Bitcoin (BTC) recorded small losses despite a late comeback from a week of bearish pressure. Meanwhile, artificial intelligence-focused altcoins World Coin (WLD) and Singularity Net (AGIX) recorded a slight rise.
In contrast to Bitcoin’s decline this week, the global cryptocurrency market capitalization rose slightly by 1.26%, increasing by more than $30 billion to $2.4 trillion at last check.
This rise was primarily fueled by the performance of major altcoins in the later stages of the market revival.
Here’s how most mainstream cryptocurrencies performed this week:
Bitcoin retests $59,000.
Bitcoin started this week on a downward note compared to last week, falling more than 5% in seven days.
Despite surpassing the $65,000 threshold earlier in the week, the first cryptocurrency immediately recorded a steep decline and eventually closed below the 50-day EMA on April 16.
This is the first time Bitcoin has witnessed an intraday close below the 50 EMA since January, signaling a shift in sentiment from bullish to bearish.
Amid bearish pressure, BTC retested the $59,000 area on April 17 for the first time since March 4, and ended the day down 4% despite immediately regaining the $60,000 area.
Interestingly, the $59,000 zone served as a springboard for Bitcoin’s rebound, with the asset posting a 3.65% gain on April 18.
The resurgence of bearish pressure did little to stem this new growth, as BTC continued its winning streak until the halving date of April 20.
Bitcoin hit a post-halving high of $65,450 but still traded with losses on a weekly basis. The upward trend cooled with BTC changing hands at $64,962 at press time.
While this represents a slight 1.19% decline from its value at the start of the week, Bitcoin is currently trading above the 50-day EMA ($64,577).
AGIX breaks through 3-week symmetrical triangle
SingularityNET was one of the biggest victims of last week’s downtrend, eventually falling below its 50-day EMA on April 12 and breaking to a six-week low of $0.6070 the next day. Despite a slight rebound, the decline continued into this week, with AGIX down 5.41% on April 15th.
Chart data shows that AGIX has been trading within a symmetrical triangle for the past three weeks, with bears bracing for an upward breakout and bulls using the lower trendline as support. The AI-focused token continued to decline until April 18 when it retested support at $0.7666.
Following this retest, AGIX rebounded along with the rest of the market, but bullish momentum was not evident until April 20th, when it surged 15.40% and eventually broke the upper trendline of the symmetrical triangle. This violation coincided with exceeding the 50-day EMA.
Despite a slight decline today, AGIX is still maintaining an upward trend with support for a decline back into a symmetrical triangle utilizing the 0.382 Fibonacci retracement level ($0.9291). From where it stands now, AGIX needs to conquer the Fib. For as little as 0.50 dollars ($1.030) you can reclaim and secure a position above the $1 mark.
WLD faces strong resistance at a price of $6.09.
Worldcoin, another AI-focused token, has made some notable moves this week. Interestingly, despite starting the week with a 6.88% decline on April 15, Worldcoin maintained its consolidation phase, immediately recouping most of these losses with a 6.16% rebound the next day.
This tug-of-war between bulls and bears lasted until April 19th. Heading into the weekend, Worldcoin recorded a massive intraday gain of 14.19% on April 20 amidst bullish sentiment due to the Bitcoin halving. Saturday’s rally hit a one-week high of $5.66 before hitting a hurdle.
On-chain data from IntoTheBlock (ITB) shows that WLD may struggle to regain the $6 psychological threshold it gave up last week when it fell 14.12% on April 12. To recover this level, WLD will need to break through a strong sales wall. Here, 448 addresses purchased 268,340 tokens at an average price of $6.09.
Despite rising 7% this week, Worldcoin remains in a short-term decline. However, the daily relative strength index (RSI), currently at 42, suggests that the cryptocurrency has more room to grow.
Currently trading at $5.5 at last check, WLD will need broader market forces to push it above $6.