Weekly crypto price indicates that the entire cryptocurrency market has seen a minor pullback from the recent rally, with most coins trading around their support levels.
Bitcoin (BTC) managed to stay above the $22,000 mark during the weekend and managed to reach an intraday high of $23,168. However, due to a bankruptcy announcement by FTX related to its earlier announced token sale, BTC has since slipped below the psychological support level. Ethereum (ETH) continues trading around the $1,560 level, with buyers struggling to break through the $1600 resistance. The XRP, BNB, and ADA currencies have seen a moderate decline in their prices, while Dogecoin (DOGE) has managed to remain relatively stable.
Most of the altcoins are also trading around their support levels, with SOL and MATIC particularly suffering from a minor pullback. The DeFi tokens are also falling in value, with YFI, UNI, and SUSHI now trading around their support levels. Overall, the crypto market is still trending in a bearish direction, as the current market movements seem to suggest that buyers have lost confidence in the recent rally.
BTC/USD
Bitcoin price analysis shows that the currency has been trading in a tight range between $22,000 and $23,000 over the past few days. However, due to the FTX bankruptcy announcement, BTC slipped below the psychological support level of $22k. The price was able to recover slightly after that news but remains vulnerable to further selloffs should buyers continue losing confidence.
Currently, the BTC/USD pair is currently trading around the $22,371 area and is facing strong resistance at $22,444. Bears may try to push the price below this support level in the coming days, which could lead to a deeper correction. BTC has lost more than 3.08% of its value since the beginning of the week and is now trading below the 20-day exponential moving average (EMA).
The relative strength index (RSI) has plunged below 52.26, 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
Ethereum price analysis has seen the currency trading in a range between $1,557 and $1,669 over the past few days. The bulls and bears have been locked in a battle for control over the ETH/USD pair, and it looks like the bears have gained the upper hand. The ETH/USD is trading at $1,560 and with strong resistance at $1,575, which could keep the price from breaking higher.
The trading volume for Ethereum coin has decreased drastically over the past few days, and this could be a sign that buyers have lost confidence in the asset. The market cap is currently at $191 billion, with a small increase of 0.15% since the beginning of today.
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 51.23, showing that bears are now in control of the market. The ETH/USD pair needs to break above the $1,602 resistance level if it wants to resume its uptrend. If the bears manage to break below the $1,570 support level, then ETH could enter a deeper correction.
XRP/USD
Ripple has seen some minor fluctuations over the last seven days, with a weekly high of $0.385 and a current level of $0.3757. The weekly crypto price analysis suggests that XRP has made higher highs and higher lows, indicating a bullish trend in the short term. The target for XRP in the near term is $0.38 as it looks to break through this resistance level.
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 $0.385 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.
BNB/USD
Binance Coin has been facing sideways movement over the past few days and is currently trading at $290.03, down from its weekly high of $309.50 on February 26th. The crypto market analysis shows that the bulls have failed to push BNB/USD above the $309 resistance level, and the currency is now vulnerable to further declines if buyers lose confidence. The BNB has lost more than 3.48% of its value in the past seven days.
The 24 trading volume for BNB/USD has been steadily declining at a rate of 37% over the past 24 hours, indicating that buyers may have lost their momentum. The market cap of BNB has also slumped by 0.20% over the same period. The 50-day SMA has crossed below the 200-day SMA, indicating further weakness.
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 $290 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. If BNB fails to break above the $309 resistance level, then it could enter a deeper correction over the next few days.
ADA/USD
Cardano price analysis indicates that for the past seven days, the ADA/USD pair has been trading mixed, with a high of $0.37 and a low of $0.33. The ADA/USD pair is currently trading at the $0.3414 mark, and the buyers are trying to push it above the $0.35 level, which may be a crucial resistance level.
The ADA/USD has surged by 1.00% over the past 24 hours, and its market cap has grown by 1.01%, while the trading volume has decreased by 46.61%. The SMA lines are also showing a bullish trend, indicating that Cardano may continue to see growth in the long term. The market volatility for ADA remains high, as the MACD suggests that momentum is in favor of the bulls. The RSI is also showing oversold and currently stands close to 45 levels.
DOGE/USD
Dogecoin is currently trading at $0.0763 and is facing a bearish trend with a weekly low of $0.0746. The Dogecoin price analysis shows that DOGE/USD pair has lost almost 5.79% of its value in the past seven days. However, today the bullish trend has emerged, and the coin is currently trading above the $0.075 level.
The support level at $0.0746 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 $0.07716 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 45.92, indicating that the coin is in an overbought zone.
The 20-day moving average is also above the 50-day simple moving average, indicating that the bulls are dominating. The moving average (MA) is also currently above the current price, indicating that the trend is bullish. If Dogecoin fails to break past the $0.077 level, it could enter a deeper correction in the near future.
Weekly Crypto Price Analysis Conclusion
Overall, the Weekly crypto price analysis is showing a mixed trend, with some coins trading at their higher levels and others still facing resistance. The buyers and sellers are in a battle of their own, and the key will be to identify the break-out zones and enter when there is an opportunity. Additionally, it is important to note that technical indicators suggest that the market may be vulnerable to further losses if buyers lose confidence.
