Bitcoin, Ethereum and other cryptocurrency price returned gains despite the price freeze.
Our weekly crypto price analysis shows that the overall market is in the right direction. The total market capitalization fell by 6.11% to $797.45 billion, while many altcoins lost their value.
According to our weekly cryptocurrency price analysis, the cryptocurrency market is taking a well-deserved break as the bulls retreat. Based on our weekly crypto price analysis from November 26, the crypto market appears to be trading in a supportive pattern. Bitcoin is holding above $16,000, but it hasn’t shown any sign of a break yet. After hitting a one-month high, BTC’s price action, along with that of major altcoins, has reversed. In the current market sentiment, Hong Kong’s first bitcoin and ether futures exchange-traded funds (ETFs) ended the first day of trading higher on Friday, reflecting investors’ interest despite a sharp decline in the crypto market.
At the moment, however, crypto investors have a lot to worry about – more than the macro, the FTX saga continues, and Binance’s concerns persist. The DeFi sector has also been badly hit by the stock market crash, and many services have seen their tokens lose value.
Weekly Cryptocurrency Price Analysis: Bears Increase Pressure on Cryptocurrencies
Ethereum also saw its support level drop to $1,100.42 after hitting a weekly high of $1,344. XRP continues to struggle as it falls to $0.3499 after touching $0.4062 briefly last week. ADA and DOGE also saw declines, with ADA down to $0.0.2635 and DOGE down to $0.07724.
Looking at the cryptocurrency price heatmap, many altcoin markets are seeing declines, and only a few are gaining traction in the Red Sea, such as the MATIC and CRO markets. Cryptocurrency market prices in general seem to be undergoing a correction after the recent bullish move. It will be important to focus on key support and stop levels in the coming days to see if the market can recover or if it will continue to return.
The performance of Bitcoin in the past week was characterized by a large price change in exchange, the price reached the level of $ 18,000. However, a recent bearish rally has taken BTC down from last week’s high and is trading at around $16,687.12, down 2.87 in the last 7 days. It will be important to see if this level looks like support or if it breaks and we see another fall. BTC/USD is down -0.25% in the last 24 hours. The weekly crypto price analysis shows that the technical indicators are currently giving mixed signals, while the MACD shows strong momentum while the RSI is at a neutral level. As for the moving numbers, they still show a bearish movement at $16,772.25.
The Ethereum coin has also seen strong movements in the past week, reaching a high of $1.34. However, like Bitcoin, we see some corrections in the market and ETH is currently trading at $ 1,177.90, at the support level of $ 1,100.42, if the decline continues, the price may drop to $1,000. The resistance level to watch is $1330.59.
Technical indicators show bearish momentum with MACD and RSI both pointing down. As for the moving averages, they still show a bearish movement at $1189.60.
XRP has seen a slight decline in the past 24 hours, falling to $0.35 after a strong move last week that saw it hit a high of $04,462. Ripple’s cryptocurrency price analysis has made it very important to look at the support level at $0.34, while the stop loss is watching at $03924, and a move above this level could indicate a dramatic improvement for XRP.
The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) also show strong momentum, while the moving average still points to $0.35.
Dogecoin broke the support at $0.07 on December 14, indicating that the bulls are trying to make a bottom at this level. Based on our weekly cryptocurrency price analysis, the altcoin may trade between $0.07 and $0.10 in the near term until BTC’s strength improves.
Dogecoin is trading at $0.07744, down 20.10% in the last 7 days. Technical indicators show weak bearish momentum with MACD and RSI both pointing down. As for the moving numbers, they still show a bearish movement at $0.07744.
Binance Coin’s price performance shows a downward trend after reaching a high of $314.1 on November 27. It is currently trading at $237.40, having fallen more than 17% in the past 7 days.