Weekly crypto analysis reveals that most of the cryptocurrencies have seen a dip in their prices over the last seven days, with bullish trading sentiment finding it hard to take hold. The selling pressure on the crypto markets has increased, leading to a price decline. Bitcoin price analysis has been hovering around the $25,000 level for most days in the week, with minor corrections in between. The coin is expected to remain in a range-bound mode for some time before making a decisive move either way.
The Ethereum price has followed the same pattern as Bitcoin, with a slight downward trend. ETH has been trading below the $1,700 level, and the selling pressure has been present. Ethereum is expected to remain volatile in the near future, and any major moves are unlikely in the short term. BNB, XRP, DOGE, and ADA have all seen a price dip over the last week. BNB has been trading close to the support level of $210, while XRP has been below $0.50 for some time now. Dogecoin and Cardano (ADA) have also undergone significant corrections, with bears and bulls battling it out at the moment. Finally, SOL has been trading around $18-$20 levels in the past week, with bearish pressure visible in the markets.
BTC/USD
The Bitcoin price analysis shows that the BTC price has been trading at its lowest levels since the beginning of June. The selling pressure has been increasing as the BTC price is currently struggling to remain above $25,700. BTC/USD is trading at around $25,742, with a decrease of 0.52% in the past 24 hours and a decrease of 0.76% in the past seven days.
The bulls are trying to push the price above the resistance level of $26,000, and if the price manages to break out of this level, it could see a significant rally. On the other hand, if the bearish pressure continues and the BTC/USD breaks below $25,500, further losses can be expected soon.
The 20-EMA has crossed below the 50-EMA, indicating that bearish sentiment prevails in the markets. The relative strength index (RSI) has been hovering around neutral levels, meaning the current trend will likely continue in the short term. Further, the MACD has also remained bearish for the past few days, indicating that downward pressure is present.
ETH/USD
The Ethereum price analysis reveals that ETH/USD has been trading around $1,600 to $1,650 levels since the start of the week, with minor corrections in between. The coin has been trading below the resistance level of $1,700 and is currently struggling to remain above the support level of $1,600. ETH/USD is trading at around $1,612, with a decrease of 1.35% in the past 24 hours and a decrease of 1.44% in the past seven days.
The weekly technical indicators reveal that most of the indicators have been bearish in recent days. The 20-SMA has crossed below the 50-SMA, indicating that bearish sentiment prevails in the markets. The RSI has also been hovering around neutral levels, indicating that both the bulls and bears are in the market. Further, the MACD has remained bearish for some time, indicating that downward pressure is present. However, Ethereum could still see a rally if the bulls break out of the $1,700 resistance level in the short term.
BNB/USD
Binance Coin has been facing sideways movement over the past few days and is currently trading at $212, down from its weekly high of $218 on 8th September. The bulls are trying to regain control as they push Binance Coin above the important resistance level of $220. However, if the bears manage to break down this level, a further price dip can be expected.
The moving average convergence indicator has been in neutral territory, indicating that the bulls and bears are currently locked in a battle. The RSI has also been hovering around neutral levels, indicating that sideways movement will likely continue for some time now. The moving average indicators also remain neutral, indicating no current market trend.
XRP/USD
XRP has been trading below the $0.50 level for most of this week, with bears and bulls locked in a battle. The weekly high was seen at $0.514 on 4th September, but the prices have been declining slightly since then. The bulls are trying to regain control and push XRP/USD above the important resistance level of $0.55. The bearish touched a low of $0.4935 on 06 September, but the prices have since recovered and are currently trading at around $0.497, with a decrease of 1.28% in the past 24 hours.
The weekly technical indicators reveal that bulls are trying to take back control as most indicators are tread. The relative strength index has been hovering around neutral levels of 40-50 levels, indicating that the current trend is likely to continue. The MACD has also been in neutral territory, indicating that the bulls and bears are locked in a battle.
DOGE/USD
The Dogecoin price analysis shows that DOGE has been trading in a narrow range between $0.0610 and $0.0640 for most of the days this week. The bulls and bears have been in a tug of war, as the market has not seen any major movements up or down. The bearish sentiment was quite significant on Dogecoin, dropping below the psychological level of $0.06500. Currently, DOGE is present at $0.06129, with a decrease of 3.41% in the past 24 hours and a 7-day decline of 3.21%.
The weekly technical indicators reveal that the bulls are trying to make a comeback, as most of the indicators have recently been bullish. The moving average convergence divergence (MACD) has been in bearish territory, indicating that the bears control the market. The relative strength index (RSI) has also been hovering below 50 levels for most of the days in the week, signaling that bearish momentum is present in the market.
ADA/USD
Cardano (ADA) has been trading in a rangebound structure since the start of this week, with price trading below the important resistance level of $0.3000. The bearish momentum was quite significant, with bears mounting pressure at every opportunity. At the time of writing, ADA/USD is trading at around $0.249, with a decrease of 1.81% in the past 24 hours, indicating that the bearish sentiment is still significant.
The RSI is close to the 30 level, indicating that selling pressure is increasing and that further losses could be in store for this currency. The Moving average convergence divergence (MACD) has also been bearish for the past few days, indicating that further declines could be possible. The 20-EMA has crossed below the 50-EMA, indicating that bearish momentum is increasing.
SOL/USD
The bearish pressure has been quite prominent in the crypto markets, and Solana (SOL) is no exception. The coin’s price had previously crossed $20.00 but could not sustain it and came tumbling down again due to strong bearish pressure from the markets. The bullish momentum built up a few weeks ago has now fizzled out, and the coin is currently trading at around $18.40, with a loss of more than 5 percent for the past 7 days.
The moving average indicator has been under bearish pressure for the past week and is expected to remain so for some time. The MACD indicator indicates bearish divergence, with the MACD line remaining below the signal line. The Relative Strength Index (RSI) is also trending below 50, which is another sign of bearishness.
Weekly Crypto Price Analysis Conclusion
The crypto market has traded 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 market’s selling pressure has been increasing, which 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.
Source: https://www.cryptopolitan.com/weekly-crypto-price-analysis-2023-09-10/