- Crypto markets saw sharp retracement last week.
- Vechain is one of the rare coins that quickly recovered.
- Polkadot continues struggling after consolidating for most of the week.
Weekly Crypto Price Analysis this week covers Bitcoin, Ethereum, Chainlink, Polkadot, and VeChain. The market overall performed well during the first days of last week. However, over the weekend, sharp retracements towards the downside were seen across the market, resulting in a significant medium-term retracement, after which we will see markets likely push higher over the following weeks.
On the 7-day heatmap, we can see mixed performance for the market. The market leader, Bitcoin, trades with an 8 percent loss after substantial movements both higher and lower over the past week.
The rest of the market follows this pattern with some exceptions like Dogecoin, which is up by more than 400 percent and trades around $0.37. Additionally, VeChain is a rare coin that has sustained its bullish momentum as it trades with a seven-day gain of 80 percent.
Let`s take a closer look at some of the most popular cryptocurrencies this week.
Weekly Crypto Price Prediction:
Bitcoin has retraced most of the gains seen earlier this month. After setting a new all-time high just below $65,000, BTC started to retrace with several lower highs and lows slowly.
After support at $61,000 was breached, the market quickly spiked much lower until rejection for further downside was finally made around $51,500. From there, the crypto price moved higher over the following 24 hours and found resistance at $57,000.
Today another push lower is seen as the market likely aims to establish a higher low, from which to push higher this week. Therefore, we expect the crypto price to recover most of the loss seen earlier later this week unless the current low at $51,500 is not broken.
Ethereum saw similar price action as Bitcoin over the past week. After peaking at $2,550 on Thursday, the market started retracing and set a decent retracement to $2,300 support. However, after another attempt to move higher, the crypto price momentum shifted around $2,500 and started to rapidly lose ground over the next hours.
Ethereum dropped almost 20 percent as a result of this price momentum shift, and support was found at around $2,040. After a brief rally, another move lower was seen yesterday, forming a double bottom pattern.
Therefore, we expect Ethereum to move higher later this week. Currently, ETH/USD looks to set another retest around the $2,040 support, and, unless it is broken, we should see bullish momentum return later this week.
Chainlink saw huge volatility this week. At first, the market rallied to $44 and established a new all-time high. After some consolidation, a sharp reversal was seen at the end of last week.
After an equally sharp move back higher, some resistance was found at the $37 mark. From there, another spike lower was seen towards the $33 support. The crypto price action effectively established a double bottom pattern, resulting in a subsequent push higher overnight.
Most of the previous loss was recovered over the past 24 hours as LINK/USD returned above the $40 mark and peaked at $42. LINK started moving lower again and spiked below the previous double bottom formation over the last hours as it briefly reached the $32 mark.
Therefore, the market seems to reject further downside, meaning that we should see further upside later this week. If the increased volatility continues, the previous ATH at the $44 mark could very likely be broken.
Polkadot has continued to struggle over the past week after consolidating earlier this month. After several retests of support at the $40 mark, a quick spike higher was made on Saturday, resulting in a new all-time high just above the $48 mark.
However, bears quickly pushed the market lower, resulting in a powerful bearish momentum taking control over the next hours. Polkadot quickly broke through the $40 support until further downside was stopped at the $32 mark.
From there, the market rallied to $38 previous support that now acts as a resistance. Overnight, the market reversed around this resistance, resulting in the current move lower again. If we see the crypto price action setting a new higher low above $32, we can assume that this week bulls will take control and start pushing the market back towards previous highs.
VeChain is one of the rare cryptocurrencies that has not broken its bullish market structure last week. After peaking at $0.27 on Saturday, the market made a quick rejection back to $0.24.
What followed was a steady move lower until a quick spike lower was seen early on Sunday. A further downside was rejected, and later another push lower retested the support around $0.19, indicating that further downside will likely not be seen as a higher low was established.
Overnight, we saw the crypto price action move higher again until the previous all-time high was almost reached. Resistance was found at $0.27, meaning that we are effectively trading in an increasingly tighter range with lower highs and higher lows right now.
However, since no significant lower low was set over the past week, we can still assume that the overall several-week momentum is bullish. Unless a lower low is set, we expect VET/USD to continue higher later this week.
Weekly Crypto Price Prediction: Conclusion
Overall our Weekly Crypto Price Analysis this week indicates that we should see a bullish sentiment return this week. As further downside has been rejected several times for most cryptocurrencies, there is simply no other place to go but up as bulls can increase their cryptocurrency holdings at a reduced price.
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.