- Both ETH and BTC have set a higher high.
- XRP continues consolidating.
- DOT and SUSHI continue retracing.
Weekly Crypto Price Analysis this week covers BTC, ETH, XRP, DOT, SUSHI. Overall this week has seen bullish sentiment returned, indicating that we should see further upside across the market next week.
7-day market heatmap by Coin360
Over the last seven days, most of the market has seen substantial gain. Leaders Bitcoin and Ethereum are up by 12 and 17.7 percent, respectively. Out of the majors, the best performer has been VeChain (VET), with almost 44 percent. Alternatively, the worst performer was Cardano (ADA), with a 7-day loss of 13.6 percent.
Weekly Crypto Price Prediction: Markets set to finally rally
As mentioned in last weeks Weekly Crypto Price Analysis predicted that bulls should return in control this week. This indeed has come true as we see substantial gains across the board and several markets establishing bullish technical patterns with higher high and low formation.
Therefore, let’s take a look at some of the key cryptocurrencies this week.
Bitcoin price has seen a new higher high and low set over the last week. After peaking at around $52.5 at the beginning of the week, crypto price did retrace over the following days and set a new higher low around $46.5.
From there on, Bitcoin pushed higher towards resistance around $51,000-$52,000 as it looks to set another higher high. If this level is broken, we can expect BTC to continue its previous medium-term bullish momentum over the remaining month. If not, BTC should retest support around $48,500. If a new higher low is set we should remain bullish. Else, we can see Bitcoin breaking further lows in the upcoming weeks.
Therefore, the area around $47,00-$48,000 is the one to watch next week.
As mentioned in our previous Ethereum price prediction, the market currently looks to retest resistance around $1,700 after a strong rally from $1,450 resulted in a gain of over 15 percent over the last days.
Previously crypto price did also set a clear higher low. Therefore, together with the current push higher that has broken above the previous high of $1,650, ETH price shows clear bullish technical sentiment.
Over the next few days, we will likely see Ethereum retracing as it likely has exhausted its current momentum. Probably another higher low will be made before Ethereum price continues higher. Once a higher low is set, we see Ethereum moving towards the next resistance around $1,800-$1,850.
Ripple price has continued slowly moving higher over the first half of the week. However, support around $0.445 did pull the market back for most of the remaining week. On Thursday, an attempt to push higher to $0.50 was made with a quick rejection.
Since then, Ripple has seen little volatility as it trades in a very tight range of around $0.445-$0.47. As mentioned in our previous Ripple price prediction, Ripple should retest the psychologically and technically important $0.50 mark next week. If the price can break through this resistance, we are likely to see a quick push higher over the next week.
Target to the upside for resistance is seen at $0.58. If reached from the current price level, it would mean an upside of around 25 percent for Ripple. Alternatively, if crypto price fails to move higher and breaks below current support at $0.445, we expect further bearish momentum to continue as it did over the second half of February.
Polkadot has also established a higher high and low over the past week. After retesting the $30 mark, DOT/USD pushed higher by around 25 percent and reached a new local high of $38. What followed was a steady retracement towards the $32 mark, from which a strong rejection reversed Polkadot back to the upside.
Currently, Polkadot price tests resistance around $35. If the resistance is broken, we expect DOT to move towards the previous high, around $38 next. The previous all-time high of $42.6 would be the next resistance. From there on, DOT/USD should see a further all-time high set over the remaining month.
Alternatively, if Polkadot fails to set another higher low and moves below $32, we can expect a much larger medium-term retracement, with the following support located at $30 and $28 crypto price levels.
Sushiswap saw similar price action development as Polkadot. After retesting the $13 area of support twice at the end of February, the market did finally gain strength to push above the $17 mark and establish a clear higher high as it peaked at $20.5.
From the new local higher high, Polkadot did slowly retrace for most of the week and moved below the $17 mark again. Sushiswap price did find support close by – around the $16 mark. After another retest of it yesterday, UNI did push back above $17, indicating that we should see further upside again next week. Strong resistance will likely be provided by the $19-$20 area, which, if broken, would open up free space for Uniswap price to set further all-time highs.
Alternatively, if the market moves below the $16 mark, we can expect further downside over next week. In this scenario, Sushiswap will likely retrace all-the-way towards previous significant support around $13.
Weekly Crypto Price Prediction: Conclusion
Overall our Weekly Crypto Price Analysis suggests that we should see further higher highs by the end of next week. The first part of the week could likely be spent retracing as the markets build a base from which to push higher. Important is to keep an eye for previous lows as if they are broken, markets could quickly turn bearish again.
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.