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Weekly crypto price analysis: BTC, ETH, XRP, DOT, VET, ADA

Weekly crypto price analysis
TL;DR Breakdown
  • Bitcoin is in a falling trend channel in the medium-long term.
  • ETH touches the $1700 level after a bullish run
  • The weekly crypto price analysis finds the broader market making gains

Our weekly crypto price analysis reveals that the entire market is in the green except for a few coins like SHIB, DOT, and Chainlink which have seen a slight decline in their prices. Overall, it seems like the market is in a good mood and we can expect some more gains in the altcoins in the coming days.

Over the weekend, the market leaders Bitcoin and Ethereum saw a significant price change as BTC climbed to the $ 21,000 level and ETH surged to $1700.BTC reached $21,263.93 and Ethereum is currently trading at$1726.26. Most of the altcoins have gained while SHIB, DOT, MATIC, and NEAR have declined as per weekly crypto price analysis.

The best performers of the week are Terra LUNA which has gained 214.43 percent and USTC TerraClassicUSD has gained by 56.93 percent. Terra Classic LUNC and ApeCoin APE are the losers of the week, with each losing 18.18 percent and 4.66 percent respectively.

The market is currently in a consolidation phase, as the prices have corrected lower from the highs. The total market capitalization is currently at $1.05T, a 1.95 percent increase over the last day. According to weekly crypto price analysis, the prices are expected to remain range-bound in the near term as the market awaits fresh triggers.

image 125
Cryptocurrencies prices heatmap ,source:Coin360

Weekly Crypto Price Analysis: Further gains expected?

In the last 7 days, the market has seen a slight correction from the all-time highs as the prices have come down from $1.14T to the current level of $1.05T. The market is still in a bullish phase and we can expect further gains in the prices in the coming days. The digital asset market continues to be highly volatile as prices fluctuate widely. The weekly crypto price analysis shows that the prices have surged in the last 24 hours as the market continues to be driven by news and speculation.

BTC/USD

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BTC/USD weekly price chart,source:TradingView

Bitcoin price today is $21,362.99, with a 24-hour trading volume of $41,955,095,937 USD.Bitcoin is up 1.81 percent in the last 24 hours. Bitcoin reached $18,600 on 07/09/2022 and since then has risen by $2,762.99 or 14.8 percent. The drivers for this move were a combination of an increase in demand from institutional investors and a decrease in supply, as miners held onto their BTC stash rather than selling it at lower prices.

The weekly crypto price analysis shows that the technical indicators are currently giving mixed signals as the RSI is in the overbought territory while the MACD is rising. The prices are currently trading above the 20-day moving average and we can expect further gains in the prices in the near term. The Exponential Moving Average (EMA) ribbon is currently flattening out which is a sign that the prices are consolidating at the current levels.

The short-term trend is bullish as the prices have broken out of the falling trend channel and are currently trading above the $21,000 level. The next levels to watch out for on the upside are $22,000 and $23,000. The major support levels on the downside are at $20,000 and $19,000 according to the weekly crypto price analysis.

ETH/USD

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ETH/USD weekly price chart,source:TradingView

Ethereum has been on a sharp uptrend and has surged to the $1700 level after a bullish run. The prices have corrected lower from the highs and are currently trading at $1727.97. Ethereum is up by 1.45 percent in the last 24 hours while in the last 30 days it is down by 8.91 percent. This has been an impactful move for Ethereum as it reduces the energy consumption of the network by a significant amount as reflected in weekly crypto price analysis. The recent price hike of over 11 percent has been attributed to the recent shift of Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus algorithm.

The current support levels are at $1700 and $1650 while the resistance levels are at $1750 and $1800. The MACD is currently rising which is a positive sign for the prices. As depicted in weekly crypto price analysis, the RSI is in the overbought territory which suggests that the prices might correct lower in the near term.

The short-term trend is bullish as the prices have broken out of the $1650 level and are currently trading above $1700. The next levels to watch out for on the upside are $1750 and $1800 while the major support levels on the downside are at $1700 and $1650 according to weekly crypto price analysis.

The market is currently in a consolidation phase as the prices have corrected lower from the highs. The total market capitalization of ETH is currently at $211,101,670,535.12, a 23.55 percent decrease over the last day. The prices are expected to continue to consolidate in the near term as the market awaits fresh triggers.

XRP/USD

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XRP/USD weekly price chart, source: TradingView

Weekly crypto price analysis for XRP shows that the prices have corrected lower from the highs as the market entered into a consolidation phase. The digital asset is currently trading at $0.3549 after a sharp rally to $0.4 levels. XRP is down by 1.32 percent in the last 24 hours and has surged by over 34 percent in the last 7 days. The total market capitalization of XRP is currently at $17,685,645,536.29 which is a slight increase from the previous day. The immediate support levels are at $0.35 and $0.34 while the resistance levels are at $0.36 and $0.37.

The XRP/USD price is currently above the 20-day moving average which is a bullish sign. The 200-day moving average is currently at $0.29 and the XRP price is well above this level which is a positive sign. The Relative Strength Index line is currently in the positive region which is a bullish sign. The RSI line is currently at 56.78 and is rising which points to further gains in the prices.

The weekly crypto price analysis shows that the MACD line is currently above the signal line which is a bullish sign. The MACD histogram is currently in positive territory but is flattening out which suggests that the market might enter into a consolidation phase in the near term. The green candlesticks are currently above the red candlesticks which suggest that the bulls have an upper hand in the market. The XRP/USD pair has fluctuated over a wide range in the past few days as they have traded in a range of $0.3452 and $0.3612.

The market is expected to remain volatile in the near term as the bulls and the bears battle it out for control of the market. The market might break out upwards if the bulls are able to push the prices above $0.36 levels as per the weekly crypto price analysis.

DOT/USD

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DOT/USD weekly price chart, Source: TradingView

Polkadot price analysis reveals the digital asset has made higher highs and higher lows for three consecutive sessions, adding credence to the possibility of a breakout. DOT/USD is trading 2.51 percent lower on the day at $7.66, having hit an intraday high of $7.91 earlier today. The digital asset is currently in a downtrend despite broader market strength. Polkadot is up by 5.91 percent in the last 7 days.

The near-term technical outlook for DOT/USD is bearish as the pair is trading below both moving averages and the Relative Strength Index (RSI) is trending lower in the bearish territory. The RSI indicator is currently at 40.93, well below the 50.00 oversold level, which suggests that the pair could retrace some of the recent losses in the near term. The MACD is bearish as the signal line is above the MACD line and is trending lower.

The digital asset has found support at $7.60 while the immediate resistance is seen at $7.80. A move above $7.80 could see DOT prices test the next resistance level at $8.00 while a move below $7.60 could see the digital asset retest the previous low of $7.40.

The weak technical indicators suggest that the digital asset could remain under pressure in the near term as the bulls struggle to take control of the market. Out of the 26 technical indicators used for DOT/USD pair, 15 indicators are giving a bearish signal for DOT/USD while 11 indicators are giving a bullish signal. The market is expected to remain volatile in the near term as the bulls and the bears battle it out for control of the market.

VET/USD

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VET/USD weekly price chart, source: TradingView

According to our weekly crypto price analysis, the VET/USD pair is currently in a downward trend as the pair has made lower highs and lower lows for four consecutive sessions. The digital asset is currently trading at $ 0.0257446 after a sharp rally to$0.02602 levels. VET is down by 5.26 percent in the last 24 hours and has surged by over 6.75 percent in the last 7 days. The digital asset is currently in a critical juncture as bears are likely to come in and push prices lower if the digital asset breaks below $0.0250 levels. The VET/USD pair is slightly down by 0.20 percent in the last 24 hours.

The near-term technical outlook for VET/USD is bearish as the pair is trading below both moving averages and the Relative Strength Index (RSI) indicator is trending lower in the bearish territory. The RSI indicator is currently at 41.42 which suggests that the pair could retrace some of the recent losses in the near term. The MACD indicator is bearish as the signal line is above the MACD line and is trending lower.

The digital asset has found support at $0.0250 while the immediate resistance is seen at $0.0260. A move above $0.0260 could see VET prices test the next resistance level at $0.0270 while a move below $0.0250 could see the digital asset retest the previous low of $0.0240.

Overall, the market looks bearish in the near term as most of the digital assets are trading below both moving averages. The market is expected to remain volatile in the near term as the bulls and the bears battle it out for control of the market. The market might break out upwards if the bulls are able to push the prices above $0.0260 levels.

ADA/USD

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ADA/USD weekly price chart, source: TradingView

Cardano is among the top gainers of the week, with ADA/USD up 9.44 percent. The cryptocurrency is currently trading at $0.5147225 after a sharp rally to $0.5235 levels earlier today. ADA/USD is up by 2.88 percent in the last 24 hours and has a trading volume of $972,446,209.29.Cardano is currently ranked in position 8 and has a significant dominance of 1.68 percent in the overall cryptocurrency market.

The current support for ADA/USD pair is seen at $0.5100 while the immediate resistance is seen at $0.5250 levels. A move above $0.5250 could see Cardano prices test the next resistance level at $0.5300 while a move below $0.5100 could see the digital asset retest the previous low of $0.5000.

The SMA 50 is currently trending below the SMA 200 which suggests that the bears are slightly coming in despite the recent rally. The RSI indicator is currently at 54.36 which suggests that the pair could retrace some of the recent gains in the near term. However, ADA is likely to see a price surge in the near term as most of the technical indicators are pointing to a bullish trend.

The MACD indicator is currently in bullish territory as the signal line is above the MACD line and is trending higher. The market looks bullish in the near term as the bulls are in control of the market. The market might break out upwards if the bulls are able to push prices above $0.5250 levels.

Weekly crypto price analysis conclusion

To sum up the weekly crypto price analysis, it is evident that most of the cryptocurrencies are trading in the green as the market looks to be in a consolidation phase. The market is expected to remain volatile in the near term as the bulls and the bears battle it out for control of the market. The market might break out upwards if the bulls are able to push prices above key resistance levels. Looking at the top 10 coins, Polkadot and Solana are the only losers of the week.

As the weekend concludes we expect to see a significant price change in prices as most of the digital assets are currently at a critical juncture. The market might see a price surge if the bulls are able to push prices above key resistance levels. However, a move below key support levels could see the market consolidate in the near term.

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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