- Bitcoin has set a new all-time high just under $62,000.
- Ethereum continues to make higher highs and lows.
- The rest of the altcoins prepare for bullish next week.
Weekly Crypto Price Analysis this week will cover the market leaders – Bitcoin, Ethereum, and Ripple as well as Polkadot and Vechain, as they have created interesting price structures over the past week.
Over the past weeks, we can see that the cryptocurrency market has performed well, with most of the coins being in the green. Market leader – Bitcoin has reached a new all-time high after finally breaking the long-awaited $60,000 mark. The rest of the market is likely to follow next week as they have set both higher highs and lows over the week.
The best performance from altcoins this week was seen for Litecoin, which gained almost 12 percent. Binance Coin followed with a gain of 11.5 percent. Cardano (ADA) and Ripple (XRP) performed worst as they are 5.5 and 4.2 percent in the red respectively currently.
Weekly Crypto Price Prediction: markets ready to push higher next week
Bitcoin has seen extreme volatility to the upside over the past week. After setting a higher local high at $52,000 and retracing to $47,000, Bitcoin started a massive rally on the 7th of March. So far, this rally has taken Bitcoin up by more than 30 percent and allowed it to break through both the previous all-time high of $58,000 and the psychologically important round number resistance of $60,000.
Right now, small retracement is seen for the market. However, the crypto price has not shown signs of a slowdown just yet. Therefore, we might see Bitcoin continue its several-day rally early next week as it looks to move higher after breaking through the previously mentioned resistance levels. The potential next stop for the crypto price might be around $65,000 semi-round number resistance.
Alternatively, Bitcoin could retrace further and retest the previous all-time high resistance of $58,000 as support. This would set another local higher swing low and allow for more traders to enter the market at a reduced cost and risk.
Ethereum has also seen a good performance this week. However, unlike Bitcoin, ETH had spent several days retracing after a gain of 30 percent took the market from the low of $1,450 to the high of $1,875.
From there on, Ethereum retraced around 8 percent and found support just above the $1,700 mark. This allowed for a local higher low to be made and more traders to join the rally at a reduced price. Yesterday, the crypto price made a strong push higher again and set another higher high at $1,940, further strengthening the bullish sentiment that had developed over the week.
Currently, Ethereum has started to retrace again as it retests previous swing high resistance as support. If this level holds, we can expect Ethereum to continue its rally early next week and potentially go for a break above the current all-time high at $2,000. From there on, we might see similar price action as with Bitcoin since no further resistances are ahead until the next psychologically important price mark at $2,500.
ETH/USD 4-hour chart. Source: TradingView
Ripple has spent most of the week slowly moving lower after trading sideways last week. Not much action was seen for the market as it has finally calmed down after the severe volatility seen last month.
Ripple has set both a lower high and lower low over the past days. Therefore, we can expect XRP to move lower next week in a slow continuous retracement. Unless the crypto price can break above the current swing high of $0.46, we cannot expect the market to see many gains next week.
Therefore, the crypto price prediction for Ripple is neutral. The market is relatively dead right now, and there are better alternatives right now to see for potential trades.
Polkadot also saw large retracement over the middle of the week after setting a new higher high just below $40. What followed was a retracement towards the 61.8 Fibonacci level and a test of the area between 50 and 100 period moving averages around $35, where support was found on Friday.
Yesterday, Polkadot started to move higher once again and quickly pumped towards minor resistance at $38. Since then, DOT/USD has slowly retraced as it likely prepares for further upside next week.
The target to watch right now is the previous swing high, just below $40. If Polkadot price can break above this level, we can expect the crypto price to reach the all-time high of $42 next week. Therefore, we are bullish for Polkadot next week and expect further upside.
VeChain has had an outstanding performance this week. After establishing very strong support around $0.037 at the end of February, VeChain’s price started to push higher and set higher high. What followed was a week-long rally towards a new all-time high at $0.072.
Right now, VeChain has begun to show failure to move higher. A new local lower high was set overnight, indicating that we might see further retracement next week. A potential area to look at if further downside is made is the previous all-time high of $0.060. It could be retested as support before continuing higher over the second half of next week.
Additionally, VeChain continues to respect an ascending trend line of support. This can be used as an additional technical level for determining VET`s direction next week. If the trend line is broken, the price of Vechain is likely to see downside next week.
For now, VET is yet to make a lower local low, indicating that the market is in a consolidation, not a retracement. Therefore, if the current minor support of $0.065 holds the crypto price from moving lower. We could see further push higher next week, similar to Bitcoin.
Weekly Crypto Price Prediction: Conclusion
Overall our Weekly Crypto Price Analysis indicates that we are preparing for another bullish week. After strong moves by Bitcoin and VeChain, we might see Ethereum, Polkadot, and several other altcoins take over the massive rallies. Therefore, stay tuned to our daily price predictions next week.
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.