Weekly crypto price analysis for major tokens such as Bitcoin( BTC), Ethereum (ETH), Binance(BNB), Solana(SOL), XRP, Cardano(ADA), and Dogecoin(DOGE) has seen an impressive surge over the past month showing a promising outlook for the market. However, Most digital assets display a sideways trend in the past week, with bulls and bears struggling to gain control.
Weekly chart: Coin360
Bitcoin (BTC) has broken below the $70,000 mark after a slight market correction. The bears have gained control, and currently, the BTC price is hovering around $64,000 levels. The broader market has mirrored the downturn, with many altcoins following Bitcoin’s lead and experiencing declines in value.
This market movement underscores the volatile nature of cryptocurrencies and highlights how shifts in investor sentiment can lead to rapid price changes. However, there is still a bullish effect as long-term investors and analysts believe this correction may be a temporary setback in a larger upward trajectory.
The broader market has mirrored this positive trend, with significant buying interest observed across several key cryptocurrencies. Crypto exchanges are having a frenzy with cryptocurrency trading.
Ethereum (ETH), holding the title of the second-largest digital currency by market cap, has not been left behind. The past week saw Ethereum breach the $4,000 barrier before retracing below it following the broad dip to touch a weekly low at $3,400. Similarly, Binance Coin (BNB) has shown remarkable stability, consistently trading above $500 and inching closer to overcoming the $600 resistance mark.
Solana (SOL), known for its efficiency and lower transaction costs, has emerged as one of the week’s standout performers, with its price soaring past $200, making it a new yearly high before a slight correction towards $180 levels. Its increasing adoption and investor interest have significantly contributed to its impressive performance.
XRP has seen a slight decrease over the past week., with a 14% decrease. Dogecoin (DOGE) and Cardano (ADA) are not far behind, with DOGE depreciating by more than 24% and stabilizing below $0.15. Cardano has dipped below $0.65, reflecting a slight bearish trend in the altcoin coin sector.
Bitcoin(BTC)
Bitcoin (BTC) has shown a slight bearish trend in the weekly chart, consistently finding strong support above the $65,000 mark. Currently, Bitcoin stands at $64,140, with a decrease of 6% in the past 24-hours. Bitcoin’s market capitalization crosses the $1.2 trillion threshold. Over the last week, Bitcoin has witnessed a decrease of 11% in value, signaling a bearish momentum in the near term.
Bitcoin price chart: TradingView
However, the technical indicators still reinforce the optimistic outlook for the BTC/USD pair, with a minor signaling a sell signal. The Relative Strength Index (RSI) demonstrates an overbought situation, reflecting a potent buying pressure within the market. Additionally, the Moving Averages Convergence Divergence (MACD) indicator still exhibits a bullish crossover, suggesting a potential bullish pressure. The 20-SMA and 50-SMA underscore this bullish trend, with the 20-SMA providing sturdy support for Bitcoin’s price.
Ethereum (ETH)
Ethereum (ETH), the market’s second behemoth, mirrors this bullish sentiment, having peaked at over $4,000 in the last week; however, over the past few days, it has seen a slight retracement in value, indicating a normal consolidation phase after its recent highs. Ethereum’s current trading price is $3,338, with a decrease of 7.7%.
Ethereum price chart: TradingView
The technical landscape for ETH/USD is equally promising, with key indicators aligning on the bullish side of the spectrum. The RSI stands above the 60 mark, indicating vigorous market demand. The MACD’s bullish crossover points towards a continuing positive trend for Ethereum. Moreover, the 20-EMA and 50-EMA serve as significant support levels, bolstering Ethereum’s bullish posture in the market.
Solana (SOL)
Solana (SOL), marking its presence as one of the standout performers over the past week, has witnessed its price surge beyond $180, making it the top gainer in the market. This altcoin has been on a bullish ascent, bolstered by increasing purchasing pressure and setting new yearly highs.
Currently, Solana is priced at $185, with a notable 7% decrease over the last 24 hours and a weekly upturn of 21%. The SOL price has surpassed BNB in terms of market capitalization, making the SOL the Fourth-largest cryptocurrency by market cap.
Solana price chart: Tradingview
Continued bullish momentum could see SOL challenging the $210 resistance level. Conversely, if the bears stage a comeback, Solana will find substantial support at the $150 threshold. The technical outlook for SOL/USD hints at a promising uptrend, with most indicators advocating a buy. Venturing into the overbought territory, the RSI signifies intense market interest in Solana. The MACD echoes this bullish sentiment, while the 20-MA supports SOL’s current market position.
Binance Coin (BNB)
Binance Coin (BNB), the proprietary digital asset of the globally recognized Binance exchange, has showcased a slight bearish pattern over the recent week, breaking below $600. The market’s shift has seen a decrease of over 2.31% within the last seven days.
Presently, Binance Coin’s market capitalization stands impressively over $78 billion, positioning it as the fifth-largest cryptocurrency by market size. BNB’s trading price is $524, marking a 9% decrease in the past 24 hours.
Binance price chart: Tradingview
Technical indicators for the BNB/USD pairing suggest a trajectory for continued upward movement despite slight pullback, with a consensus among indicators leaning towards a buy position. The Awesome Oscillator’s position above the zero line signals a continuing bullish momentum for Binance Coin. Additionally, the 20-SMA and 50-SMA serve as pivotal support levels that may catalyze the asset toward encountering new resistance thresholds. Both the RSI and MACD indicators align with a bullish future for BNB.
XRP
XRP has seen a slight decrease in price over the past week after a slight correction in the market. The XRP/USD pair broke past this level, oscillating around the $0.60 resistance point. The past 24-hours saw an XRP decrease of approximately 4%, with its current trading value at $0.5928.
XRP price chart: Tradingview
If XRP’s momentum is sustained, breaking through the $0.65 barrier might set its sights on reaching $0.90, though this level presents a formidable challenge. However, if bears countinue mounting more pressure, XRP will hit the $0.45 level soon.
The Relative Strength Index, below 60, indicates that the market is neutral. The MACD indicator’s bullish crossover hints at the potential for further price ascension, with the 20-day EMA and 50-day SMA reinforcing XRP’s support base.
Cardano(ADA)
Weekly crypto market analysis shows that ADA/USD has been trading in a sideways trend, with bulls and bears struggling to gain momentum. Over the past week, Cardano’s price has seen a decrease of 17%, currently trading at $0.6204.
Cardano price chart: Tradingview
However, the technical indicators for ADA/USD also support a bullish outlook, with most indicators showing a buy signal. The RSI is hovering at 60, indicating buying pressure in the market. The MACD indicator has also formed a bullish crossover, showing potential for further upside in price. The 20-MA and 50-MA are acting as strong support levels for ADA.
Dogecoin(DOGE)
Dogecoin (DOGE), the meme-based cryptocurrency, has seen a decrease in price over the past week.Dogecoin has been trading below $0.15 for the past few weeks, with a decline of more than 23%, in the past week. Currently, the Dogecoin is at $0.1323 with a 24-hour dip of 9 percent.
Dogecoin price chart: Tradingview
The technical indicators for DOGE support a neutral sentiment. The MACD indicator has shown a bullish crossover, indicating strong buying pressure in the market. The RSI is hovering below 70 levels, indicating a neutral market trend. The 20-day EMA is above the 50-day SMA, supporting a bullish trend.
Weekly crypto price analysis conclusion
Weekly crypto price analysis of popular digital assets shows that most are showing sideways signs, with some experiencing slight upticks and others experiencing slight downticks, reflecting a period of consolidation in the market. The technical indicators seem to support a bullish outlook, with buying pressure expected to continue in the coming weeks.