TL;DR Breakdown
- Weekly crypto price analysis reveals major coins have been trading in mixed reaction for the past week.
- Bitcoin (BTC) has been trading above $30k for most of the days in the past week.
- Ethereum price analysis has successfully broken above the 1,800 level for the past few days.
Description
Weekly crypto price analysis shows that most of the coins have been trading in mixed reaction, with bulls and bears being equally active in the market. For the whole of the week, the top coins have remained rangebound between their key support and resistance levels. The price of Bitcoin continues to struggle at just around … Read more
Weekly crypto price analysis shows that most of the coins have been trading in mixed reaction, with bulls and bears being equally active in the market. For the whole of the week, the top coins have remained rangebound between their key support and resistance levels.
The price of Bitcoin continues to struggle at just around $31,000.A tight consolidation close to the overhead resistance is encouraging, but short-term liquidations could happen if we fail to go past it. Shallow pullbacks, however, shouldn’t be mistaken for a trend reversal because the bulls frequently retreat in order to regroup and make another attempt to break through the resistance. The positive momentum increases if the obstacle is overcome.
Ethereum (ETH) price analysis shows that it has successfully broken out of its key resistance level of $1,800 and is currently trading around this level for the past few days. Binance Coin (BNB) has been trading within a tight range of $257-$220 over the last seven days. BNB remains strong in the market and is expected to stay rangebound between these levels for some time.
Cardano (ADA) price analysis shows that it has been trading quite volatile over the last week, with prices rising and falling drastically in quick succession. The coin currently trades above $0.37 and may remain rangebound between this level for some days before making any sharp movements. XRP has also been trading within a tight range over the last week, with prices fluctuating between $0.4707-$0.466.
BTC/USD
On July 6, Bitcoin surpassed $31,000 once more; nevertheless, the bears put heavy selling pressure on the market in response to the increase. Due to this, the price was dragged down to $29,908 0n 7th July. However, the Bulls stepped up their game and pushed the price back to $30k to close the week. At the time of writing, BTC/USD is trading around $30,112, down by 0.51 in the past 24 hours.
The 20-EMA is currently providing strong support and holding the price of Bitcoin from dropping down. The bulls will have to push the market above $31,000 in order to make it go ahead with its bullish trend. On the other hand, if they fail to do so, then a trend reversal is possible. The RSI is currently hovering around the neutral line, which indicates that the market could see some more consolidation over the next few days. The MACD line and the signal line are above the zero line, which signals that the buyers have an upper hand in the market.
ETH/USD
Ethereum price analysis shows that the coin has been trading mostly rangebound for most of the week. On 3rd July, ETH/USD broke above its key resistance level of $1,900 to touch a week high of $1,973 and touched a low of $1,837 on 7th July. At the time of writing, Ethereum is trading at around $1,849, with a 1.06% drop in the past 24 hours.
The 20-EMA has been providing strong support and buying pressure over the week. The bulls will have to push the market above $1,900 again in order to take it to its next target of $2,000. However, if bears take over, then the market could see a trend reversal. The RSI is currently hovering around the neutral line at 53.60, indicating that we could see more consolidation over the next few days. According to the MACD indicator, both the MACD line and the signal line are currently above the zero line. This suggests that there is currently a market trend in favor of buyers.
BNB/USD
Over the previous few days, BNB has been consolidating between $257 and $220. This shows that the bulls are buying the dips while the bears are selling during relief rallies. Bears are in the lead, according to the 20-day EMA’s downward slope ($242) and the negative reading on the RSI. Sellers will make an effort to push the price down to the critical support level of $220. It’s anticipated that the bulls will vigorously defend this level
To imply the beginning of a durable rebound, the bulls will need to push the price above $257 on the upside. Although it might serve as a barrier, the $265 level will probably be broken. The couple might then increase to $280. The 20-SMA is below the 50-SMA and also the MACD line has dipped beneath the signal line, which suggests that the path of least resistance is to the downside.
XRP/USD
The weekly crypto price analysis shows that XRP has been trading in a tight range of $0.4707-$0.466 over the past week. The 20-EMA is currently providing strong support and holding off the bears from pushing down the prices. The bulls need to push the market above $0.5287 in order to take it ahead toward its next target of $0.4800. On the other hand, if bears take over, then a trend reversal is possible and prices could be dragged down to their key support level of $0.4600.
The Relative Strength Index has been hovering around the neutral line at 51.74 levels, with bears and bulls fighting for control of the market. The MACD indicator shows that the MACD line is currently above the signal line, which indicates that buyers have an upper hand in the market. The 20-SMA is above the 50-SMA, suggesting that the trend could remain bullish for some time.
ADA/USD
The price of Cardano has recently fluctuated between $0.30 and $0.278. In a range, traders often purchase close to the support and sell close to the resistance. ADA touched a high of $0.307 on 4th July and is currently trading around $ 0.288 at the time of writing. The weekly technical analysis for Cardano shows that the 20-EMA is currently providing strong support and holding off the bears from pushing down prices. The bulls need to push the market above $0.300 in order to take it ahead toward its next target of $0.3100. On the other hand, if bears take control, then a trend reversal is possible, and prices could be dragged down to their key support level of $0.2700.
The 50-day moving average (MA) is crossing above the 20-day MA, suggesting that a bullish trend could be seen in the near future. The MACD also favors the bears as both its lines are currently below the zero line. This indicates that the bears have an upper hand in the market. The RSI is hovering around 39.85 levels, indicating that bears currently control the market.
Weekly Crypto Analysis Conclusion
Overall, Weekly Crypto Analysis Conclusion has seen an increase in volatility over the last week, with prices fluctuating between their respective support and resistance levels. The next few days could see more consolidation or a trend reversal, depending on how buyers and sellers interact with the markets. Investors should remain alert for any major developments that could impact the prices.
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