Cryptocurrency Weekly Analysis

Weekly technical analysis of digital currency prices; Traders’ efforts to continue the uptrend and overcome the resistance


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 Bitcoin, after falling below the support of $ 60,000 this week, has now recovered to this level, which indicates a strong buying trend at low levels. Cryptocurrency CEO Ki Yong-joo has said that investors have bought $ 840 million worth of bitcoins in the futures market using the market order in the near future. Given this, it can be said that traders have a positive view of the market by the end of this year and expect the price to continue to rise. But is the bitcoin price correction phase over and is the price capable of recording new highs? In that case, will the altcoins follow the bitcoin path? In this week’s technical analysis, we will look for the answer to this question by examining the top 10 currencies in terms of market value.

Weekly technical analysis of bitcoin prices

Saturday and Sunday candlelight vigils indicate that buyers have sought $ 60,000 in psychological support. Bitcoin is currently resuming its uptrend, with buyers trying to break through the resistance area at $ 64,854 to $ 67,000.

Bitcoin price chart
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The 20-day moving average (EMA20) is trading at $ 58,794 and the Relative Strength Index (RSI) is in the positive range, indicating that market control is in the hands of buyers. If the price of Bitcoin closes above $ 67,000, one can expect the price to accelerate. This could pave the way for $ 75,000 and then $ 85,756.75.

If the price falls again from the resistance and falls below the 20-day moving average, this uptrend scenario will be void. In this case, there is a possibility of emotional sell-off of short-term traders; That could reduce the 50-day moving average (SMA50) to $ 51,160.

  • Resistances: 64,854 – 67,000 – 75,000 – 85,756.75
  • Supports: 60,000 – 58,794 – 51,160

Weekly technical analysis of Ethereum prices

On Friday, Ethereum fell below $ 4,027.88, but sellers failed to take advantage. Buyers were able to cross the level again the next day, indicating that they were shopping on the floor.

Ethereum Price Chart
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Buyers on Sunday once again thwarted sellers’ attempts to bring prices down below $ 4,027.88, as evidenced by Kendall’s high-spirited day. If buyers are able to stabilize the price above $ 4,027.88, it is likely to rise to a historic high of $ 4,375.

Closing the price above this resistance can open the way to reach the psychological level of $ 5,000.

On the other hand, if the price falls below the current level, sellers will once again try to push Ethereum below the 20-day moving average at $ 3,826; This is the first sign of a weakening of the uptrend in the market. With that, you can expect a drop to the simple 50-day moving average at $ 3,473.

  • Resistances: 4.375 – 5,000
  • Supports: 4,027.88 – 3,826 – 3,473

Weekly Technical Analysis of Binance coin Price

Buyers are currently trading below the 20-day moving average at $ 461, indicating that market sentiment is still bullish. The price of Binance Coin is currently able to break the resistance at $ 518.9.

Bainance Quinn price chart
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The closing of the price above this resistance marks the beginning of a new uptrend. With this in mind, we may see a jump to the target at $ 554. Closing the price above this level can raise the price up to $ 600.

The 20-day moving average has an upward slope and the relative strength index is in the positive range; This means that the price of Binance Coin is more likely to rise than to fall. If the price falls below current levels or resistance, there is a possibility that the price will fall to the simple 50-day moving average at $ 423.

  • Resistances: 518.9 – 554 – 600
  • Supports: 461 – 423

Weekly Technical Analysis of Cardano Price

Cardano closed shortly below the symmetrical triangle pattern on Sunday; This means that the ambiguous market situation we saw in the previous days may have ended in favor of the sellers.

Cardano price chart
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If they can bring the price below $ 2.09, there is a possibility that the price will decrease to the support of $ 1.87. The 20-day moving average has a slight downward slope and the relative strength index is below the mid-range, indicating that sellers are superior to buyers.

If the price jumps from the current level and reaches the top of the triangle resistance line, this bearish scenario will be nullified. In this case, the aggressive sellers may be trapped, and this can trigger a rally to $ 2.47 and then a target of $ 2.8.

  • Resistances: 2.47 – 2.8
  • Supports: 2.09 – 1.87

Ripple Price Weekly Technical Analysis

Ripple prices fell below the 20-day moving average at $ 1.09 on Sunday, but the candlelight high that day indicates that buyers are buying on the floor. Buyers will now try to push the price above the downtrend line.

Ripple price chart
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If they succeed in doing so, it indicates that the short-term trend has changed. In this case, you can expect a jump of up to 1.24. This area is likely to act as a strong resistance. If it falls below this level, we will probably see transverse fluctuations between $ 1.24 and $ 1 in a few days.

If the price closes below $ 1, the market balance will weigh heavily on sellers, which means that the price is likely to fall to the support range of $ 0.88 to $ 0.85. On the other hand, closing above $ 1.24 could lead to a rally to $ 1.41.

  • Resistances: 1.24 – 1.41
  • Supports: 1.09 – 0.88 – 0.85

Weekly technical analysis of Solana price

Kendall’s high joy on Sunday shows that traders are buying with lower power levels. As the market stabilized, the price of Solana reached a historic high of $ 218.93 yesterday.

Solana price chart
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If buyers are able to stabilize the price above $ 216, it is likely to start the upward trend to $ 239.83. The 20-day moving average averaged $ 173, and the relative strength index is in the buying saturation range, indicating that buyers have the upper hand in the market.

However, if the price falls below the current level, it indicates that sellers have not given up and are still active in the market. This could push Solana down to $ 177.7 and fluctuate slightly over the next few days.

A close below $ 171.47 could be the first sign of a weakening market. This weakness can reduce prices to the trend line.

  • Resistances: 218.93 – 239.83
  • Supports: 177.7 – 171.47

Weekly technical analysis of Polkadot prices

A small correction in the price of Polkadot from $ 46.39 indicates that buyers are reluctant to leave the market; Because they predict that the current uptrend will continue. Moving averages have an upward slope and the relative strength index is above 63, which indicates that the buyers are above it.

Polkadot price chart
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Buyers are currently trying to push the price of Polkadot above $ 46.39 and then hit a high of $ 49.78. A close above this resistance will signal the possible start of another uptrend. The target for this trend is $ 53.9.

If the price falls below the current level or the resistance ahead, it can be said that there is no demand at higher levels. In this case, sellers will try to bring the price below $ 38.77. If that happens, a reduction to the simple 50-day moving average at $ 32.65 is likely.

  • Resistances: 46.39 – 49.78 – 53.9
  • Supports: 38.77 – 32.65

Dogecoin Weekly Technical Analysis

The range of Dogecoin’s limited price fluctuations between the downtrend line and the 20-day moving average at $ 0.24 and the transverse fluctuations in this range ended on Sunday in favor of buyers. The strong uptrend in the market that day pushed the Dogecoin to the top of the $ 0.27 resistance, but buyers are still trying to stabilize the price at higher levels; This means that the sellers are strongly defending the resistance ahead.

Dogecoin price chart
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The price of Dogecoin is likely to fall to the 20-day moving average. If the price recovers from this support, it can be said that the sentiment in the market is positive and traders are buying at the price floor. This could increase the chances of crossing $ 0.28.

In this case, a jump to $ 0.32 and then $ 0.35 is likely. On the other hand, if sellers can pull the Dogecoin down to moving averages, it is likely to fall to the $ 0.21 to $ 0.19 support range. Mutations from this region can lead to multi-day transverse oscillations.

  • Resistances: 0.28 – 0.32 – 0.35
  • Supports: 0.24 – 0.21 – 0.19

Luna Price Weekly Technical Analysis

The price of Luna, Terra’s native token, fell to $ 45.01 on Friday, and on Sunday we saw a 20-day moving average recover at $ 40.03; This means that Luna is stuck between these two levels.

Luna price chart
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The upward slope of the moving averages is slowly increasing and the relative strength index is in the positive range, which indicates a slight advantage of buyers. If buyers are able to stabilize the price above $ 45.01, there is a possibility of trying to reach a historic high of $ 49.54.

Closing the price above this resistance opens the way for a jump to $ 60.57. On the other hand, lowering the price below $ 40 could lead to a fall to the support area between $ 34.86 and $ 32.5. If this area breaks, we will probably see an increase in sales pressure in the market.

  • Resistances: 45.01 – 49.54 – 60.57
  • Supports: 40.03 – 34.86 – 32.5

Weekly technical analysis of Uniswap prices

The Uniswap price continues to trade in its limited range of fluctuations between the reverse head and neck pattern and the 20-day moving average at $ 25.68; This means that sellers are defending the neckline and buyers are not allowed to fall below the support of the 20-day moving average.

Uniswap price chart
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Transverse oscillations over a limited range generally lead to extreme oscillations. Closing the price above the neckline completes the inverted head and shoulder pattern. In this case, before reaching the target of the pattern at $ 36.98, $ 31.41 will be the first target of bullish traders.

The 20-day moving average is steadily rising and the relative strength index is slightly above the mid-range; This means that buyers have a slight advantage in the market. On the other hand, if the price closes below the moving average, it will fall to $ 22.

  • Resistances: 31.41 – 36.98
  • Supports: 25.68 – 34.86 – 25.68 – 22

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