The weekly price analysis for today reveals that the entire market has been trading in a mixed direction. While some of the cryptocurrencies are trading sideways, others have seen a major upside move. For the whole of the week, the top coins have remained rangebound between their upper and lower boundaries. Bitcoin has been trading between its $24,000 and $23,000 range, while Ethereum has been keeping its price between $1,600 and 1,5500. 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 altcoins market has also seen some major fluctuations this week. Looking at the Cryptocurrency price heat map, Most of the altcoin markets are experiencing declines, with only a few gaining ground in the red sea like the NEO and LDO markets. The overall market cap for cryptocurrency seems that the market is experiencing a correction after recent bullish movements. It will be important to keep an eye on key support and resistance levels in the coming days to see if the market can bounce back or if it will continue to retrace.
BTC/USD
Bitcoin price analysis shows that the digital asset has been trading in a consolidation phase for the past week. After BTC’s recent surge above $24,000, bulls have lost momentum and the price has been struggling to break through the $24k psychological barrier. If buyers manage to push Bitcoin’s price above this level, the further upside can be expected in the coming days.
BTC/USD is currently trading at $23,442 and it is important to keep an eye on the key support levels of $23,137 and the resistance level of $23,654. The coin currently holds a market capitalization of over $452 billion and a daily volume of more than $17 billion.
The weekly crypto price analysis shows that the technical indicators are currently giving mixed signals as the MACD shows bearish momentum while the RSI is at a neutral level. As for the moving averages, they are still showing bearish movement at $22,270.
ETH/USD
Ethereum price analysis reveals that the coin has been trading in a narrow range between $1,600-$1,550 over the past week. ETH/USD is currently trading at around $1,636 with a loss of 3.35 percent in the last week. However today the market has seen a slight gain with the coin now trading up by 1.36 percent over the last 24 hours.
Looking at the technical indicators, the MACD shows bullish momentum, with the signal line crossing above the MACD line. The RSI is currently at, indicating that the market could potentially go either way. And for the moving averages for ETH, the 50-day just crossed above the 200-day, showing bullish movement.
XRP/USD
Ripple price analysis shows that the digital asset has been trading in a rangebound channel between $0.36-$0.37 for the past week. At press time, XRP/USD is trading at around $0.3762, with a loss of just 0.55 percent over the last 24 hours. The support levels for XRP/USD are at $0.3754 and the resistance levels can be found at $0.3806.
The MACD indicator is also showing a bearish crossover, which might help to push XRP/USD downwards over the next week and could take it to levels of $0.36 within the next few days. The RSI is currently at a neutral level, indicating that the market could go either way. As for the moving averages, they are still showing bearish movement with the 50-day crossing below the 200-day SMA line.
BNB/USD
Binance coin is among the digital assets that have tried to remain stable amid the sell-off of cryptocurrencies. However, the BNB prices have been relatively stable, with only a small dip in the last week. Currently, BNB/USD is trading at around $305.77 and has seen a gain of 0.29 percent over the past 24 hours.
Looking at the technical indicators for BNB/USD, we can see that the MACD indicator shows bullish momentum as the histogram is widening and the signal line is above the MACD line. The RSI is also showing a bullish trend as it is currently at 51.61. The moving average is currently at $306.9 and still shows a bullish trend.
DOGE/USD
According to our weekly crypto price analysis, Dogecoin has been trading in a range between $0.080-$0.0082 for the past week and is currently trading at around $0.08134 with a gain of 0.26 percent over the last 24 hours. The coin holds a market capitalization of more than $10 million and a daily volume of nearly $221 million.
The support levels for DOGE/USD are at $0.08098 and the resistance levels can be found at $0.08247. And if we bullish momentum continues, the coin could potentially see a break out above $0.083 in the coming days, and a break below $0.08098 could take it to the $0.079 level.
Looking at the technical indicators, the moving average is still showing bullish movement with the 50-day SMA crossing above the 200-day SMA line. The moving average converges divergence (MACD) also shows bullish momentum, as the positive MACD line is above the negative one. The relative strength index (RSI) is currently at 47.68, indicating that the market could go either way.
ADA/USD
Cardano price analysis on the weekly chart shows that the price is trading in a range between $0.34 and $0.36 for the past week, with a current value of around $0.3629 at press time. The previous week the bears and bulls were in a tug-of-war, resulting in no major price movement for the coin. However, today the coin has seen a gain of 0.32 percent over the last 24 hours.
The moving average lines are also pointing to a bullish crossover and a break of the critical support at $0.3676 could take the coin to levels of $0.3698 in the coming days. The RSI indicator is currently at 44.59 which suggests that the pair could retrace some of the recent losses in the near term. The MACD indicator is currently in positive territory, with the histogram widening and the signal line pointing upwards.
Weekly crypto price analysis conclusion
Overall, the cryptocurrency market is still in a mixed trend, with most of the major coins trading lower than their respective all-time highs. However, there are still some coins that have managed to remain relatively stable and have seen a small gain in their prices. The indicators are showing that the markets could either go up or down in the near future. Thus, it is important to stay vigilant and watch for any changes in price movements.
