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Weekly crypto price analysis 16th Jan: BTC, ETH, XRP, BNB, ADA, DOGE

Weekly crypto price analysis

TL;DR Breakdown

  • Bitcoin price has successfully surpassed the $21,000 level, it’s an all-time high.
  • Our weekly crypto price analysis shows the overall market is in a state of equilibrium.
  • The crypto market surged at the beginning of 2021, as the cryptocurrencies proved their value to investors, driving the market higher

Weekly crypto price analysis also shows that the cryptocurrencies have gained significant value over the past week. After a continuation of last week’s rally in equities markets, the crypto market has seen a noticeable increase in the prices of most major digital currencies.

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Cryptocurrencies price heatmap: Coin360

Bitcoin (BTC) continues to remain a top choice for traders, reaching an all-time high of $21,118 earlier this week. Due to the increased demand for smart contract platforms, Bitcoin is likely to remain one of the leading cryptos in terms of market capitalization and value going forward. Ethereum (ETH) is still rising, while Ripple (XRP) has had a significant jump in the past couple of days and Binance Coin (BNB) is also doing well. Cardano (ADA) and Dogecoin (DOGE) are both in the green, but they’re still relatively small-cap coins compared to the other major cryptos.

Looking at the Cryptocurrency price heat map, Most of the altcoin markets are experiencing an upside trend with few declining. The overall market cap for cryptocurrency seems that the market is experiencing a bit of a correction after a  strong rally over the past two weeks.

The overall market sentiment remains bullish and we can expect to see more gains in the near future as investors continue to flock into the digital currency space.

BTC/USD

Bitcoin’s performance in the last week has been characterized by massive price fluctuations and volatility, with the price reaching the $21K level, which is all high for the cryptocurrency. The bullish sentiment around Bitcoin is currently trading at $21,118 gaining more than 22.73% in the last week.

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BTC/USD weekly chart, source: TradingView

The weekly crypto price analysis shows that the technical indicators are currently giving bullish signals as the MACD shows bullish momentum while the RSI is at an overbought level. As for the moving averages, they are still showing bullish movement at $17,737.67.

ETH/USD

Ethereum has been on a bullish trend since the start of this year and is currently trading at $1,568. ETH prices have seen an increase of 19.62% in the past week. However, like Bitcoin, we are seeing some signs of correction in the market as the digital currency is trying to find support at $1,520.

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ETH/USD weekly chart, source: TradingView

The resistance level for Ethereum currently stands at $1,579. The MACD and RSI are both giving bullish signals, while the moving averages are also showing a positive trend.

XRP/USD

Ripple’s price has seen an increase of 12.69% in the last week as it is currently trading at $0.34. The digital currency is trying to find support at $0.3811 and the resistance level stands at $0.405 which if broken will take the price of Ripple to a new all-time high.

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XRP/USD weekly chart, source: TradingView

Looking at the technical indicators 50-day SMA is moving above the 200-day SMA, which is a sign of bullish sentiment in the market. The MACD and RSI are both giving bullish signals while the RSI is at an overbought level. The moving average (MA) is also supporting a bullish trend.

BNB/USD

Binance price analysis shows an uptrend in the market as the digital currency has seen an increase of more than 8.91% in the past week. The cryptocurrency is currently trading at $302.91 and if it breaks above the current resistance level of $307.60, we can expect to see further gains in its price. However, if the support level at $292.92 is broken, it could lead to a correction in its price.

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BNB/USD Weekly chart: TradingView

The weekly technical indicators show that BNB has been experiencing a bullish momentum with the MACD and RSI both pointing upwards. As for the moving averages, they are still showing bullish movement at $277.5. BNB rebounded off the 50 MA during the weekend and is now looking to break above the 200 MA.

ADA/USD

Cardano is stiil performing well and is currently trading at $0.3576 in the last 24 hours. The digital has gained more than 9.84 percent from the previous week’s closing price. According to the weekly crypto price analysis, ADA has been ranging between $0.32 and $0.36 for the past week and could be expected to continue trading within this range in the near term.

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ADA/USD weekly chart, source: TradingView

The sharp buying pressure has pushed the MACD into bullish territory and the RSI is also trending upwards at 34.35. The moving averages show bullish momentum as well, with the 50-day MA crossing above the 200-day MA. The important levels to watch for ADA/USD are $0.34 as support and $0.36 as resistance.

DOGE/USD

Dogecoin’s price has been volatile in the last week and is currently trading at $0.8633. The digital currency had seen an increase of 15.18% in the past seven days but has corrected a bit since then to its current level. The weekly crypto price analysis shows that DOGE is currently showing bullish momentum and is trying to break above the resistance level of $0.0879.

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DOGE/USD weekly chart, source: TradingView

The technical indicators show that DOGE is still in a bullish trend as the MACD shows increasing buying pressure and the RSI is at an overbought level of 50.37. The moving averages are also pointing upwards, with the 50-day SMA crossing the 200-day SMA.

Weekly Crypto Price Analysis Conclusion  

Overall our Weekly Crypto Price Analysis indicates that the market is currently showing bullish sentiment in the market, though some corrections may occur in the near future.  The overall trend is still positive and we could expect to see further gains in the prices of major digital currencies like Bitcoin, Ethereum, Ripple, Binance Coin, Cardano, and Dogecoin. Investors should take care to keep an eye on important levels and indicators before making any decisions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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