Weekly movements of the cryptocurrency market show that there has been a minor pullback after the last rally, with most altcoins trading around critical support levels. In this article, let’s take a look at the latest situation in BTC, ETH, XRP, BNB, ADA, DOGE and SHIB. Let’s determine the technical levels that may come up next week.
Weekly crypto price analysis: BTC, ETH, XRP, BNB, ADA, DOGE
Bitcoin (BTC) price analysis shows that it has been trading in a tight range between $22,000 and $23,000 over the past few days. $22,000 is a psychological support level that Bitcoin lost with the FTX bankruptcy in November. The price was able to rally slightly after this news, but remains vulnerable to further selling if buyers continue to lose confidence.
BTC is currently trading in the $22,300 area and it is facing a strong resistance at $22,444. The bears may try to push the price below this support level in the coming days, which could lead to a deeper correction. BTC has lost more than 3.08% of its value since the start of the week and is currently trading below the 20-day exponential moving average (EMA).
The RSI dips below 52.26, indicating that the short-term momentum is turning bearish. The moving average indicator is currently bearish, and if this continues, according to technical analyst Anne Mugorir, BTC could enter a correction phase in the coming days. The MACD histogram also dropped below the zero line, showing that the bears have taken control of the market.
Ethereum (ETH)
Ethereum has traded between $1,557 and $1,669 over the past few days. The bulls and bears are locked in a battle to control the ETH price pair and it looks like the bears have taken the lead. ETH is currently trading above $1,550 and traded with a strong resistance at $1,575, which could prevent the price from rising further.
Trading volume for Ethereum has drastically decreased over the past few days, which could be a sign that buyers are losing confidence in the asset. Its market cap is currently $191 billion, a small 0.15% increase since the start of today.
The 50-day SMA has crossed below the 200-day SMA, indicating that the downtrend is continuing. The MACD indicator has entered negative territory and the RSI stands at 51.23, which indicates that the bears are now controlling the market. ETH price needs to climb above the $1,602 resistance level if it wants to continue its uptrend. If the bears manage to break below the $1,570 support level, ETH could enter a deeper correction.
Ripple (XRP)
Ripple has seen some minor fluctuations in the past seven days, with a weekly high of $0.385 and a current high of $0.3725. Weekly crypto price analysis shows that XRP has made higher and higher lows and is trending bullish in the short term. Near-term target for XRP is $0.38 as it looks set to break this resistance level.
Technically, the RSI signals overbought while the MACD remains bearish, suggesting some profits could be made in the near future. The 20-SMA crosses below the 50-SMA, indicating that the bears are dominating the market. If XRP fails to rise above the $0.385 resistance, it could enter a deeper correction to retest the support levels. The moving average is currently below the current price, which indicates that XRP may be in a bearish trend.
BNB Coin (BNB)
Binance Coin has faced sideways movement for the past few days and is currently trading in the $290 region, down from its weekly high of $309.50 on Feb. 26. Analysis shows that bulls failed to push BNB price above the $309 resistance level and are open to further declines if buyers lose confidence.
BNB’s last 24 trading volumes are down 37%, suggesting that buyers may have lost momentum. The market value of BNB also fell 0.20% during the same period. The 50-day SMA crosses below the 200-day SMA, indicating more weakness.
The RSI is close to the 50 level, which indicates that selling pressure has increased and more losses are awaiting this currency. The MACD remains bearish and a break below the $290 support level could lead to more declines in the near term. The 20-EMA breaks below the 50-EMA which means bears are dominating the market. If BNB fails to break above the $309 resistance level, it could enter a deeper correction in the next few days.
Cardano (ADA)
Cardano has been trading between the highs of $0.37 and the lows of $0.33 for the past seven days. ADA price is currently trading at $0.3414 and buyers are trying to push it above the $0.35 level, which could be a crucial resistance level.
On a technical indicator basis, the SMA lines are also bullish, indicating that Cardano can sustain growth in the long run. Market volatility remains high for ADA as the MACD suggests that the momentum is in favor of the bulls. The RSI is also oversold and currently holding close to the 45 level.
Dogecoin (DOGE)
Dogecoin is currently trading at $0.0763 and is facing a bearish cross with a weekly low of $0.0746. The data shows that the DOGE price has lost almost 8% of its value in the last seven days.
The $0.0746 support level has been tested several times in the past and may enter a deeper correction, while the $0.07716 resistance level could act as a strong hurdle for the bulls if the buying pressure builds.
Looking at the moving average, moving average convergence divergences (MACD) indicate that the coin is in an uptrend and is likely to stay that way in the near future. The RSI is currently around 45.92, which indicates that the coin is in the overbought zone.
The 20-day moving average is also above the 50-day simple moving average, showing that the bulls dominate. The moving average (MA) is also currently above the current price, which indicates that the trend is bullish. If Dogecoin fails to break the $0.077 level, it could enter a deeper correction in the near future.
Shiba Inu (SHIB)
The Shiba Inu ecosystem runs a monthly tournament for Shiba Eternity, Kusama recently announced that it has increased the prizes to $500 for first place and $250 for second and third place. In the latest developments, Kusama has found a sponsor for the prize pool, Dogpad Finance, Shibarium’s official launchpad ecosystem, sponsored the prizes. The frequency of the tournament will be increased to two per month and players will be offered the opportunity to take advantage of the prizes.
Let's increase that to:
$500 1st, $250 2nd & $250 3rd. I'll get a sponsor. And if you all want and can, we will move it to Bi-weekly with that amount. ($2k monthly.) To start. Thanks @shibaeternity and organizers!— Shytoshi™ (@ShytoshiKusama) March 3, 2023
The Shiba Inu price has dropped almost 10% since February 26. The SHIB community awaits the release of the layer-2 scaling solution Shibarium. Kusama recently brought public attention to a MetaMask feature aimed at improving players’ gaming experience. This move sparked speculation that the lead developer might consider integrating Shiba Eternity with MetaMask. cryptocoin.comAs we reported, crypto whales also prefer to buy the news.
