Weekly crypto analysis reveals that most of the cryptocurrencies have seen a dip in their prices over the last seven days. Despite the United States Securities and Exchange Commission (SEC) filing lawsuits against Binance and Coinbase, the market has not been affected, and Bitcoin is still trading comfortably above the important support level of $25,250. The selling pressure on the crypto markets has been increasing, leading to a decline in prices. Ethereum has been trading in a similar fashion as it continues to remain below the important resistance level of $1,800.
The XRP, BNB, ADA, DOGE, and AVAX have also seen a considerable dip in their prices over the past week. XRP has been trading below the important resistance level of $0.5400 and is currently hovering around $0.4900. The selling pressure in the BNB market has been increasing over the past few days, hitting a weekly low of $233. The ADA market has been volatile and is currently trading around the important support level of $0.2304. DOGE has also seen its price take a dive as it continues to trade below the important resistance level of $0.0590. AVAX is down weekly by more than 21.09% and is currently trading near the important support level of $11.40.
BTC/USD
The Bitcoin price analysis shows that the BTC price has been trading at its lowest levels since the beginning of June. The selling pressure has been increasing as the BTC price is currently struggling to remain above $25,500. BTC/USD is trading at around $25,761, with a decrease of 3.19% in the past 24 hours and a decrease of 5.31 in the past seven days.
The bulls are trying to push the price above the resistance level of $27,000. If they succeed in doing so, it could create a buying opportunity for investors and traders. However, if the bears manage to break down the $25,500 support level, then we could see BTC/USD trading in bearish territory.
The 20-EMA on the weekly chart indicates that the momentum is bearish, and there could be further downside pressure in the near term. The MACD indicator chart has formed a negative crossover, suggesting that BTC/USD may continue to remain under selling pressure in the coming days. The RSI is present at 50.91, suggesting that the BTC price is in the neutral zone and may rebound if buying pressure increases in the coming days. The moving average indicator is also indicating that the price is trading in a bearish zone, as the 50-Weekly MA is below the 200-Weekly MA.
ETH/USD
Ethereum price analysis shows that ETH has been trading in a narrow range between $1,850 and $1,722 for most of the days this week. The selling pressure was quite significant on Ethereum, and it dropped below the crucial $1,750 support level. ETH/USD is currently trading at around $1,743, with a decrease of 5.46% in the past 24 hours and a decrease of 8.44% in the past seven days.
The bulls are trying to push Ethereum back above the resistance level of $1800, which could create a buying opportunity for traders and investors. However, if the bears manage to break down the $1,750 support level then Ethereum could fall towards its next major support at the $1,700 mark.
The MACD indicator is showing bearish momentum as it has formed a negative crossover. The RSI is currently hovering near 50.46, which suggests that bears are slowly gaining control of the market right now. The 50-weekly MA is below the 200-weekly MA, indicating that the price is likely to remain bearish in the near future. The weekly moving average is present at $1,876, which suggests that if the bulls manage to push the price above this level, then Ethereum could see some upside.
XRP/USD
According to our weekly crypto price analysis, Ripple has been on a downward trend since the beginning of March. The XRP price dropped, having been facing strong selling pressure as it broke below its critical support level at 0.4900 USD. At the time of press time, XRP/USD is trading at around 0.4935 USD, with a decrease of 5.75% in the past seven days.
The RSI (Relative Strength Index) is close to 55.95 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 $0.51 or beyond. However, if the bears manage to push prices below $0.49, then we could see a sell-off that could take XRP/USD all the way down to $0.48. The MACD indicator is in bearish momentum as the MACD line is below the signal line.
BNB/USD
Binance Coin has been facing sideways movement over the past few days and is currently trading at $238.17, down from its weekly high of $307 on 4TH June. BNB is down by more than 8.67% in the past 24 hours and has seen a decrease of 22.24% in the past seven days. The bulls are trying to take back control as they attempt to push Binance Coin above the important resistance level of $308. However, if the bears manage to break down this level, then we could see a further sell-off.
The MACD indicator is showing a bearish crossover which indicates that the BNB price may continue to remain under selling pressure in the near term. The RSI (Relative Strength Index) is present at 35.63 levels and it suggests that there could be further downside if buying pressure does not increase. Additionally, the 50-Weekly Moving Average is below the 200-Weekly MA, which suggests that the BNB price could remain bearish in the coming days.
ADA/USD
Looking at weekly crypto analysis shows that Cardano has been facing a lot of selling pressure over the past few days. The sideways trend continues and ADA/USD is currently trading at around 0.2429, with a decrease of 23.06% in the past 24 hours and a decrease of 35.54% in the past seven days. The bulls are trying to push the price back up, but the bears have been dominating the market, and ADA is facing strong selling pressure.
The MACD indicator has formed a negative crossover which suggests that Cardano could remain bearish in the near term. The RSI (Relative Strength Index) is present at 33.85 levels and it suggests that there could be further downside if buying pressure does not increase. The moving average indicator also indicates that Cardano may remain bearish in the coming days, Currently, the MA is present at the $0.3718 mark.
DOGE/USD
The Dogecoin price analysis shows that DOGE has been trading in a narrow range between $0.0700 and $0.0590 for most of the days this week. The bulls and bears have been in a tug of war, as the market has not seen any major movements up or down. The bearish sentiment was quite significant on Dogecoin, and it dropped below the psychological level of $0.06000. Currently, DOGE is present at $0.05979, with a decrease of 12.06% in the past 24 hours.
The weekly technical analysis shows the DOGE/USD has been below the 20-EMA and the 50-EMA, indicating a strong bearish trend. The MACD indicator has been hovering around the zero line, with no major sign of any bullish divergence. The Relative Strength Index (RSI) is also trending below 50, suggesting that the coin could remain bearish for some time. The 50-weekly MA is also below the 200-weekly MA, confirming the bearish outlook for Dogecoin in the near future.
AVAX/USD
Weekly crypto analysis shows that Avalanche is trading at $11.48, down from its weekly high of $14.80 on 5TH June. AVAX has seen a decrease of more than 17% in the past 24 hours and a decline of 21.09% in the past seven days. The bulls are trying to regain control as they attempt to push Avalanche back above the important resistance level of $15.00, and if bulls manage to do so then we can expect a surge toward $17.00 or beyond. On the downside, if the bears manage to break down this level, then we could see a further sell-off that could take AVAX/USD all the way down to $10.00.
The weekly technical indicators are in bearish territory. The Moving average indicator indicates that AVAX/USD could remain bearish in the coming days as red candlestick formation continues. The MACD indicator has formed a negative crossover with the MACD line (blue) below the signal line, indicating a bearish momentum in the market. The Relative Strength Index is currently at 35 levels, indicating the neutral zone, suggesting that the price may remain rangebound in the near future. Additionally, the 20-EMA is below the 50-EMA and 200-EMA, confirming the bearish sentiment.
Weekly crypto analysis conclusion
Overall, it seems that bears are currently controlling the crypto market, and prices could continue to remain rangebound or may retrace further in the coming days. The sideways movement of the market could indicate a period of consolidation before we can see any major movements. The coming weeks could be crucial for the crypto market, as support and resistance levels could determine the price action in the near future.
