Weekly crypto price 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 a recovery could be around the corner. The BTC has dropped below $27k after a considerable sell-off.
Ethereum (ETH) has been hit hard by the recent market downturn and is currently trading below $1,600. The selling pressure on ETH has been significant, but it has found support at this level. The BNB token, the native cryptocurrency of the Binance exchange, has also been affected by the market downturn and is trading below $210.
Cryptocurrencies Price Heatmap, Source: Coin360
XRP, the fourth-largest cryptocurrency by market cap, has also been downward in the past few days, with bulls and bears fighting for control. Dogecoin (DOGE), the meme-inspired cryptocurrency, has also been experiencing a significant drop in its price, with a current value of around $0.0590 levels after bulls failed to maintain the $0.0650 resistance level. The Cardano (ADA) price has also steadily declined, breaking below the $0.300 support level and trading at around $0.2470.
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 currently trades around $26,874, with a 24-hour surge of -4.35%. The overall market sentiment for BTC is still bearish, with the key resistance level observed at $28k and support at $25k.
BTC/USD weekly chart, source: TradingView
BTC fell below the 20-EMA and the 50-EMA, indicating a strong bearish trend. The 50-EMA is also below the 200-EMA, with significant downward pressure. The MACD indicator indicates bearish divergence, with the MACD line remaining below the signal line. The Relative Strength Index (RSI) has also been trending down around the 40 levels, indicating a downward trend for BTC.
ETH/USD
Ethereum price analysis shows that ETH has been trading below its key support level of $1,600 for the past few days. The second-largest cryptocurrency by market cap currently trades at around $1,554 with a 24-hour surge of -0.78%. The bearish sentiment for ETH is still strong, with the key resistance level observed at $1,700 and support at $1,500. If bears continue to dominate, a further drop toward the $1,400 level could be seen; however, if bulls manage to take control, ETH could see a push toward the $1,800 level.
ETH/USD weekly chart, source: TradingView
The MACD indicator shows bearish momentum as it has formed a negative crossover. The RSI is currently hovering near 40, suggesting that bears are slowly gaining market control. The 50-weekly MA is below the 200-weekly MA, indicating that the price will likely remain bearish soon. The moving averages have been in neutral territory, meaning ETH could consolidate before making its next move.
BNB/USD
The weekly price analysis for Binance Coin (BNB) reveals that bears have controlled the market for the past few days. On October 08, BNB broke and closed below the symmetrical triangle pattern, signifying that bears prevailed over bulls. The selling pressure increased on October 12, and the BNB/USD pair fell below the crucial $205 support level. At the time of writing, BNB is trading at $206, with a minimal surge of 0.58% in the past 24 hours; however, in the past seven days, BNB has recorded a -2.56% loss. The market sentiment for BNB is still bearish, with the key resistance level observed at $235 and support at $200.
BNB/USD weekly chart, source: TradingView
The MACD and signal lines have crossed over in a bearish divergence, indicating that bears dominate the market and could continue to push the price down soon. The RSI is also currently trending in the bearish zone, suggesting that BNB could see further losses before a bullish trend emerges.
XRP/USD
XRP price analysis shows that bears have controlled the market for most of the week, pushing the price to record lows. In the past seven days, XRP has seen a -6.70% loss in its value and is currently trading at $0.4864, with a 24-hour surge of -0.61%. After the SEC’s lawsuit against Ripple, the market sentiment for XRP has been bearish, with the key resistance level observed at $0.550 and support at $0.450. The price of XRP is currently below the 200-EMA, indicating a strong bearish trend in the near future.
XRP/USD weekly chart, source: TradingView
The MACD indicator also shows that bears dominate, as the MACD line is below the signal line. The RSI has been trending down and is currently hovering around 40, which indicates a bearish trend for XRP. The 20-SMA is below the 50-SMA, indicating that the bears still control the market. If bulls push the price above the $0.550 level, XRP could recover towards $0.600; however, if they fail, XRP could break further below its current support level.
DOGE/USD
Wikely crypto market price analysis for Dogecoin (DOGE) shows that bears have dominated the market, with DOGE trading below its crucial support level of $0.0600. The meme-inspired cryptocurrency currently trades at $0.05878, with a 24-hour surge of -0.55% and a seven-day decrease of -2.67%. The bears and bulls have been fighting for control, and the market sentiment is still bearish, with the key resistance level observed at $0.063 and support at $0.055.
DOGE/USD weekly chart, source: TradingView
The moving averages show a strong bearish trend, with the 20-EMA below the 50-EMA and both below the 200-EMA. The MACD indicator also shows that bears are still in control, as the MACD line is below the signal line. The RSI has been trending down and is currently hovering around 39, indicating a bearish trend for DOGE. If bulls push the price above the $0.063 level, DOGE could see a rally toward $0.070; however, if bears continue to dominate, a further drop toward $0.050 could be seen.
ADA/USD
According to the weekly price analysis, Cardano (ADA) has been trading within a range of $0.2585-0.2430 for the past week, with a light downward trend. The coin had briefly crossed above $0.2500, only to see it slipping back down again due to strong bearish pressure from the markets. At the time of writing, ADA is currently trading at around $0.2471, with the support of the coin being quite weak.
ADA/USD weekly chart, source: TradingView
The RSI is close to the 37 levels, 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 $0.25000 support level could lead to further declines in the near term. The 20-EMA is moving below the 50-EMA, meaning bears dominate the market. The MACD is also in the red, indicating that bearish sentiment is strong.
SOL/USD
The altcoin Solana (SOL) has been one of the top losses this week, with a price decrease of over 5.33% in the past seven days. SOL is currently trading at $21.98, with a 24-hour gain of 1.74%. The market sentiment for SOL is still bearish, with the key resistance level observed at $25 and support at $20. The coming week will be crucial for SOL, with bulls and bears fighting for control.
SOL/USD weekly chart, source: TradingView
The MACD indicator shows that bears dominate the market, with the signal line above the MACD line. The RSI is currently hovering around 45, indicating a bearish sentiment for SOL. However, if bulls push the price above $25, SOL could recover towards $30; however, if bears continue to dominate, a drop towards $20 could be seen. The 50-weekly MA is also below the 200-weekly MA, indicating that bears are now in market control.
Weekly Crypto Price Analysis Conclusion
In conclusion, despite some minor price surges in certain cryptocurrencies, overall bearish sentiment remains strong in the crypto market. Bulls must work hard to turn the tide and push prices back up, with many major coins trading below crucial support levels. Monitor key resistance levels and market trends for potential trading opportunities in the coming weeks.
Source: https://www.cryptopolitan.com/weekly-crypto-price-analysis-2023-10-15/