Crypto market performance report for the week ending Feb 20

In the past 7 days, the crypto market has been quite unpredictable and bearish. There have been some ups, but many downs, and investors are now worrying about their investments. Does this mean that the bull run is over? Definitely not!

The crypto space cumulative market cap is $1.7 trillion, as per data from CoinMarketCap, with more than 17,600 cryptocurrencies in circulation. The market cap went below $2 trillion and dropped 3.94% as Bitcoin dropped below $40K and has a market dominance of 41.8%. On the other hand, Ethereum is the second biggest cryptocurrency with a market cap of 18.2%.

Crypto market performance report

In this crypto market weekly performance review, we will take a look at the price trajectories for the top tokens in the market. Below, we have discussed the performances of all the top cryptocurrencies.

Ravendex (RAVE)

Compared to the previous week, the RAVE token has been bearish this week. RAVE price analysis for Feb 14 reported that the token dropped 8% and was pushed towards the strong resistance at $0.0056, as per RAVE analysis for Feb 15. On the other hand, the token was breached through this resistance and surged 7% as per Ravendex price analysis for Feb 16, showing bullish signs.

However, the gains didn’t last long as the token fell 6% in our RAVE price analysis for Feb 17. The RAVE token continued to end 6 consecutive daily candles on a bearish note while investors enjoyed the dip.

Source: TradingView

Bitcoin (BTC)

Bitcoin opened the week by falling below important price support of $42K, as seen in our Bitcoin price analysis for Feb 14. The entire crypto market was in fear, although the token once again reclaimed $43K and aimed for $45K, noted in our BTC analysis for Feb 15.

On the other hand, the indicators went bullish for the token, showing signs for trend reversal, reported in our BTC analysis for Feb 16. The bullish sentiment continued as Bitcoin tried to maintain $44K as support, covered in BTC analysis for Feb 17. At last, the bulls failed, and BTC dropped to $40K, noted in our Bitcoin price analysis for Feb 18.

Source: TradingView

Ethereum (ETH)

Ethereum opened the week on a bearish note, below $3K, as noted in our Ethereum price analysis for Feb 14. The token reclaimed $3K, as per ETH analysis for Feb 15, while reclaiming $3.1K as a support zone, witnessed in our ETH analysis for Feb 16.

ETH failed to reclaim the important support of $3.2K, and as a result, the token once again dropped below the important support of $3K, as seen in our ETH analysis for Feb 18.

Source: TradingView

Solana (SOL)

Solana also opened the week on a bearish note, as per SOL analysis for Feb 14. Moreover, the bulls reclaimed $100 on SOL analysis for Feb 15, finally rebounding from the support of $101, as witnessed in our SOL analysis for Feb 16.

$100 has been an important support for SOL as bulls tried to maintain prices above it, noted in SOL analysis for Feb 17. However, the token returned to $94 support due to a bearish crypto market noted on our analysis for Feb 18.

Source: TradingView

Ripple (XRP)

Ripple initiated the week on a very bearish note, as per XRP analysis for Feb 14. The XRP token found resistance at $0.83 and was unable to push through. On the other hand, the signals were very bullish for Ripple, as noted on XRP analysis for Feb 16.

The token was unable to push through $0.84, noted in XRP analysis for Feb 17. In our XRP analysis for Feb 18, we saw XRP finally below the $0.8 price level.

Source: TradingView

Polkadot (DOT)

Polkadot price analysis for Feb 14 showed that DOT dropped to $20 support, falling to the 12 th position in the market, as per DOT analysis for Feb 15. On the other hand, DOT’s dominance in the crypto market fell below 1%.

The parachain platform noted another 9% price fall in our DOT analysis for Feb 17, finally making another bearish candle with a 6% price drop in our DOT analysis for Feb 18.

Source: TradingView

Terra (LUNA)

LUNA also opened the daily candle for the week on a bearish note, as per LUNA analysis for Feb 14. We saw LUNA spike above $55 as investors hoped the token to breach $60. Investors were bullish for the token, which was up 5% at the time, noted in LUNA analysis for Feb 16.

Furthermore, LUNA was unable to push above $60 resistance and finally fell to the important price level of $50, as per LUNA analysis for Feb 18.

Source: TradingView

The Sandbox (SAND)

SAND opened the weekly candle by falling below the important support of $4.3. On the other hand, SAND was once again back above $4, as per SAND analysis for Feb 15, and the SAND bulls tried to hold the $4.2 price level as support.

SAND price analysis for Feb 17 saw that the token dropped below $4 while reaching as low as $3.7 on our SAND price analysis for Feb 18.

Source: TradingView

Dogecoin (DOGE)

Dogecoin price analysis for Feb 14 shows that the meme coin was unable to hold $0.14 as support and, as a result, fell 8% in 7 days, as seen in our DOGE price analysis for Feb 15. Meanwhile, the DOGE price analysis for Feb 16 shows that the token moved past $0.14 and reclaimed $0.15.

As per DOGE price analysis for Feb 17, the crypto market once again turned bearish, and DOGE retested $0.14 support. DOGE price analysis for Feb 18 noted that the $0.14 price level held as an important support for the price action.

Source: TradingView

Shiba Inu (SHIB)

Shiba Inu started the week by rebounding from a support region of $0.00002856, as per SHIB price analysis for Feb 14. Furthermore, a bullish sentiment was seen in the crypto market, which caused SHIB to shoot up by 7%. 

The indicators for the meme coin remained bullish, as per Shiba Inu’s price analysis for Feb 16. However, the trading volume of the token dropped as per SHIB price analysis for Feb 17 as $0.000034 remained important support. But, it was seen in SHIB price analysis for Feb 18 that the token fell below $0.00003.

Source: TradingView

Conclusion

The crypto market remained bearish in the last 7 days following huge selling pressure from bears. It is also important to note that there are chances of a further drop in the coming days, so it is advised to keep liquid money to buy the dip.