Cryptocurrency Weekly Analysis

Weekly Technical Analysis of Digital Currencies August 3 (August 12)


Technical analysis of Bitcoin, Ethereum, Binance Coin, Cardano, Ripple, Dodge Coin, Polkadot, Uniswap, Bitcoin Cash and Chainlink prices for today (August 12) is as follows:

Weekly technical analysis of bitcoin prices

The price of Bitcoin reached a high of $ 42,451.67 on Sunday, but buyers failed to stabilize the price at higher levels. This shows that sellers are trying to maintain the transverse fluctuations that the market is experiencing.

Weekly Technical Analysis of Digital Currencies August 3 (August 12)
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The 20-day moving average (EMA20) is at $ 36,968 and the Relative Strength Index (RSI) is in the range of 62, which indicates that the sentiment is bullish. If the price jumps above the 20-day moving average, buyers will once again try to stabilize the price above $ 42,451.67.

If they succeed, it will mark the beginning of a new uptrend. In this process, the first target is the resistance range of $ 50,000 to $ 51,500. Buyers are likely to call everyone who looks appropriate, if there are only a few.

If the price falls below current levels and falls below $ 36,670, the uptrend will lose its credibility. This indicates that in the coming days we may see the expansion of the range of transverse fluctuations from 28,805 to 42,599 dollars.

  • Resistances: 42,451,67 – 50,000 – 51,500
  • Supports: 36,968 – 28,805

Weekly technical analysis of Ethereum prices

Ethereum prices broke their downtrend line on Saturday. Breaking this trend line caused the descending triangle pattern to lose its validity. Looking at Kendall’s joy on Sunday, it can be said that traders traded their currencies at higher levels. However, buyers did not allow the price to fall further below the downtrend line.

Ethereum Price Chart
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The 20-day moving average averaged 2,273, and the relative strength index is in the saturation range, indicating that market control is in the hands of buyers. It is possible to see a jump to $ 3,000 psychological resistance. In this area, vendors may once again face widespread resistance.

On the other hand, if sellers push the price below the 20-day moving average, they may trap aggressive buyers. Involvement of buyers may lead to high volume of liquidation of trading positions. In this case, a fall to $ 2,000 and then a significant support of $ 1,728.74 is likely.

  • Resistance: 3,000
  • Supports: 2,273 – 2,000 – 1,728.74

Bainance Quinn Price Technical Analysis

The price of Binance coin reached the high of $ 340 on Sunday, but the candlelight of that day shows that the sellers were looking to defend this level.

Bainance Quinn price chart
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Although the price fell below $ 340 that day, buyers did not show much weakness. If the price stabilizes between the moving average and $ 340, we can hope to climb to $ 340.

In this case, the ascending triangle pattern is completed. The target for this template is $ 454.58. It should not be forgotten that reaching this level is not easy; Because sellers will defend resistance levels of $ 380 and $ 433.

On the other hand, if the price falls below the moving averages, it is likely to fall to the trend line. The trend line is an important support; Because if it breaks, the next possible destination is $ 211.7.

  • Resistances: 340 – 380 – 433 – 454.58
  • Supports: 211.7

Weekly Technical Analysis of Cardano Price

Cardano’s price reached the top of its downtrend on Sunday. However, the cheerfulness of Kendall that day shows that the sellers strongly defended this resistance.

Cardano price chart
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The 20-day moving average is rising at $ 1.27, and the relative strength index is in the range above 56, indicating that the scales are slightly heavier towards buyers. If buyers succeed in bringing the price above the downtrend line, the downtrend triangle pattern will lose its validity.

In this case, Cardano can climb up to $ 1.5. We are expected to see widespread resistance in this area. If buyers can break through this resistance, the next target will be $ 1.94.

If the price falls below $ 1.2, the uptrend will be nullified. This opens the way for $ 1.14 and then $ 1.

  • Resistances: 1.5 – 1.94
  • Supports: 1.27 – 1.2 – 1.14 – 1

Ripple Price Weekly Technical Analysis

The price of Ripple has been stabilizing above $ 0.75 for a few days. This indicates that buyers are anticipating the continuation of the rally and further ascent, and therefore have not begun the phase of withdrawing their profits.

Ripple price chart
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Moving averages are the uptrend, and the relative strength index is above 63, indicating that uptrend is the easiest option for Ripple. The twin floor pattern is complete if buyers can push the price above $ 0.75 and stabilize there. The purpose of this template is to increase the price to $ 1.

If buyers fail to stabilize the price above $ 0.75, short-term traders may close their positions. This can lead to lower prices to moving averages. The break in this support area indicates that we may see fluctuations between $ 0.5 and $ 0.75 in a few days.

  • Resistances: 0.75-1
  • Supports: 0.5

Dogecoin Weekly Technical Analysis

The price of Dogecoin has been stabilizing in recent days near the resistance of $ 0.21. This shows that both buyers and sellers are not sure about the price movement.

Dogecoin price chart
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The 20-day moving average has flattened and the relative strength index is in the middle range, indicating a balance between supply and demand. Generally, the amplitude of small oscillations near heavy resistors leads to jumping and crossing the resistor. If the price moves above the $ 0.21 resistance area to the simple 50-day moving average (SMA50) at $ 0.22, there is a possibility of a jump to 0.28 and then $ 0.33.

On the other hand, if buyers fail to cross the barrier of resistance, traders can be expected to increase profits. In that case, the Dogecoin may slowly approach the $ 0.15 support. A jump in this area may cause transverse fluctuations between $ 0.15 and $ 0.21 for a while.

  • Resistances: 0.21 – 0.22 – 0.28 – 0.33
  • Supports: 0.15

Weekly technical analysis of Polkadot prices

The level of $ 16.93 from June 22 (July 1) to July 6 (July 15) acted as a heavy resistance. However, buyers raised the price of Polkadot to the resistance on Sunday, which is a positive sign.

Polkadot price chart
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Moving averages are not far from recording an uptrend, and the relative strength index is slightly below the buy saturation range; These signs indicate that buyers have the upper hand in the market. If buyers can turn $ 16.93 into a support, the uptrend is likely to continue up to $ 26.5.

On the other hand, if sellers lower the price below 16.93, there is a fall to the 20-day moving average at $ 15.21. This area is likely to act as a support. If the price recovers from this level, buyers will try again to resume the recovery rally. A fall below the 20-day moving average may push back to $ 13.

  • Resistances: 16.93 – 26.5
  • Supports: 15.21-13

Weekly technical analysis of Uniswap prices

The Uniswap price on Sunday shows that sellers are defending the resistance at $ 23.45. This is while the buyers have not given up the caravan and this is considered as a positive sign.

Uniswap price chart
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Moving averages form an uptrend and the relative strength index is close to the buy saturation range; This means that buyers have more power than sellers. Breaking the price and climbing above $ 23.45 paves the way for a jump to $ 30.

If the price falls again from the resistance, we are likely to see price support at the 20-day moving average at $ 19.55. If the price recovers from this support, expectations will rise to $ 23.45.

On the other hand, if the price falls below the moving averages, it indicates that we will see transverse fluctuations in the coming days.

  • Resistances: 23.45 – 30
  • Supports: 19.55

Bitcoin Cash Price Technical Analysis

The price of Bitcoin Cache has been fluctuating in the last few days between a simple 50-day moving average at $ 498 and a resistance of $ 546.83. The small range of fluctuations near a heavy resistance indicates that traders are anticipating further uptrends and therefore do not close their positions.

Bitcoin Cash Price Chart
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If the buyers can fix the price of Bitcoin Cache above $ 546.83, the twin floor pattern will be completed. The goal of this model is to reach the price of $ 710.13. Moving averages are not far from forming an uptrend, and the relative strength index is in the positive range, indicating that an uptrend is more likely than a fall.

If the price falls below the current level and falls below the moving averages, the uptrend will lose its validity. Such fluctuations would indicate that we are likely to see cross-fluctuations in the range between $ 383.53 and $ 546.83 in the next few days.

  • Resistances: 546.83 – 710.13
  • Supports: 498 – 383.53

Weekly Technical Analysis of Chainlink Price

The price of Chainlink reached a high of $ 22.07 last week, but sellers did not allow buyers to continue the rally.

China Price Chart Link
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Sellers are currently looking to bring the price below $ 22.07, but buyers have not allowed support to be broken in the past three days. Moving averages form an uptrend and the relative strength index is in the buying saturation range; This shows that buyers have the upper hand in the market.

If buyers push the price above $ 24, there is a possibility of a jump to $ 26.48. Reaching the top of this resistance opens the way for an increase to $ 32.

In addition, if the price falls below 22.07, it is likely to fall to the 20-day moving average at $ 19.18. The strong price revival from this support shows that the sentiment in the market is still positive and buyers are buying on the floor. In this case, sellers are doomed to lower prices below moving averages to outperform sellers.

  • Resistances: 24 – 26.48 – 32
  • Supports: 22.07 – 19.18

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