The following is a weekly technical analysis of the digital currency prices of Bitcoin, Ethereum, Binance Coin, Cardano, Ripple, Solana, Polkadot, Dodge Coin, Luna and Uniswap.
The price of Altcoins has fallen on the eve of the launch of the first Bitcoin exchange traded fund (ETF), which may be a sign that traders are worried about the historical release of this fund as it approaches this date. Market participants are likely to monitor the fund’s trading volume to assess the institutional participation of large investors. If the participation rate is not considered acceptable for several days after this is important, short-term traders are likely to make a profit in the market, but as the demand accelerates and increases, the market may continue to rise again. Will the launch of the Bitcoin ETF fund have the potential to boost sentiment in the market, or will we see short-term traders save profits? We will try to find the answers to these questions by examining the top 10 currencies in the market in this week’s analysis.
Weekly technical analysis of bitcoin prices
Kendall’s high joy on Sunday on the Bitcoin chart shows that buyers are making heavy purchases on the floor. On Friday, bitcoin buyers reached $ 62,933 but failed to cross the area. This shows that sellers are defending strongly between $ 62,933 and $ 64,854.
If traders can bring the price of Bitcoin below $ 58,963, it is likely to fall to the 20-week moving average (EMA20) at $ 55,118. The strong price recovery from this support reflects the positive sentiment in the market and the buying approach on the floor.
In this case, buyers will once again try to overcome the resistance ahead. If they succeed, they are likely to start another uptrend and jump to $ 70,000. In this jump, the next destination will be $ 75,000.
If the 20-day moving average breaks, one can expect a fall to $ 52,920, which is the starting point of the recent jump. This level is very important and should be looked at. The 50-day moving average (SMA50) is also likely to fall to $ 49,270.
- Resistances: 62,933 – 64,854 – 70,000 – 75,000
- Supports: 58,963 – 55,118 – 52,920 – 49,270
Weekly technical analysis of Ethereum prices
Buyers successfully defended the reverse head and shoulders pattern on Sunday, but failed to stabilize. This shows that there is no demand at higher levels. The sellers once again pushed the price of Ethereum to the neck of the model yesterday.
A broken neckline could spark a 20-day moving average at $ 3,563. Moving averages have an upward slope and the Relative Strength Index (RSI) is in the positive range, indicating that the buyer is above it.
If the price recovers strongly from the 20-day moving average, it can be concluded that traders are buying at the price floor. Buyers will once again try to push the price of Ethereum above the resistance level of $ 4,027.88.
If successful, Ethereum could try its luck at $ 4,372.72, a record high. If the price falls below the moving averages, there is a possibility of correction up to $ 3,200.
- Resistances: 4,027.88 – 4,372.72
- Supports: 3,563 – 3,200
Weekly Technical Analysis of Binance coin Price
After completing the reverse pattern last Wednesday, buyers are now trying to light the fire of Bainance Quinn price jump. However, they have not succeeded yet. The positive sign, however, is that they did not allow the binoculars to be fixed below the pattern neckline.
The 20-day moving average averaged $ 439, with a relative uptrend and a relative strength index above 64, indicating that the uptrend is smoother than the fall. If buyers can push the Bainance Coin price above $ 484.7, one can expect a jump to $ 518.9.
This level is likely to act as a heavy resistance, but if buyers can overcome this hurdle, BinanceQueen could reach the target target of $ 554.
On the other hand, if the price falls below the moving averages, it means that the sellers have regained control of the market. In this case, we can say that the price falls to $ 392.2.
- Resistances: 484.7 – 518.9 – 554
- Supports: 439 – 392.2
Weekly Technical Analysis of Cardano Price
Cardano’s price fluctuates within a symmetrical triangle, indicating that buyers and sellers are confused and do not know where the market will go.
The 20-day moving average is falling at $ 2.2 and the relative strength index is falling near 43, indicating that the scales are moving somewhat heavily towards sellers. If sellers can bring the price below the triangle support line, there is a possibility that the price will drop to $ 1.87.
This level can put good buying pressure on the market. The price jump and closing above the triangle resistance line indicates that buyers have responded to the market supply and have returned to the market with strength.
In this case, it can be said that the rally is possible up to $ 2.47. This level acts as a big resistance, but if buyers can cross it, $ 2.8 will be the next destination.
- Resistances: 2.47 – 2.8
- Supports: 2.2 – 1.87
Weekly Ripple Price Analysis
Ripple’s attempt to break the $ 2.4 resistance on Saturday stopped at $ 1.18. This may have caused short-term traders to reap profits, and falling below moving averages on Sunday was the result.
Kendall’s loud cheers that day show that buyers strongly defended the $ 1 psychological support. Both moving averages are flat and the relative strength index is near the positive range, indicating the possibility of transverse fluctuations in the coming days.
In the next few days, we may see the Ripple price stabilization phase in the range of $ 1 to $ 1.24. A break of $ 1.24 may open the way to $ 1.41, while a fall below $ 1 may lower it to $ 0.85.
- Resistances: 1.24 – 1.41
- Supports: 1 – 0.85
Weekly technical analysis of Solana price
The price of Solana has stabilized above the downtrend line over the past three days, but buyers are still trying to start the upside. This means that the sellers have not yet completely surrendered and are selling at every rally.
If traders fix the price below the simple 50-day moving average at $ 151, it is likely to fall to $ 137.61. Closing the price below this support will open the way for further price reductions to the significant level of $ 116.
On the other hand, if the price recovers from the current level and stabilizes above $ 167.65, it can be said that buyers are back in the market. In this case, the rally to Fibonacci 61.8% at $ 177.8 is likely.
- Resistances: 167.65 – 177.8
- Supports: 151 – 137.61 – 116
Weekly technical analysis of Polkadot prices
The price of Polkadot reached over $ 38.77 last Wednesday, but buyers could not use this strength; This means that sellers do not intend to give up and sell at every jump.
The first sign of market weakness will be the fall to $ 38.77 and closing below this area and the 20-day moving average at $ 36.64. $ 38.77 is the level from which the recent jump started. In this case, there is a possibility of falling to the simple moving average of 50 days at 33.05.
The 20-day moving average has an upward slope and the relative strength index is in the positive range, indicating that the probability of a jump is higher than a fall.
If the price recovers from the current level or $ 38.77 and reaches above $ 44.78, it means that buyers are back in the market. With that happening, it is likely to reach a historic high of $ 49.78.
- Resistances: 44.78 – 49.78
- Supports: 38.77 – 36.64 – 33.05
Dogecoin Weekly Technical Analysis
Two days ago, sellers managed to push the Dogecoin below the 20-day moving average at $ 0.23, but Kendall’s high spirits that day show that buyers are accumulating currency at lower levels. High selling pressure on Monday also pushed Dogecoin to the top of the downtrend line.
Kendall’s high spirits yesterday indicate that sellers are strongly defending the downtrend line. If buyers fail to push the price above the downtrend line, it is likely to fall back to $ 0.21.
A reversal of the price of this support may cause several-day fluctuations in the area between $ 0.21 and the downtrend line.
If buyers stabilize the price above the downtrend line, it can be said that the price correction is over. This would probably open the way for $ 0.32 and then $ 0.35.
- Resistances: 0.32 – 0.35
- Supports: 0.21
Luna Price Weekly Technical Analysis
The price of Luna, the native token of the Terra network, has not managed to cross the 20-day moving average at $ 38.13 in recent days. This means that the sentiment in the market has become negative and sellers are selling their currencies in rallies.
Sellers are currently trying to bring the price below the simple 50-day moving average of $ 36.38. Moving averages are not far from forming a downward intersection, which indicates that the scales are heavy in the market for sellers.
If the price falls below $ 34.86, it is likely to fall to $ 32.34. This level is an important support; Because breaking it can strengthen the downward trend. In this case, the next possible destination is $ 25.
Sellers are looking to stabilize the price above the 20-day moving average, and if this happens, it can be said that the correction phase is over.
- Resistance: 38.13
- Supports: 36.38 – 34.86 – 32.34 – 25
Weekly technical analysis of Uniswap prices
The price of the Uniswap reached the top on Saturday after crossing the neckline on the chart, but the evidence shows that this jump was a bull trap; Because the sellers pushed the price below the neck line again the next day.
If the sellers can bring the price below the moving averages, it is likely to fall to $ 22.15. On the other hand, if this support is broken, you can expect a reduction of up to $ 18.
Moving averages are smoothed and the relative strength index is in the middle range; That is, there is a balance between supply and demand.
If buyers stabilize the price above the neckline for a few days, this balance will be upset in favor of buyers. After that, we may see growth to $ 31.41. The next destination is the template target price of $ 36.98.
- Resistances: 31.41 – 36.98
- Supports: 22.15-18