Weekly crypto price analysis for 11th August 2023 reveals that most of the cryptocurrencies have been trading in mixed signals, with bullish and bearish trends visible in individual crypto coins. The top coins like Bitcoin, Ethereum, and XRP have been the most volatile in the past few days, with selling and buying activities occurring in a wide range.
Bitcoin (BTC) has been on a downward trend for most of the days in the week, with price levels dropping below $30k. The ETH continues to observe a strong battle between bulls and bears. ETH has been trading in the range of $1,830 to $1,880 since the last week, After failing to rally above $1,900. Ripple‘s (XRP) price analysis has been struggling to stay above the 0.65 USD mark, but it seems that the coin is slowly finding its footing. The BNB price analysis has been mostly positive in the last seven days, with a few corrections. BNB has been trading in the range of $240 and $247 during the past days of the week.
Dogecoin (DOGE) has also been trading in a sideways movement over the week, with small price fluctuations happening from time to time. Dogecoin’s price broke above $0.07600 after a bullish momentum has been observed in the past few days. Finally, Solana (SOL) continues to be one of the most bullish coins this week. Price analysis reveals that SOL has been trading mostly above $24.00 for most of the days, with a weekly surge of 7 %.
BTC/USD
Bitcoin price analysis reveals that BTC has been trading mostly below $30,000 for the past days of the week. On 09/08/2023, BTC hit a weekly high of $30,144 after a strong bullish trend. However, since then, it has been trading in a tight range below $30,000. At the time of writing, BTC is trading at $29,420, with a 24-hour surge of 0.04 percent.
The 20-EMA and 50-EMA lines are both pointing upwards, indicating a bullish trend. The moving average convergence divergence (MACD) indicator has been increasing and continuing to stay in the positive territory. This is a strong bullish signal for BTC in the coming days. The strong resistance level, at $30k, is expected to hold prices in check until a strong bullish sentiment is seen. However, if the bulls manage to break above the $30k level, BTC could surge higher. The RSI indicator has been hovering around 50 levels, indicating that the coin is in a range-bound movement.
ETH/USD
Ethereum (ETH) has been trading above$1,800 for most of the days in the last seven days. Ethereum has failed to rally higher and hold above $1,900 due to bearish momentum. On 07/08/2023, ETH touched a weekly low of $1,806 after a strong bearish trend. However, the bulls managed to push prices higher, with ETH hovering around $1,840 levels.
If bulls manage to break above$1,900, prices could surge higher. The major support level at $1,800 will be key to watch for any signs of bearish sentiments. If prices correct below $1,800, then a bearish trend could be seen.
The weekly technical indicators for ETH/USD suggest that the coin is in a range-bound pattern, with no major trend visible. The 20-EMA and 50-EMA are both flat and pointing sideways. The MACD has also been increasing, going into neutral territory, with no clear trend visible. The RSI has been hovering around the 50 level, signifying that ETH is in a range-bound movement.
BNB/USD
According to the BNB price analysis, the coin has been fluctuating between $240 and $247 for the majority of the week, with both bulls and bears actively participating in the market. BNB has increased by 0.15% over the past 24 hours to $240 as of this writing. The pair reached a weekly high of $248 on August 08, but the bulls were unable to hold above $250.
The 20-EMA has a slight downward angle, indicating that the bearish trend will likely continue soon. The MACD also shows bearish momentum and divergence from the signal line. Moreover, the RSI is below 50, indicating that selling pressure may remain strong in the coming days. A break below $240 could cause the prices to move further lower; however, a move above $250 could push the prices higher.
XRP/USD
According to the weekly crypo price analysis, the XRP has been trading between 0.640 and 0.660 for most of the week, with sideways movement. The bearish pressure has been rising, with the coin failing to break above 0.670 levels. The token has a decreased of 6.17 percent in the past seven days and is currently trading at $0.6323 as of this writing.
The 20-EMA has a slight downward angle, indicating that the bearish trend will likely continue soon. The moving average convergence/divergence (MACD) shows bearish momentum, with a slight divergence from the signal line. The relative strength index (RSI) is below 50, indicating that selling pressure may remain strong in the coming days. A break below $0.615 could cause the prices to move further lower; however, a move above $0.670 could push the prices higher.
DOGE/USD
Dogecoin (DOGE) has been trading in a sideways movement over the week, with small price fluctuations happening from time to time. The bearish and bulls have been trading in a tight range, with the Dogecoin price breaking above $0.07500 after a bullish momentum has been observed in the past few hours today. Currently, the coin is trading at $0.07576 with a 24-hour surge of 1.23%.
The technical indicators for DOGE/USD suggest that the coin is in a range-bound pattern, with no major trend visible. The 20-EMA and 50-EMA are both flat and pointing sideways. The MACD has also been increasing, going into neutral territory, with the MACD line still below the signal line. The RSI has been hovering around the 50 levels, signifying that DOGE is in a range-bound movement.
SOL/USD
Solana (SOL) continues to be one of the most bullish coins this week. Price analysis reveals that SOL has been trading mostly above $24.00 for most of the days, with a weekly surge of 7 %. At the time of writting, SOL is trading at $24.56 with a 24-hour surge of 0.82%. The week has been favorable for the coin, with bulls pushing SOL prices higher.
The technical indicators for SOL/USD suggest a strong bullish trend. The 20-EMA and 50-EMA are both pointing upwards, indicating strong bullish momentum. The MACD is also increasing in positive territory, confirming the bullish trend. Moreover, the RSI is above 500, signifying that the uptrend will likely continue in the coming days.
Weekly Crypto Analysis Conclusion
Overall, the crypto market is in a period of consolidation, with most coins trading within range-bound conditions. The bullish and bearish divergences being seen on many coins indicate that there is a tug-of-war occurring between the bulls and bears. In the near term, it is likely that some coins will break out of their current levels and begin to rally higher, while others might drop lower.
Source: https://www.cryptopolitan.com/weekly-crypto-price-analysis-11-08-2023/