BTT at 2.85%, and GUSD, with an increase of 1.55%, according to the data from CoinMarketcap.
Bitcoin (BTC) & Ethereum (ETH) Weekly Review
After a ten-month hiatus, Bitcoin, the leading cryptocurrency, surpassed $30,000 last week, marking a noteworthy resistance level. However, Bitcoin was unable to sustain its momentum and experienced a sudden decline to $27,177.37 on April 21st.
Bitcoin price is currently struggling below $28,000 with a minor recovery wave above $27,500 resistance. Close above $28,000 and 100 hourly SMA could start a decent increase towards $28,500 and $28,800 resistance. Failure to clear $28,000 could lead to the further downside with immediate support near $27,400 and next major support at $27,200.
Similarly, Ethereum (ETH) reached a new yearly peak last week, surpassing $2,000 for the first time in 9 months, which accomplishment was largely attributed to the successful implementation of the long-awaited Shanghai upgrade. Nevertheless, on the same day, April 21st, ETH also encountered a decline and dropped below $1,827.79.
According to the data from CoinMarketCap, ETH is trading at $1,861.76, experiencing an 11.22% decrease in the last seven days and a 0.19% decrease in 24 hours. However, ETH faces an immediate overhead resistance at $1,910.
If this level is breached, it could potentially propel ETH to reach $1,950, which may aid in initiating a price recovery. On the other hand, the current support levels for ETH are at $1,840 and $1,820.
Related Reading | Cardano’s Ecosystem Flourishes: EMURGO CEO Shares Latest Developments