Weekly crypto price analysis reveals that most of cryptocurrencies are experiencing a mixed reaction in the market. The bearish and bullish sentiments clash, making it difficult to predict the market direction. Bitcoin (BTC) is one of the major coins that has been trading below $37,000 for most of the days in the last seven days. This has caused concern among investors as BTC is seen as a leading indicator for other cryptocurrencies.
However, Ethereum (ETH) has managed to hold onto its price, hovering above $1,900 levels for some days. This stability in price can be attributed to the ongoing upgrades and developments in the Ethereum network, including the highly anticipated ETH 2.0 upgrade.
Cryptocurrencies Price Heatmap, Source: Coin360
Meanwhile, Binance Coin (BNB) has seen a slight decrease in price, trading below $250 levels XRP has also dipped below $ 0.65 levels, with an 8% decrease in price. However, Solana (SOL) has experienced a price increase, with bullish sentiments pushing it above $60 levels. Cardano (ADA) has been trading in a tight range, with its price remaining between $0.35 and $0.39 for most of the week. Finally, Dogecoin (DOGE) has also seen some stability in its price, trading between $0.078 and $0.08200 levels.
BTC/USD
Bitcoin, the leading cryptocurrency, has been facing a tough time in the market, with its price dropping below $37,000 levels for most of the week. The previous week’s bulls were at lead, pushing BTC above $37k levels. However, this week, the bearish sentiments took over, causing a significant price decrease.
Over the past seven days, BTC has seen a decrease of over 0.12% in its price. BTC is currently trading at $35,612 with a market cap of $717 billion. However, in the coming week, if the bulls can push BTC above the $37k barrier, it could signal a potential reversal and an uptrend in its price. On the downside, if BTC breaks below the $35k support level, it could potentially go down to $30k levels.
BTC/USD weekly chart, source: TradingView
The technical indicators in the past week have been indicating neutral conditions, with the MACD (Moving Average Convergence Divergence) indicator showing a crossover. The 20-EMA and 50-SMA are also indicating neutral conditions, making it difficult to predict the direction of BTC’s price in the coming week. The relative strength index (RSI) is currently at 72, indicating overbought sentiment in the market.
ETH/USD
Ethereum has maintained its position above the $1,900 level for most of the week, with its price hovering between $1,900 and $2,100. The bears and bulls have been clashing, making it difficult to predict the direction of ETH’s price.
ETH is currently trading at $1,960 with a seven-day decrease of 4.40%. However, in the past 24 hours, ETH has seen an increase of 0.65%. If bears continue to dominate, ETH could potentially break below the $1,900 support level and go down to $1,800 levels. On the other hand, if bulls push ETH above the $2,100 resistance level, it could signal a potential uptrend.
ETH/USD weekly chart, source: TradingView
The technical indicators are showing mixed signals for ETH. The MACD indicator is currently neutral, while the 20-EMA and 50-SMA indicate a downside. The RSI is at 58, showing neutral sentiment in the market. The moving averages also show a potential golden cross, which could signal an upward trend in the coming days.
BNB/USD
Binance Coin has seen a slight decrease in its price over the past week, trading below $250 levels. However, it has managed to stay above the $230 support level and is currently trading at $244. Over the past seven days, BNB has seen a decrease of 2.34% in its price. On November 14th, BNB fell below the 20-day EMA ($239) but quickly recovered above the $235 support level.
BNB/USD weekly chart, source: TradingView
The technical indicators are also showing mixed signals for BNB, with the MACD indicator showing a bearish crossover and the RSI at 50, indicating neutral sentiment in the market. The moving averages are currently in a downtrend, but if bulls can push BNB above $250 levels, it could signal a potential uptrend. However, if bears push BNB below the $230 support level, it could go down to the $200 level.
XRP/USD
XRP has decreased its price over the past week, with bears pushing it below $0.65. XRP is currently trading at $0.626 with a seven-day decrease of 8%. The bulls and bears have been in a tug of war, with selling and buying pressure causing XRP price fluctuations.
At the time of writing, XRP is trading at $0.6117, with a strong decrease of 8%. However, if bulls can push XRP above the $0.65 resistance level, it could signal a potential uptrend, with its next target being the $0.75 level. On the downside, if bears push XRP below the $0.60 support level, it could potentially go down to the $0.50 level.
XRP/USD weekly chart, source: TradingView
The technical indicators show mixed signals for XRP, with the MACD indicator showing a bearish crossover and the RSI at 57, indicating neutral sentiment in the market. The moving averages are also in a downtrend, with 50-MA and 200-MA indicating a potential downside in the coming days.
SOL/USD
Solana has seen an increase in its price over the past week, with bulls pushing it above the $60 level. SOL is currently trading at $64 with a seven-day increase of 4%. The strong, bullish sentiments have helped SOL break through resistance levels and establish new highs. At the time of writing, SOL is trading at $60.34, with an increase of 5.80% in the past 24 hours. If bulls can continue pushing SOL above $65, it could reach the $70 level. On the downside, if bears push SOL below the $60 support level, it could go down to the $50 level.
SOL/USD weekly chart, source: TradingView
The technical indicators show bullish signals for SOL, with the MACD indicator showing a bullish crossover and the RSI at 82.35, indicating strong buying pressure in the market. The moving averages are also indicating an uptrend, with the 20-EMA crossing above the 50-SMA, which could signal a continuation of the bullish trend.
ADA/USD
According to the weekly price analysis, Cardano (ADA) has been trading within a range of $0.35-0.39 for the past week, with a sideways trend. The coin had briefly crossed above $0.35, 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 $0.3735, with the support of the coin being quite weak.
ADA/USD weekly chart, source: TradingView
The MACD indicator has been indicating bearish divergence for some time, with the MACD line remaining below the signal line. The Relative Strength Index (RSI) has also been trending down and is currently trading at around 62.19. This indicates that the coin is in a bearish trend for some time now, with no signs of any bullish rally in the near future. The 50-week MA is also below the 200-week MA, further confirming the bearish trend.
DOGE/USD
Dogecoin (DOGE) has seen a slight decrease in its price over the past week, trading below $0.080 levels. The coin is currently trading at $0.07869, with a seven-day decrease of 2%. Despite the bearish trend, DOGE managed to stay above the $0.075 support level. The MACD indicator is currently showing a bearish crossover, With the MACD line remaining above the signal line.
DOGE/USD weekly chart, Source: TradingView
The technical indicators show mixed signals for DOGE, with the 20-EMA and 50-SMA indicating a potential downtrend while the RSI is at 59, showing neutral sentiment in the market. If bears continue to dominate, DOGE could potentially go down to the $0.075 support level. However, if bulls push DOGE above the $0.0800 resistance level, it could signal a potential uptrend, with its next target being the $0.0850 level.
Weekly crypto price analysis conclusion
In conclusion, the past week has seen mixed trends for major cryptocurrencies. While some coins like Binance Coin and XRP saw a decrease in their prices, others like Ethereum, Solana, and Cardano experienced slight increases. The technical indicators show mixed signals for these coins as well, with some indicating potential uptrends while others show signs of a downtrend. In the coming days, it will be interesting to see if bulls can push these coins above critical resistance levels and establish a clear uptrend or if bears will continue to dominate and push the prices down.
Source: https://www.cryptopolitan.com/weekly-crypto-price-analysis-19-11-2023/