Weekly crypto price analysis: BTC, ETH, XRP, BNB, DOGE, and ADA
Our weekly crypto price analysis shows that most of the coins have been trading in a neutral trend with bulls and bears being equally active in the market. For the whole of the week, the top coins have remained rangebound between their upper and lower boundaries. Bitcoin has been trading between its $21,000 and $24,000 range, while Ethereum has been keeping its price between $1,400 and 1,600. Ripple’s XRP token also traded in a similar range along with other top coins such as Binance Coin (BNB), Dogecoin (DOGE), and Cardano (ADA).
The overall market sentiment was positive this week, with Bitcoin and Ethereum both hitting their all-time highs. The altcoins market also saw a surge led by SOL reaching its highest levels in years. Looking ahead, the weekly crypto price analysis suggests that BTC, ETH, ADA, DOGE, and XRP have the potential to strengthen further if bulls are able to break past the resistance levels. At the same time, it’s important to note that any negative news or events could cause these coins to fall back down. It is therefore advised that investors be vigilant and pay attention to any changes in market conditions.
BTC/USD
Bitcoin price analysis shows that the digital asset has been consolidating above 24,000 for the past few days. Bulls were successful in buying on every dip as BTC defended and reclaimed its upper resistance of $25,000. The next target for Bitcoin is likely to be the psychological level of $25,500 which it may test soon if bulls remain in control.
Currently, BTC/USD is trading at $24,497.14 with a small loss of about 0.65 which will be soon recovered if bulls remain in control. The coin currently holds a market capitalization of over $472 billion and a daily volume of more than $28 billion.
The BTC/USD has gained more than 12 percent in the past seven days and is expected to continue its bull run in the coming weeks. Looking at the technical indicators, the MACD is in bullish territory and the RSI has risen to near 60.06, indicating strong buying pressure. The moving average trend line is also trending upwards, suggesting a continuing uptrend.
ETH/USD
Ethereum price analysis shows that the number two crypto asset has managed to break above 1,600 for the past few days. Bullish momentum has continued to push ETH/USD higher, with buyers successfully defending every dip and bringing it back up again. The current price of Ethereum is $1,692 which is higher compared to the start of the previous week.
The support level for ETH/USD is at 1,600 and if the bears manage to break this level the price may decline further. On the upside, the bulls will be looking to break above the resistance of $1,800 which is likely to be tested soon. Looking at the technical indicators, a state of equilibrium is being maintained with the MACD (Moving Average Convergence Divergence) marginally above the zero line and the RSI (Relative Strength Index) trading at 56.22, indicating a neutral trend. The moving average is currently at around 1,539 and will act as an important support level for the bulls.
XRP/USD
According to our weekly crypto price analysis, Ripple has been on a rise from $0.36 to over $0.39 since the start of last week. After crossing the resistance level of $0.35, XRP/USD has failed to break above the next resistance at $0.39 and is currently trading at around $0.3906 with a minor loss of 0.31 percent in the past 24 hours.
The RSI (Relative Strength Index) is close to 48.16 levels. Furthermore, the bulls are attempting to break through the resistance formed by the moving averages. If successful in doing so, we can expect a surge toward $0.39 or beyond. However, if the bears manage to push prices below $0.38, then we could see a sell-off that could take XRP/USD all the way down to $0.37 – its crucial support level.
BNB/USD
According to our weekly crypto price analysis, Binance Coin has been trading in the neutral range with bullish and bearish corrections taking place at the same time. Today’s BNB/USD pair is trading at $316 with a minor gain of 0.41 percent in the past 24 hours. The coin has also gained more than 9.12 percent in the past seven days, which is encouraging for buyers.
The 24-trading volume for BNB/USD pair is at $578 million and the market capitalization is slightly above $49 billion. Looking at the technical indicators, we can see that the MACD (Moving Average Convergence Divergence) has crossed its zero line indicating a bullish trend while the RSI (Relative Strength Index) is currently trading close to 54.76 levels. On the upside, buyers will be looking to break through the resistance level of $318 while on the downside, they will aim to defend the support around $309. If the bulls manage to break through this resistance and sustain their momentum, we could see BNB/USD testing its all-time high at $320.
DOGE/USD
Dogecoin price analysis shows that the coin is currently trading at $0.08839 with a gain of 0.08% for the past 24 hours, Additionally, the coin has gained more than 9.56% in the past seven days and is expected to continue its bullish trend in the coming weeks. The past week DOGE/USD coin has been trading in a range between $0.080 and $0.088 and is looking to break past the current resistance at 0.089 in order to continue its bullish momentum.
Looking at the technical indicators, we can see that the MACD indicator is currently in positive territory, with the histogram widening and the signal line pointing upwards. The RSI (Relative Strength Index) is currently at 51.14 and is on a bullish trend, indicating that there is more room for DOGE/USD to move upwards. The 50-day moving average and 200-day moving average are both trending flatly and are expected to act as support and resistance levels for the coin.
ADA/USD
According to our weekly crypto price analysis, Cardano followed an uptrend trendline for the past week, reaching a high of $0.4116. Today, the ADA/USD pair is trading at $0.408 with a gain of 1.12 percent in the past 24 hours and 12 percent in the past seven days.
The buyers are attempting to break through the resistance at $0.4116 while the bears are trying to push the price below $0.39 in order to take control of the market. If the bulls manage to defend their position and break through this resistance, we could see ADA/USD surge all the way up to $0.42 or beyond.
The RSI (Relative Strength Index) is currently at 49.69 and is looking to break through the overbought zone. The MACD (Moving Average Convergence Divergence) indicator, on the other hand, is slowly converging toward its zero line indicating a bullish trend. The moving average indicator for the coin is showing a flat trend at $0.359, which is just below the current trading level.
Weekly crypto price analysis conclusion
Overall, our weekly crypto price analysis shows that all the coins we have looked at are in a bullish trend and could potentially see further gains in the coming days. An understanding of technical indicators is key to successfully predicting the direction of cryptocurrency prices and making informed trading decisions. The buyers and sellers will be looking to defend their respective positions and break through the support and resistance levels in order to gain an edge in the market.
