The weekly price analysis for today reveals that the entire market is red, with the market leaders Bitcoin, Ethereum, XRP, ADA, and DOGE all experiencing declines. With BTC Falling to around $20,769.40 after reaching a high of $21,444 just last week, Ethereum also saw a decline to its support level at $1,550.42 after reaching a weekly high of $1657. XRP continues to struggle as it falls to $0.4714 after briefly touching $0.5062 last week. ADA and DOGE also saw declines, with ADA falling to $0.4062 and DOGE dropping to $0.1165.
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 MATIC and CRO 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.
Weekly Crypto Price Analysis: More downtrend to be seen this week
Looking at our weekly crypto price analysis, most of the cryptocurrencies are continuing to trend downwards this week. The downtrend has been observed today after bullish movements were seen last week, But some correction was expected as the market saw highs in many of the cryptos. If the bearish continues, it will be important to see where key support levels are for each coin in order to determine if there could be a bounce back or if the downward trend will continue.
BTC/USD
Bitcoin has also seen good performance over the last week. After establishing strong support above $20,637.35, BTC has been able to reach a high of $21,444. However, the market has seen a slight correction over the last few days and is currently trading at $20,775. It will be important to watch if this level holds as support or if it breaks and we see further decline. The BTC/USD has decreased by -.25% within the past 24 hours.
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$19772.25.
ETH/USD
Ethereum coin has also seen strong movements over the last week as it reached a high of $1657. However, like Bitcoin, we are seeing some correction in the market and ETH is currently trading at $1580.60, with a support level of $1550.42, and if the bearish trend continues the price could potentially drop to $1,500. The resistance level to watch for is $1630.59.
Looking at the technical indicators, the MACD shows bearish momentum, with the signal line crossing below 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 below the 200-day, showing bearish movement.
XRP/USD
XRP has seen a slight decline over the last 24 hours as it drops to $0.4714 after strong movements last week that saw it reach a high of $05062. The Ripple price analysis has made high important to watch the support level at $0.4632, while the resistance level to watch for is $0.4924, and a move above this level could indicate bullish momentum for XRP.
XRP rebounded off the 50 MA during the weekend but was unable to break above the 200 MA, showing bearish movement. The MACD also shows bearish momentum as the signal line crossed below the MACD line. The RSI indicator is currently at the 44.18 level, which indicates that the market is neither overbought. A move to the oversold territory is highly unlikely in the near term as the buyers continue to dominate and maintain control over the market.
ADA/USD
According to our weekly crypto price analysis, Cardano followed an uptrend trendline before the bears came in today to push the prices to the current $0.4062. After a two-day relief rally, the selling resumed yesterday, and the bears pulled the price to the support line of the wedge.
The sharp selling pressure has pushed the MACD into bearish territory and the RSI is also trending downwards at 36.77. The moving averages show bearish momentum as well, with the 50-day MA crossing below the 200-day MA. The important levels to watch for ADA/USD are $0.399 as support and $0.4259 as resistance.
DOGE/USD
According to our weekly crypto price analysis, the DOGE/USD pair is currently in a downward trend as the pair has made lower highs and lower lows for the past week. The price is currently trading at $0.1165, with important support levels at $0.1134 and resistance levels at $0.1267. DOGE is down by 6.63 percent in the last 24 hours. The digital asset is currently at a critical juncture as bears are likely to come in and push prices lower if the digital asset breaks below $0.1134 levels.
The near-term technical outlook for DOGE/USD is bearish as the pair is trading below both moving averages and the Relative Strength Index (RSI) indicator is trending lower in the bearish territory. The RSI indicator is currently at 42.23 which suggests that the pair could retrace some of the recent losses in the near term. The MACD indicator is bearish as the signal line is above the MACD line and is trending lower.
Weekly Crypto Price Analysis Conclusion
Overall our Weekly Crypto Price Analysis indicates that the market is currently showing bearish sentiment, with some altcoin coins experiencing bullish momentum while others are facing bearish pressure. The market might break out of this trend this week, but it is important for traders to keep an eye on key support and resistance levels for each coin.
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-2022-11-07/