- Weekly crypto analysis shows that the prices have been trading in mixed directions.
- Bitcoin (BTC) had a volatile week with its price ranging between $26,787 and $28,755.
- Ethereum price analysis has successfully broken above the 1,700 level for the past few days.
On March 24th, jitters over the potential resurgence of a banking crisis sent European markets into an unsettling downturn. This was sparked when Deutsche Bank’s credit default swaps inexplicably became volatile on the 23rd – plummeting its shares by 11% with no discernible cause. The specter of instability cast a pall upon investors and their decision-making processes that day, hastening market decline across Europe.
Christine Lagarde, President of the European Central Bank, was able to ease global markets with her statement that euro banking institutions were well guarded due to implemented reforms post-global financial crisis. This could contribute in partto the strong recovery experienced by United States equities indexes from their intraday lows. Although the banking crisis has been positive for Bitcoin’s price, crypto prices are still trading in rangebound areas.
7 Weekly crypto price analysis conclusion
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The technical indicators for BTC/USD suggest that there is more room for the cryptocurrency to go higher in the short term. The RSI has been trading near the 63.53 level and MACD made a bearish crossover today after staying in bullish territory for some time.
The market capitalization of Ethereum is currently around $213 billion and a 24-hour trading volume of $8.84 billion. The technical indicators for ETH/USD suggest that the sellers are in control and the market today after some brief bullish momentum. The RSI and MACD are bearish while the stochastic oscillator is neutral.
Ripple managed to remain a bit more volatile as it gained against the US Dollar and broke the $0.40 mark for the past few days. XRP/USD is currently trading at $0.444 with a gain of 3.78 percent in the last 24 hours and an increase of nearly 8 percent in the last week.
The technical indicators for XRP/USD are mixed, as the MACD is bearish while the RSI and stochastic oscillator are bullish. A break above the $0.45 level could trigger more buying and XRP/USD could continue its upward momentum towards the $0.50 mark in the near future and if bears gain the upper hand then it could fall towards the $0.40 mark again.
Binance Coin (BNB)/USD
Looking at the technical indicators, we can see that the MACD (Moving Average Convergence Divergence) has crossed its zero line indicating a bullish trend while the RSI (Relative Strength Index) is currently trading close to 55.14 levels. On the upside, buyers will be looking to break through the resistance level of $324.18 while on the downside, they will aim to defend the support around $317.78. If the bulls manage to break through this resistance and sustain their momentum, we could see BNB/USD testing its all-time high at $389.39.
Our weekly crypto price analysis reveals Cardano has been in a tight range for the past few days as it oscillates between $0.3328 – $0.3868 with no clear direction in sight yet. Today’s ADA/USD pair is currently trading at $0.3587 with minor losses of 1.17 percent in the last 24 hours and an overall gain of 0.66 percent in the past week.
The technical indicators for ADA/USD are bearish as the MACD is currently in a bearish crossover and the RSI is trading close to 45.45 levels. From the support point of view, buyers will be looking to defend the $0.357 level while on the upside, they need to break past the resistance at $0.3643 for further upside momentum. If the bulls manage to do so, we could see ADA/USD trading back in the $0.36 – $0.38 range within a few days. The 50-day moving average is still indicating a bearish trend so traders should stay cautious and aware of any further downside risk.
Solana has been quite volatile for the past few days as it trades between $20.44 – $23.58 and today’s SOL/USD pair is trading at $20.68 with a loss of 0.91 percent in the last 24 hours and a total decrease of 7.53 percent in the past week.
On the upside, buyers will be looking to break past $21.69 for further bullish momentum while on the downside, they will aim to defend the $20.36 level as a major support. If the bulls manage to break through the resistance and sustain their momentum, we could see SOL/USD testing its all-time high of $24.64 shortly.
The technical indicators for SOL/USD have been in the mixed territory with the MACD being bearish while the RSI is neutral. The 50-day moving average is still indicating a bearish trend so traders should remain cautious of any further downside risk in the near term.
Weekly crypto price analysis conclusion
Overall, the market has been quite mixed this week with some coins showing gains while others incurring losses. It is important to keep a close eye on the key levels and technical indicators of each coin before investing or trading. Buyers should look for bullish breakouts while bears should wait for bearish trends to emerge for them to capitalize on the market. With that in mind, we expect to see some volatility and possible price movements shortly as we approach the end of the week.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.