Our weekly crypto price analysis reveals that cryptocurrencies have been trading in mixed ranges, with Bitcoin hovering near $28,000 and Ethereum has been trading between the level of $1,841 and $1,703 for the past week. Ripple has been steadily increasing since last week, currently trading above $0.50.
Binance Coin is now comfortably trading around the $313 mark after experiencing some volatility this past week. Cardano is trading at a price just below the $0.40 mark, after making some minor gains over the past few days, Solana has seen some steady gains this week, with bulls and bears playing tug-of-war around the $20.00 mark.
The crypto market is still in a consolidation phase with some minor gains recorded by most of the coins this week. Despite some bearish sentiment, prices seem to be slowly increasing as investors remain bullish on the future prospects of cryptocurrencies.
BTC/USD
On March 30, the bullish market drove Bitcoin above $29,000 – yet the long wick on the candlestick reveals that bears have not conceded and are still selling at any peak. The price corrected lower, and it is currently trading around $28,000, which is still a significant jump from last week’s low of $27,000. Currently, the BTC/USD is trading at $28,205, and if the bulls can break past the $28,564 resistance line a rally towards the all-time high at $29,000 is possible, and if bears take control, the support of $27,000 will be tested.
The rising 20-day EMA ($28,279) and the 50-day SMA ($28,282) have flattened out and the Relative Strength Index (RSI) is trending above the midline. This suggests that both bulls and bears are at an equilibrium. The moving average indicator has a bearish crossover, which indicates that the downtrend will resume soon. The MACD is also in the negative zone, which supports a bearish view.
ETH/USD
According to the weekly crypto price analysis, Ethereum has been trading in a range between $1,841 to $1,703 for the past week. The ETH has been trading near the resistance level for the past few days, yet this week the bulls have managed to push the ETH/USD pair above the $1,800 level.
Currently, the pair is trading at $1,809 and if the buyers can maintain their control over the price, a surge toward the all-time high of $1,900 is possible. However, bearish sentiment might take hold and push the ETH/USD back down toward the lower range of $1,700. The market capitalization for Ethereum is currently at $217 billion and the 24-hour trading volume is reported to be $5.26 billion. The circulating supply is currently at 120 million ETH.
The Moving average indicator shows a bearish crossover, and the RSI is hovering above the 50 level. This suggests that the bearish momentum could pick up soon. The MACD indicator also shows a bearish trend which confirms a potential downward move for Ethereum. The SMA 20 and 50 SMA are flat, which means that the current trend is likely to continue for some time.
XRP/USD
Ripple has been on a steady uptrend since the start of the week and is trading above $0.50, which is a significant jump from the low of $0.46 that it had hit earlier this week. Currently, the XRP/USD is trading at $0.5157, and if bulls can take control, a rally toward the high of $0.51 is possible. On the other hand, bearish sentiment could push the price back down to its support at $0.50. The XRP has gained more than 12 percent since the start of this week and its market capitalization is now at $26 billion with a 24-hour trading volume of $1.19 billion. The circulating supply is currently at 51 million XRP.
The RSI (Relative Strength Index) is close to 70 levels and trading in a sideways manner. If the price rebounds off the 20-day exponential moving average ($0.5111), that could be an indication of buying pressure. The 50-day SMA ($0.5111) is flat and the MACD indicator shows some bearish momentum. Therefore, there may be more downside pressure in store for XRP/USD if buyers cannot take control of the price soon.
BNB/USD
Weekly crypto price analysis suggests that Binance Coin has been trading in a range between $316 and $313 since the start of this week. The 316 USD level was a key resistance, which the bulls managed to breach this week. As of now, the BNB/USD is trading at $314 and if buyers can continue their buying pressure, a surge toward the all-time high of $320 is possible. On the other hand, bearish sentiment could push the price back toward its lower range of $313.
The Moving average converges/diverges shows a bullish trend with the MACD line trading above the signal line. The RSI (Relative Strength Index) is currently at 52.73, which indicates that BNB/USD may be in overbought territory and could face a correction soon. The moving average indicator is currently at $313.5 and the 50SMA is trading above the 20SMA, which suggests that BNB/USD is in an uptrend.
ADA/USD
The Cardano price analysis for the week shows that ADA has been trading in mixed sentiment. The bulls and bears have been battling for control over the price, yet the bears seem to have a slight upper hand as the ADA/USD pair is currently trading at $0.382. The ADA has gained more than 6.30 percent since the start of this week, however today the bearish pressure has pushed the price back down, with a decrease of 2.29 percent in the last 24 hours.
The RSI (Relative Strength Index) is currently at 48.83, indicating a bearish trend. The MACD indicator is trending lower, suggesting a bearish momentum. The moving average convergence/divergence shows that the ADA price may be heading for a correction as the MACD line has crossed below the signal line. The 50-day MA and the 200-day MA are flat and if the price continues to trend lower, a support level of $0.38 is possible.
SOL/USD
The weekly analysis for the Solana price suggests that the SOL/USD pair has been trading above the 21.00 level for the last few days, with a high of $21.52 and a low of $19.62. Currently, SOL/USD is trading at $20.82 and if bears can take control of the price, a correction below the 21-dollar mark may be in store for Solana’s price action. On the other hand, buyers may push the price toward its all-time high of $21.96.
The EMA indicator shows that a bullish trend is in play with the 50SMA, 20SMA, and 200 SMA trending higher. The RSI (Relative Strength Index) is currently at 43.63 level, indicating that SOL/USD may be close to oversold territory and a rebound could be in store if buyers can take control of the price soon. The MACD indicator shows a bearish trend with the MACD line trading below the signal line. The moving average indicator has been trending higher since the start of this week and if buyers can maintain their buying pressure, a surge toward its all-time high is possible.
Weekly Crypto Price Analysis Conclusion
To sum up, the weekly crypto price analysis suggests that XRP, BNB, ADA, and SOL have been trading in mixed sentiment. The bullish and bearish sentiment has been battling for control, yet the bullish pressure seems to have a slight upper hand in most cases. Moving forward, traders will need to closely monitor these four crypto coins and their respective technical indicators as a breakout or correction may be on the cards. The support level and resistance level must also be taken into consideration before entering any trades.
