The Weekly crypto price analysis indicates the entire cryptocurrency market has seen a minor pullback from the recent rally, with most coins trading around their support levels.
Bitcoin has continued to hold above the $20,500 mark and is targeting $21,000 as its next major resistance level. Ethereum remains above $1,500 despite some profit-taking in the altcoin market.
Notable mentions this week include Dogecoin and Klaytin, which are the top-performing coins, with Dogecoin surging by over 50 percent after Elon Murk acquired Twitter. Dogecoin has since then retraced slightly, with some profit-taking in the altcoin market. Binance Coin (BNB) has also seen a continuous uptrend as it has moved from $270 to $314.45.
The losers of the week are MINA and Casper, both of which have dropped by over 9 percent. The market sentiment is currently consolidated as traders look to accumulate more coins during the stable period. Overall, weekly crypto price analysis indicates that the market is still in a strong bullish trend, with Bitcoin leading the way for further gains in the near future.
Weekly crypto price analysis: Consolidation in the short term, bullish in the long term
The current bullish sentiment indicated by our weekly crypto price analysis suggests that the market is in a consolidation phase in the short term, with traders looking to accumulate more coins for the long term. The recent market rally may be stimulated by Elon Musk’s acquisition of Twitter and the institutional interest in cryptocurrencies, indicating that the market may continue to see growth in the coming weeks. Bloomberg has also published an entire magazine dedicated to Bitcoin, further showing the growing mainstream acceptance of cryptocurrencies. Such events and developments suggest that the market may continue to see growth in the long term.
BTC/USD
Bitcoin has shown substantial growth over the last 7 days, with price actions indicative of a strong bullish trend. The weekly crypto price analysis shows that Bitcoin surged to a weekly high of $20,760 but retraced slightly to its current level of $20,718.49. The target for Bitcoin in the near term is $21,000 as it looks to break through this resistance level. On the technical side, MACD and RSI indicators remain bullish, indicating that the market sentiment is still positive for further growth.
ETH/USD
Ethereum has also seen strong growth this week, moving from a weekly low of $1,305 to its current level of $1,600.72. The weekly crypto price analysis suggests that Ethereum may find resistance at the $1,650 mark in the near term before potentially targeting $1,700 in the long term. Technical indicators show that Ethereum is currently in a bullish trend, with MACD and RSI both showing positive signals.
The 200-day moving average has also just crossed above the 50-day moving average, indicating a strong bullish trend for Ethereum in the long term.
XRP/USD
Ripple has seen some minor fluctuations over the last 7 days, with a weekly low of $0.445 and a current level of $0.4636. 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 $0.48 as it looks to break through this resistance level. On the technical side, RSI shows neutral signals while MACD remains bearish, suggesting that there may be some profit-taking in the near future.
The MA lines have also just crossed, indicating a potential change in the trend for XRP in the long term. The EMA lines remain bearish, showing that more downside may be expected in the long term.
DOGE/USD
Dogecoin has seen significant growth over the last 3 days as the digital asset moved from a low of $0.059 to the current high of $0.1279.Dogecoin recorded a continuous price hike on Thursday 27th, reaching a daily high of $0.16 before retracing to its current level. The weekly crypto price analysis suggests that Dogecoin may find resistance at the $0.13 mark in the near term before potentially targeting $0.15 in the long term. Technical indicators show that Dogecoin is currently in a firm bullish trend, with both MACD and RSI showing positive signals.
The SMA lines are also showing a bullish trend, indicating that Dogecoin may continue to see growth in the long term. The market volatility for Dogecoin remains high, suggesting that traders should exercise caution in their positions.
BNB/USD
Binance coin is among the week’s top performers, with a weekly low of $269 and a current level of $310.90. The weekly crypto price analysis shows that BNB may find resistance at the $350.0 mark in the near term before potentially targeting $370.0 in the long term. Technical indicators show that BNB is currently in a bullish trend, with both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) showing positive signals. The 200-day moving average has also just crossed above the 50-day moving average, indicating a strong bullish trend for BNB in the long term.
Weekly Crypto Price Analysis Conclusion
According to the weekly crypto price analysis, the overall market sentiment remains conservatively positive, with several digital assets showing strong growth potential in the near to long term. Most of the digital assets are trading around the resistance levels and may experience some profit-taking in the short term.
Source: https://www.cryptopolitan.com/weekly-crypto-price-analysis-2022-10-30/