Weekly crypto analysis reveals that most cryptocurrencies have been trading around the support levels, with bearish momentum dominating the market. Bitcoin and most major altcoins are plummeting, but the charts suggest that a recovery could be around the corner. The BTC has dropped from its all-weekly high of $29,080 to its current levels around the 26K mark.
ETH has taken a deep dive, falling from the $1,900 mark to around $1,800, with some minor stability expected. The selling pressure has been heavy, however, and ETH could soon drop lower. XRP has been the most affected by bearish pressure this week, falling from $0.45 to around $0.42 levels after hitting a new weekly low of $0.4144 in early trading on Monday.
The DOGE, BNB, and SOL currencies have seen a moderate decline in their prices, with bearish momentum continuing to dominate the market. The DOGE has dropped from its all-weekly time high of $0.073 to around $0.069 levels, while BNB and SOL have been slightly more resilient, with losses at 3.33% and 5.90%, respectively. As we move into next week, the crypto markets could show signs of recovery if buying pressure picks up.
BTC/USD
Bitcoin price analysis shows that BTC has been trading in a bearish trend since the start of the week, with some bullish momentum seen at the start of the week. However, this was short-lived, as bears returned to the market later in the week. The BTC/USD pair is currently trading around $26,000 levels and will likely break below this in the coming days due to bearish pressure in the market. Bitcoin could be facing pressure due to the relief rally in the U.S. dollar index (DXY). Typically, the DXY has an inverse correlation with Bitcoin’s performance. The price is now trading at the $26,825 level, with a weekly loss of about more than 3 percent. The bears are firmly in control for now, and it will take some strong buying pressure for Bitcoin to stage a comeback.
The 20-EMA on the weekly chart is still firmly in the bearish zone, and it will take a strong recovery before this changes. The 50-EMA is also trending lower, again confirming that bears remain in control of the market. The relative strength index (RSI) has plunged below 55.75, indicating that the short-term momentum has turned bearish. The moving average indicator is currently trending downwards, and if this continues, then BTC could enter a correction phase in the coming days. The MACD histogram has also slipped below the zero line, indicating that bears have gained control of the market.
ETH/USD
Weekly crypto analysis of ETH reveals that ETH has been in a bearish trend for most of the days this week, with the price hitting a new weekly low of $1,750 on Friday. ETH/USD has since stabilized and is now trading around the $1,808 mark. The bulls have been unable to gain any momentum during this period, as the bears remain firmly in control.
ETH/USD has a loss of around 1.99 percent over the week, and with the bears still dominating the market, any recoveries will likely be short-lived. The 50-day SMA has crossed below the 200-day SMA, indicating that a bearish crossover is in progress. The MACD indicator has moved into negative territory, and the RSI stands at 54.19, showing that bears are now in control of the market. The ETH/USD pair needs to break above the $1,810 resistance level if it wants to resume its uptrend. If the bears manage to break below the $1,788 support level, then ETH could enter a deeper correction.
XRP/USD
Looking at the weekly XRP analysis, we can see that the coin has had a rough week, with prices dropping to a low of $0.4144 in early trading on Thursday. The bearish momentum is still in control of the market, and XRP has since dropped to around $0.42 levels, representing a loss of close to 6.54 percent over the week.
On the technical side, RSI shows overbought signals while MACD remains bearish, suggesting that there may be some profit-taking in the near future. The 20-SMA has crossed below the 50-SMA, indicating that bears are dominating the market. If XRP fails to break above the $0.4313 resistance level, it could enter a deeper correction to retest its support levels. The moving average is currently below the current price, indicating that the XRP could be in a bearish trend.
DOGE/USD
Dogecoin is currently trading at $0.0723 and is facing a bearish trend with a weekly low of $0.069. The Dogecoin price analysis shows that DOGE/USD pair has lost almost 6.37% of its value in the past seven days. However, today the bullish trend has emerged, and the coin is currently trading above the $0.072 level.
The support level at $0.07142 has been tested a few times in the past, and if it breaks, the coin could enter into a deeper correction, while the resistance level at $0.07258 could act as a strong hurdle for the bulls if the buying pressure increases.
Looking at the moving average, the moving average converges divergence (MACD) suggests that the coin is in a bullish trend and is likely to stay that way in the near future. The relative strength index (RSI) is currently at around 44.28, indicating that the coin is in an overbought zone.
BNB/USD
Binance Coin has been facing sideways movement over the past few days and is currently trading at $313, with a surge of 1.14 percent in the last 24 hours. BNB has seen a weekly loss of over 1.48 percent, and it is currently struggling to stage a comeback in the market.
The RSI is close to the 50 level, indicating that selling pressure is increasing and that further losses could be in store for this currency. The MACD remains bearish, and a break below the $309 support level could lead to further declines in the near term. The 20-EMA is moving below the 50-EMA, which means that bears are dominating the market. The weekly moving average is currently at $327, and if BNB fails to break above this level, it could enter a deeper correction in the coming days. The outlook for BNB is currently bearish, and further losses could be in store.
SOL/USD
Weekly Solana price analysis shows that the coin has been struggling to make any significant gains over the past few days and is currently trading at $21.09, with a weekly loss of 5.90 percent. The market capitalization of Solana (SOL) is currently at $8.33 billion, and its daily trading volume stands at around $197 million.
The altcoin is currently trading below the 50-day and 200-day moving averages, indicating that bears are dominating the market. The MACD remains bearish and indicates that further losses could be in store for this coin. The RSI is hovering near the oversold zone at 45.66, indicating that selling pressure is increasing.
Weekly Crypto Price Analysis Conclusion
Overall, the crypto market has been facing some bearish pressure over the past few days, with Bitcoin and other major altcoins dropping in value. The downtrend could continue in the near term, and further losses could be in store for Bitcoin and other major altcoins. However, some of the coins have started to show signs of recovery and could potentially stage a comeback in the near future.
