Cryptocurrency Weekly Analysis

Weekly Technical Analysis of Digital Currencies August 31 (September 9)


Read the weekly technical analysis of the digital currencies Bitcoin, Ethereum, Cardano, Binance Coin, Rapil, Dodge Coin, Polkadot, Uniswap and Luna.

Weekly technical analysis of bitcoin prices

Buyers again failed to cross the $ 50,000 level on Sunday, indicating that sellers are strongly defending the resistance. On the same day, we saw the formation of a Doji pattern on the chart. The next candlestick was after the Dodge pattern.

Bitcoin price chart
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The Relative Strength Index (RSI) also failed to return to the symmetrical triangle pattern; This is a sign of weakness. If traders can bring the price below the 200-day moving average (SMA200) at $ 46,065, it is likely to fall to $ 42,451.

This level is expected to act as a strong support. A revival of the Bitcoin price at this level could lead to cross-fluctuations between $ 42,451 and $ 50,500. These fluctuations will probably last for several days.

A break below $ 42,451 could also be a sign of a more severe correction. In this case, the price of Bitcoin may be corrected up to $ 36,670.

If the price recovers from the current levels and closes above $ 50,500, the uptrend scenario will lose its validity. This paves the way for $ 60,000.

  • Resistances: 50,000 – 50,500 – 60,000
  • Supports: 46,065 – 42,451 – 36,670

Weekly technical analysis of Ethereum prices

Ethereum prices fell again on Sunday from the resistance area of ​​$ 3,335 to $ 3,377; This means that the sellers are strongly defending this area.

Ethereum Price Chart
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However, buyers did not give up. Buyers are defending the area now, given yesterday’s massive recovery from the 20-day moving average (EMA20) at $ 3,139. If buyers are able to push the price above the resistance level, it is likely that Ethereum will resume its uptrend. The goal of this trend is to reach $ 3,670 and then $ 4,000.

On the other hand, if sellers push the price below the 20-day moving average, we may see a drop to $ 3,000. This is the level at which the recent leap began. The price revival had started from this point. If Ethereum starts a new uptrend in this area, it is likely that we will see fluctuations between $ 3,000 and $ 3,377 in a few days.

If sellers lower the price below $ 3,000 and stabilize it, further correction is likely. In this case, the average moving average of 200 days will be the next destination at $ 2,389.

  • Resistances: 3,335 – 3,670 – 4,000
  • Supports: 3,139 – 3,000 – 2,389

Weekly Technical Analysis of Cardano Price

Cardano’s price fell to $ 2.95 on Saturday, indicating that sellers are strongly defending the $ 2.97 resistance. A day after this incident, we saw the formation of the Doji pattern on the chart, which shows the indecision of traders.

Ethereum Price Chart
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This uncertainty was seen in the market yesterday with the formation of the Inside-day pattern. If sellers can push Cardano below $ 2.71, it could fall to $ 2.47, the starting point of the jump. A strong recovery from this level could lead to multi-day cross-fluctuations between $ 2.47 and $ 2.97.

The 20-day moving average averaged $ 2.44, indicating buyer superiority. On the other hand, we see the formation of a negative divergence in the relative strength index, which indicates a weakening of price acceleration. Breaking $ 2.47 and closing below this level will be a sign of a stronger start. In this case, the price of Cardano may fall to $ 2.2.

Buyers will try to push the price above the $ 3 resistance level and stabilize there. This event can be considered as a sign of resumption of the uptrend.

  • Resistances: 2.95-3
  • Supports: 2.71 – 2.47 – 2.44 – 2.2

Weekly Technical Analysis of Binance coin Price

The failure of buyers to bring and stabilize the price of Binance Coin above the peak of $ 516.5 on May 19 (May 29) caused many short-term traders to think about withdrawing profits. After this event, the price of Binance coin fell and has now reached $ 433, the range from which the previous jump started.

Cardano price chart
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Buyers are expected to defend strongly between the 20-day moving average at $ 445 and $ 433. A strong resurgence of power in this area will indicate that market sentiment remains positive and buyers are buying on the floor.

A break of $ 520 and a close above this level will be a sign of continued uptrend. In this case, there is a possibility of a rally up to $ 600. On the other hand, if the price falls below $ 433, it is likely that Bainance Quinn will fall to a simple 200-day moving average at $ 386.

  • Resistances: 2.95-3
  • Supports: 2.71 – 2.47 – 2.44 – 2.2

Ripple Price Weekly Technical Analysis

Ripple prices revived on Friday from support at $ 1.07, but buyers were unable to push the price above the downtrend line. This indicates that there is no news of demand at higher levels. Sellers are currently trying to push the price below the significant support of $ 1.07.

Ripple price chart
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Ripple price fluctuations over the past few days have formed a downward triangle pattern. This template completes with the price closing below $ 1.05. The purpose of this template is $ 0.75. The 20-day moving average is flat at $ 1.10 and the relative strength index is in the mid-range; This means that buyers are losing control of the market.

On the other hand, if the price recovers from the support of $ 1.05 and reaches the top of the downtrend line, the downtrend scenario will be nullified. Breaking the downtrend is considered positive news. In this case, we may see a rise to $ 1.35 and then $ 1.66.

  • Resistances: 1.35 – 1.66
  • Supports: 1.07 – 1.05 – 0.75

Dogecoin Weekly Technical Analysis

Dogecoin climbed to $ 0.29 on Friday, but buyers were unable to stabilize the price above the resistance. The Dogecoin fell below $ 0.29 again the next day.

Dogecoin price chart
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Sellers are currently trying to push the price below $ 0.26. Their success may lead to a drop to $ 0.21.

The 20-day moving average is flat at $ 0.28 and the relative strength index is in the middle range, indicating a balance between supply and demand.

If the price reaches the top of the downtrend line and stabilizes, this balance will shift in favor of buyers. In this case, there is a possibility of a jump to 0.35 and then $ 0.45.

  • Resistances: 0.29 – 0.35 – 0.45
  • Supports: 0.26 – 0.21

Weekly technical analysis of Polkadot prices

The upward trend line of the Pulkadat price acts as a resistance. Attempts by buyers to cross the trend line on Friday and Saturday failed, indicating that traders are closing their positions in every rally.

Polkadot price chart
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If sellers push the price below the 20-day moving average at $ 24.48, there is a possibility of increasing sales pressure. In that case, we may see a fall in strong $ 18 support. This fall will indicate that transverse fluctuations should be expected in the next few days.

The 20-day moving average is slowly clearing and the relative strength index is not far from the midpoint, indicating that buyers are gradually losing control of the market. In order for the buyers to regain control, they have to raise the Pulcadat to 28.6 and stabilize there. This completes the pattern of his floor shape. The target for this template is $ 46.83. In the current situation, the price is around the level of $ 28.6; So we can wait for Kendall’s reaction today to this resistance.

  • Resistances: 28.6 – 46.83
  • Supports: 24.48-18

Weekly technical analysis of Uniswap prices

The ion-swap price revived from the $ 25 support on Friday and reached above the moving average, but buyers failed to stabilize the price at higher levels; This means that sellers do not give up and sell at higher levels.

Uniswap price chart
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The Uniswap price fell below the moving averages again yesterday, and sellers are looking to bring the digital currency below $ 25 support. In this case, the descending triangle pattern is completed. The target for this template is $ 18.74.

In addition, if the price recovers from the $ 25 support and reaches the top of the trend line, one can expect a jump to $ 30. Buyers will try to push the Uniswap to the top of the resistance and start a new uptrend.

  • Resistances: 30
  • Supports: 25 – 18.74

Luna Price Weekly Technical Analysis

Luna, a native of the Terra Protocol, was able to record a new high on Sunday, but traders took the opportunity to make a profit. Yesterday we also saw a fall in price, but the price of Luna revived from $ 32, which shows that buyers have turned the previous resistance into support.

Luna Price Chart
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Buyers are currently looking to push the price above $ 36.89. If successful, Luna’s price could start a new uptrend. $ 43 and $ 50 will be the targets of this uptrend.

On the other hand, if the price falls below $ 36.89, sellers will try to lower the Luna to the 20-day moving average at $ 27.23.

The price recovery from this level reflects the positive sentiments of the market and traders are buying on every floor. Buyers are likely to call everyone who looks appropriate, if there are only a few. Sellers are also looking to stabilize the price below the 20-day moving average to slow down the uptrend.

  • Resistances: 36.89 – 43 – 50
  • Supports: 27.23

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