TL;DR Breakdown
- Weekly crypto price analysis shows the overall market is still in a bearish trend.
- Bitcoin (BTC) slips under $27,000 after a strong sell-off.
- Weekly crypto price analysis indicates the altcoins are trading around the support levels.
Description
Weekly crypto price analysis reveals that most cryptocurrencies have been tumbling over the last few days, with bearish sentiment dominating the market. The selling pressure on the crypto markets has increased, leading to a price decline. The Bitcoin price pulled back from a level of $29,000 to the $26,000 level, after experiencing a strong sell-off. … Read more
Weekly crypto price analysis reveals that most cryptocurrencies have been tumbling over the last few days, with bearish sentiment dominating the market. The selling pressure on the crypto markets has increased, leading to a price decline. The Bitcoin price pulled back from a level of $29,000 to the $26,000 level, after experiencing a strong sell-off. Bitcoin’s sudden decline resulted in $1 billion in derivatives trader liquidations, the largest amount since the collapse of the FTX in 2022.
ETH has also been under pressure, with a decline of 10% since the beginning of the week. Ethereum’s price has broken below$1,700 as the bears have taken control of the market. XRP is also trading near its support levels, facing bearish pressure with a 20% decline over the past week.
At the same time, some altcoins, such as Dogecoin (DOGE) and Binance Coin (BNB), are still showing signs of downtrend in their prices. Most of the cryptocurrencies in the top 100 remain relatively unstable, which reflects the overall bearish crypto market.
BTC/USD
Bitcoin price analysis shows that BTC has been trading in a bearish trend since the start of the week. BTC is currently trading below $27k and is in a downward channel. On Aug. 17, a long liquidation triggered the price to $25,409, the lowest level in August. At the time of writing, BTC is trading at $26,166, with a 24-hour decrease of more than 2.91% and a weekly loss of 11.30%.
The 30k resistance level has been a major hurdle for BTC to break, and the bears may push the price even lower if it fails to hold above $27k. The 20-EMA has crossed below the 50-EMA, indicating a bearish trend for BTC. The RSI indicator has been hovering below 50 levels, suggesting that the selling pressure remains. The MACD indicator also indicates bearish momentum for BTC, with the MACD line (blue) below the signal line.
ETH/USD
Ethereum price analysis shows that the second-largest crypto asset has been under pressure since the start of this week. The ETH price has broken below $1,700, after a strong sell-off triggered by Bitcoin’s price action. ETH is currently trading at around $1,666, with a weekly loss of 10.14%. The bearish pressure is still present, and the price may decline further if it fails to hold above $1,600.
The weekly technical analysis suggests that the bearish trend still prevails, with the 20-EMA crossing below the 50-EMA. The relative strength index (RSI) indicator in the past seven days shows that the bears are still in control. The MACD indicator is also bearish as the MACD line (blue) is below the signal line, confirming that the downward trend will continue for ETH.
BNB/USD
The weekly price analysis for Binance Coin (BNB) reveals that bears have controlled the market for the past few days. On August 16, BNB broke and closed below the symmetrical triangle pattern, signifying that bears prevailed over bulls.
The selling pressure increased on August 17, and the BNB/USD pair fell below the crucial $220 support level. If the bulls cannot push the price back above $220, the bears will attempt to push the pair down to the pattern’s $196 and then $183 target levels. BNB/USD is currently trading at $216, with a 24-hour decrease of 2.32%.
The 20-SMA has crossed below the 50-SMA, which indicates a bearish outlook for BNB in the coming days. The RSI indicator also shows that more selling pressure is likely to continue in the near term. The MACD indicator has traded bearish for the past few weeks, with the MACD line (blue) below the signal line. The histograms are also negative, confirming the bearish momentum for BNB.
XRP/USD
XRP price analysis shows that the digital asset trades near its support levels. XRP has been under bearish pressure since the start of this week, with a 20% decline over the past seven days. Currently, it is trading at $0.5078, with a daily loss of 0.37. The selling pressure will continue if the price exceeds the $0.4800 support level.
The 20-EMA has crossed below the 50-EMA, indicating a bearish trend for XRP in the near term. The RSI indicator is hovering around 40 levels, confirming that bears still control the market. The moving average convergence divergence (MACD) indicator also indicates that XRP trades in a bearish trend, with the MACD line breaking below the signal line. The histogram is also turning negative and confirming the current bearish sentiment of XRP.
DOGE/USD
Dogecoin price analysis reveals that the digital asset has traded in a range-bound zone over the past few days. The descending triangle pattern has been broken, and the DOGE/USD pair is currently trading at $0.0634 after a strong sell-off. The coin faces strong bearish pressure and may decline further if the bulls fail to defend the $0.0600 support level.
The weekly technical analysis shows the DOGE/USD has been below the 20-EMA and the 50-EMA, indicating a strong bearish trend. The MACD indicator has been hovering above the zero line, maintaining the bullish divergence. The Relative Strength Index (RSI) is also trending below 50, suggesting that the coin could turn bearish if the sellers take the upper hand.
SOL/USD
Solana (SOL) price analysis shows that the digital asset has been trading in a downtrend for most days in the past week. On 18/08, SOL touched a low of $21.12, and it is currently trading at around $21.33. The SOL/USD pair is likely to remain in the bearish trend as long as it remains below the 20-EMA and the 50-EMA.
The altcoin is trading below the 50-day and 20-day exponential moving averages, indicating that bears dominate the market. The MACD remains bearish, indicating that further losses could be in store for this coin. The RSI hovers near the neutral zone at 47.88, indicating that selling pressure is increasing.
Weekly Crypto Price Analysis Conclusion
Overall, the crypto market has been facing some bearish pressure over the past few days, with Bitcoin and other major altcoins dropping in value. The downtrend could continue soon; further losses could be in store for Bitcoin and other major altcoins. However, some of the coins have started showing signs of recovery and could potentially stage a comeback soon.
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