Weekly crypto price analysis shows that most of the coins have been trading in mixed reaction, with bulls and bears being equally active in the market. For the whole of the week, the top coins have remained rangebound between their key support and resistance levels.
Bitcoin has been consistently trading below $29,000 over the last few days. The analyst community is split in their predictions for Bitcoin’s short-term future. Some predict that Bitcoin’s value may increase to $30,000, while others believe that it may have reached a temporary peak. BTC has been hovering between $27,000-28,000 in the last week.
Ethereum (ETH) price analysis shows that it has successfully broken out of its key resistance level of $1,800 and is currently trading around this level for the past few days. The forecast for Ethereum’s short-term future is also mixed; some analysts are predicting a potential pullback from this level, while others believe that it will stay above the $1,800 mark in the coming days.
Binance Coin (BNB) has been trading within a tight range of $310-$314 over the last seven days. BNB continues to remain strong in the market and is expected to stay rangebound between these levels for some time.
Cardano (ADA) price analysis shows that it has been trading quite volatile over the last week, with prices rising and falling drastically in quick succession. The coin is currently trading above $0.37 and may remain rangebound between this level for some days before making any sharp movements. XRP has also been trading within a tight range over the last week, with prices fluctuating between $0.4871-$0.5287.
Altcoin SOL has been one of the most volatile coins over the last seven days. Prices have skyrocketed from $21.71 to $20.55 and back again multiple times, making it difficult to predict its short-term future.
Mike McGlone, the senior macro strategist at Bloomberg Intelligence, stated that due to tight bank liquidity levels, cryptocurrencies, as well as the stock market, crude oil, and copper, may struggle to maintain the recent rebound.
During a conversation with Yahoo Finance, Anthony Scaramucci, founder of SkyBridge Capital, mentioned that Bitcoin’s bear market could possibly be finished, but he acknowledged that it was only speculation. Nevertheless, Scaramucci pointed out that compared to other asset classes, Bitcoin has consistently had a better performance in the long run.
BTC/USD
The current Bitcoin price analysis indicates that BTC is trading below the $29,000 mark and is expected to remain rangebound between this level over the next few days. The bullish has been fighting hard to push the prices above the $29,000 level. If it succeeds in doing so, then Bitcoin could further rally toward the $30,000 mark in the coming days. At the time of writing, Bitcoin is trading at $28,056, with a gain of 0.52% in the last 24 hours.
The 20 EMA on the daily chart shows that a bullish crossover is occurring above the 50 EMA, indicating that bulls may have a better chance of pushing the coin higher. The Relative Strength Index (RSI) on the daily chart is currently trading around 64.81, which suggests that there is still some room for upside before BTC reaches the overbought zone.
The MACD indicators on the daily chart show that a bullish crossover has occurred, which could mean further upside for BTC. The 50-day moving average indicator is currently above the 200-day moving average indicator, which suggests a continuation of the prevailing uptrend in Bitcoin prices.
ETH/USD
According to the weekly crypto price analysis, Ethereum has been trading within a tight range of $1,778-$18,000 over the last seven days. On April 5th, Ethereum recorded a new all-time high of $1,943 which was followed by a brief dip. However, Ethereum has managed to stay above the $1,800 mark over the past few days and is currently trading at $1,870 at press time.
The market capitalization of Ethereum is currently hovering around $225 billion and continues to remain strong in the market. The trading volume for Ethereum has also been strong, indicating an increasing level of investor interest in the second-largest cryptocurrency by market capitalization.
The weekly technical indicators show that the 50-week moving average is slowly crossing above the 200-week moving average, suggesting that a bull run may be ahead for Ethereum. The Relative Strength Index has been trading within the range of 40-60, which suggests that there is room for further upside before reaching overbought levels. Meanwhile, the MACD indicators are showing a bullish crossover on the weekly chart, indicating that Ethereum may soon reach higher highs in the near future.
BNB/USD
Binance Coin has been trading in an uptrend over the last seven days, with prices reaching a high of $316. At the time of writing, Binance Coin is trading at $312, with a gain of 0.90 percent in the last 24 hours.
The support level for Binance Coin is $310, which was texted when the Bears attempted to push the prices lower. The resistance level is currently at the $312 mark, which could be a crucial level for Binance Coin to break in order to rally further.
The technical indicators for Binance Coin have been quite bearish for the past week. The MACD indicators have been hovering around the zero line, indicating that neither buyers nor sellers have a significant advantage in the market. The RSI indicator is currently trading around 52.14, and there may be some room for further downside before BNB reaches oversold levels.
ADA/USD
A weekly crypto price analysis of Cardano shows that the coin has been trading in mixed reactions for the past seven days. The bulls and bears have been fighting hard to gain control of the prices, with both sides having some success. At the time of writing, Cardano is trading at $0.389, with a gain of 2.54 percent in the last 24 hours.
The technical indicators for Cardano show that the 50-week moving average is slowly climbing above the 200-week moving average, suggesting that a bullish crossover has been trying to occur. The Relative Strength Index is currently trading around 49.72, which suggests that there is still some room for further upside before ADA reaches the overbought zone. Meanwhile, the MACD indicators are showing a bearish crossover on the weekly chart, indicating that bears may have the upper hand in pushing prices lower.
XRP/USD
Ripple has been trading in a range-bound pattern over the last seven days, with prices reaching a high of $0.5284 and a low of $0.4871. At the time of writing, Ripple is trading at $0.5107 with gains of 0.95 percent in the last 24 hours. The support level for the XRP/USD pair is $0.5142, which was tested when the bears attempted to push prices lower. The resistance level is currently at the $0.5044 mark, which could be a crucial level for Ripple to break in order to rally further.
The technical indicators suggest that there may be some room for further upside before Ripple reaches the overbought zone. The moving average indicator is currently at $0.4158, which is slightly above the 50-week moving average, indicating that Ripple may soon break out of its range-bound pattern and move higher. The MACD indicators are showing a bullish crossover on the weekly chart, indicating that buyers are slowly gaining the upper hand in the market.
SOL/USD
Solana has been trading in a tight range-bound pattern over the past seven days, with prices reaching a high of $21.55 and a low of $20.05. At the time of writing, Solana is trading at $20.54, with a gain of 0.58 percent in the last 24 hours. The support level for SOL/USD pair is $20.33, which was tested when the bears attempted to push prices lower. The resistance level is currently at the $20.71 mark, which could be a crucial level for SOL to break in order to rally further.
The technical indicators for Solana suggest that there may be some room for further upside before SOL reaches the overbought zone. The moving average indicator is currently hovering around $21.65, which is slightly below the 50-week moving average, indicating that Solana may soon break out of its range-bound pattern and move higher. The MACD indicators are showing a bullish crossover on the weekly chart, indicating that buyers are slowly gaining the upper hand in the market.
Weekly Crypto Price Analysis Conclusion
Overall, the crypto market has been trading in mixed reactions over the past seven days. The bulls and bears have been fighting hard to gain control of the prices, with both sides having some success. The selling pressure has been increasing in the market and this could be a sign of further downside in some coins. However, the buying pressure is still present in the market, and this could be a sign of further upside before some coins reach oversold levels. It will be interesting to see how the crypto markets react in the coming days.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/weekly-crypto-price-analysis-2023-04-08/