Weekly crypto analysis reveals that most of the cryptocurrencies have been trading in mixed signals, with bullish and bearish trends taking turns. Most of the token prices have remained consistent with minor fluctuations, with some experiencing major dips and gains. The market sentiment remains positive as investors continue to show confidence in the long-term potential of crypto assets.
Bitcoin, being the pioneer and most dominant cryptocurrency, has been leading the market with its price movements. Over the past week, BTC has been trading in a sideways motion, struggling to break through the $45,000 resistance level. However, it has managed to maintain strong support at $42,000, indicating a stable market for the leading coin. ETH, the second largest cryptocurrency, has also been trading above $2,100, with slight bearish movements but with potential for a breakout to the upside.
Other major cryptocurrencies like Binance Coin (BNB), Solana (SOL), XRP, Avalanche (AVAX), and Dogecoin (DOGE) have also been trading in a similar range, with minor fluctuations in price. However, all of these coins have shown strong support levels, indicating market confidence and stability.
BTC/USD
On December 18, Bitcoin fell below the 20-day exponential moving average of $41,760, but the bears were unable to sustain the lower levels, indicating robust buying on dips. On December 19, the bulls pushed the price over the downtrend line while the bears sold at higher levels. However, fresh purchasing on December 20 lifted the price above the immediate resistance level of $43,500. This raises the prospect of a rally above the 52-week high of $44,700. If this occurs, the BTC/USDT pair may rise to $45K and, finally, $50K. Currently, BTC is at $43,466, with a slight decrease of 0.09% over the past 24 hours.
BTC/USD weekly chart, source: TradingView
The Relative strength index (RSI) is above 70, indicating a potential for an upswing as buying continues. The moving average convergence divergence (MACD) also remains in the positive territory, suggesting a bullish trend. The 20-EMA and 50-EMA have also maintained a positive slope, indicating that the bulls are in control of the market movement.
ETH/USD
Ethereum price over the past week has been trading between $2,100 and $2,300, with bullish and bearish movements taking turns. ETH has seen a sideways action, with a minor dip towards the $2,100 support level; however, the bulls quickly bought the dips and pushed the price back above $2,200. Currently, ETH/USD is trading at $2,330, with a slight increase of 0.61% over the past 24 hours.
ETH/USD weekly chart, source: TradingView
The strong resistance level for ETH remains at $2,300, and breaking above this level may lead to a potential rally to $2,500. However, if the bears take control, a dip towards $2,100 and further to $2,000 is possible. The RSI remains above 60, indicating a neutral stance for ETH. The MACD also shows a minor bullish crossover with the potential for an upswing in price.
BNB/USD
On December 18, BNB dipped below the moving averages but rapidly reversed course, signaling active purchasing at lower levels. Over the past week, BNB has seen an impressive surge of over 7%, with bullish movements towards the $275 resistance level. The buying pressure is strong, around $270, which indicates that the bulls are in control. The current price is trading above 50-SMA and 100-SMA, hinting at bullish sentiments.
BNB/USD weekly chart, source: TradingView
Most of the technical indicators are in the positive territory, with 50-EMA, 100-EMA, and 200-EMA all maintaining a strong positive slope. The Relative strength index (RSI) is also in the neutral zone, indicating a potential for a price correction. If BNB breaks above the $275 resistance level, it may see an uptrend toward $300; however, a dip toward the $250 support level may also be possible if the bears take control.
SOL/USD
Solana (SOL) has been one of the best-performing cryptocurrencies in recent months, and this trend has continued over the past week. Currently at $92.96 with a strong surge of 16% over the past 24 hours and a weekly increase of 30%, SOL has been breaking resistance levels and setting new all-time highs. The strong support level for SOL remains at $90, and if the bulls maintain their momentum, a rally to $100 and even higher is possible.
SOL/USD weekly chart, source: TradingView
The upsloping moving averages indicate a strong bullish sentiment, with 50-MA, 100-MA, and 200-MA all maintaining a positive slope. The RSI is in the overbought zone, indicating that the buying pressure for SOL remains strong. However, a possible price correction may be expected if the RSI dips below 70. The moving average convergence divergence (MACD) also shows an active bullish trend, with the MACD line above the signal line.
XRP/USD
The Ripple price (XRP) has been trading in a narrow range between $0.60 and $0.63 over the past week, with no major price movements. The bearish and bullish trends have taken turns, but the overall sentiment remains positive. At the time of writing, XRP is trading at $0.6212, with a slight decrease of 1.57% over the past 24 hours.
XRP/USD weekly chart, source: TradingView
The 20-EMA has a slight downward angle, indicating that the bearish trend will likely continue soon. The moving average convergence/divergence (MACD) shows bearish momentum, with a slight divergence from the signal line. The relative strength index (RSI) is below 60, indicating that selling pressure may remain strong in the coming days. A break below $0.615 could cause the prices to move further lower; however, a move above $0.670 could push the prices higher.
AVAX/USD
The altcoin avalanche (AVAX) has seen a price increase of over 17% in the past week, reaching a high of $46.82 today before settling at $45.82 at the time of writing. AVAX has been seeing a strong uptrend over the past week, breaking through resistance levels and setting new all-time highs. The bulls are currently in control, with no signs of price correction yet. If bears start to take control, the major support level for AVAX is at $40; however, with the current bullish momentum, a rally toward $50 is possible.
AVAX/USD weekly chart, source: TradingView
The 20-EMA and 50-EMA are both upsloping, indicating strong buying pressure. The relative strength index (RSI) is in overbought territory, showing strong momentum for AVAX. The moving average convergence/divergence (MACD) also shows positive signs of a bullish trend, with the MACD line above the signal line. The oscillator has been showing increasing bullish momentum over the past week, indicating that AVAX may continue its upward rally.
DOGE/USD
According to weekly crypto analysis, Dogecoin (DOGE) has seen a steady decrease in price over the past week. DOGE token has decreased by more than 7% over the past week, with bearish movements pushing the price towards the $0.18 support level. At the time of writing, DOGE is trading at $0.0969, with a decrease of 1.63% over the past 24 hours.
DOGE/USD weekly chart, source: TradingView
The 20-EMA and 50-EMA are both showing a downward slope, indicating that the bears are currently in control. The Relative Strength Index (RSI) is also below 70, indicating weak buying pressure. However, if the bulls take control and break above the $0.09700 resistance level, DOGE may see a potential rally toward $0.10000 and beyond. On the other hand, if the bears continue to take control, DOGE may see a dip toward the $0.09000 support level. The MACD also shows bearish momentum, with the MACD line below the signal line. Overall, the sentiment for DOGE remains uncertain at this time.
Weekly Crypto Analysis Conclusion
Overall, the crypto market is in a period of consolidation, with most coins trading within range-bound conditions. The bullish and bearish divergences being seen on many coins indicate that there is a tug-of-war occurring between the bulls and bears. In the near term, it is likely that some coins will break out of their current levels and begin to rally higher, while others might drop lower.
