Our weekly crypto price analysis reveals that the cryptocurrency has been on a slightly bullish trend, with what appeared to be a crypto recovery from the November price slump. However, there is no strong breakout to the upside and most coins are hovering near the support level.
After breaking through $17,000, Bitcoin’s price briefly surged. However, the coin failed to hold this level and quickly dropped to around $16,961.10. Ethereum has also been stuck in a similar range with no clear signs of an uptrend.
Other altcoins such as Uniswap and Terra Classic hit highs during the week and then bounced back towards support levels. After surging Friday, cryptocurrency prices fell late Sunday as the stock market cooled on the latest inflation data.
According to our weekly crypto price analysis, it looks like cryptocurrencies could trade sideways in the near future.
Cryptocurrency market capitalization has created a double-bottom pattern on the weekly chart which is seen as a bullish sign. The most interesting crypto market news on December 1st came from The Wall Street Journal. They said that with Tether lending more money, there would be more risk to the cryptocurrency industry. It has stated that it does not pose a danger to
Weekly Crypto Price Analysis: Market Cap Rises to $851.5 Billion
The overall cryptocurrency market is on the rise despite some recent price corrections. According to the weekly crypto price analysis, the market cap has reached $851.5 billion, still showing signs of a bullish trend. Bitcoin’s dominance also continues to rise, hovering at 37.7%. This is not a high for the coin, but it has been trending upwards over the last three days.
The ongoing rally was preceded by a double bottom pattern and a bullish divergence in the RSI (green line). However, the latter has not crossed 50 yet, thus confirming a bullish trend. More bullish trends are likely as the coin’s market cap regains his $850 billion level. We will look at the top 10 coins of BTC, ETH, XRP, BNB, ADA and DOGE from a top-down perspective.
Bitcoin/USD
Bitcoin (BTC) price has been trading in the $16,900-$17,200 range for almost five days. As of December 4th market analysis, it is currently trading at $16,967.13, just below the $17,200 resistance level. BTC has made several attempts to break through this level without success.
Weekly technical indicators (50-period exponential moving average and Ichimoku cloud) show a possible bullish divergence, with the RSI above the lows and the price below the lows. The Relative Strength Index (RSI) is just below the midpoint, meaning there is equilibrium between demand and supply. This will favor buyers if the price can push the price above the overhead resistance of $17,622.58. However, the 20-period exponential moving average is flat and the 50-period moving average is falling.
Ethereum/USD
According to a top-down analysis, Ethereum (ETH) is trading between $1,136 and $1,274.20. It is currently trading at $1,257.10 as of the market analysis on December 4th. ETH also failed to break out of the resistance level and remains in a range with no signs of an uptrend.
If the bears continue to stall the recovery of the ETH/USDT pair at $1,335, there is a good chance that it will eventually surpass it. However, the bulls may find this level very difficult to cross.
If the price fails to break out of the 50-day SMA, the bears can break below the 20-day EMA. After that, the recent rally may be shelved and a drop to $1,151 is possible.
Weekly technical indicators (50-period exponential moving average and Ichimoku cloud) show a low bullish divergence. When the price breaks below its lows, the RSI also hits highs, suggesting that a positive change in trend could be coming soon.However, we recommend waiting until ETH rises above $1,274.20. increase.
XRP/USD
XRP, like other cryptocurrencies in the top 10, has been trading on a flat trajectory since Saturday.It hit $0.4095 on Dec. 1, but quickly dipped to $0.3868 on Dec. 3. fell. At the time of this writing, XRP has climbed to $1,257.10 after a slight drop over the past 24 hours.
XRP’s weekly technical indicator shows the RSI making higher lows, which indicates a likely positive change in direction.
The XRP/USDT pair has broken below the 20-day EMA of $0.40 and the bears are looking for a further drop to $0.37. If they succeed, the pair could stay within a wide range between $0.30 and $0.41 for a few more days.
Conversely, if the cost improves from the current $0.37 level, I would suggest a buy as the price falls. After that, the bulls will try to move the price above his $0.43 of the 50-day SMA and start a rally to $0.51.
The Ichimoku cloud and 50-period exponential moving average also point to a low bullish divergence, though not as pronounced as other coins. increase.
BNB/USD
Binance coin price action shows a downtrend line after hitting a high of $314.1 on Nov 27. It is currently trading at $290.23, still well above the support level of about $280.00.
Weekly technical indicators show that the BNB has been experiencing a bullish divergence for almost two months.On Dec 2, the price broke below the moving averages, with the bears holding the BNB/USD pair below $286. I’m trying to pull it down to If successful, the pair can drop to $275 and then find strong support at $258.
If the price rises from the current levels and rises above $306, it suggests that buyers are trying to regain control. The pair can then move up to $338.
Although the RSI is low, it shows an improving divergence with the price that indicates a likely bullish trend. That said, despite the low divergence, the RSI remains below 50 and may need to recover above 50 before we see another price rally in BNB.
ADA/USD
Cardano has been trending upwards for the past 7 consecutive days and its price is currently trading at $0.3201. The ADA/USD pair hit a weekly high of $0.3254, but soon after that he returned to support levels around $0.30.
Weekly technical indicators show that the bulls are trying to push the price above the 20-day EMA of $0.35. If successful, the pair could rally close to $0.425, where it will face tough resistance levels, so long wait to open his positions until the ADA breaks his $0.3320 level. recommend to.
On the other hand, if the bears break the $0.26 support level, the price is likely to drop to the next support level of $0.18. The RSI also shows low divergence with price action. This means that a trend change could be coming soon, but it is not clear whether ADA/USD will experience a bullish or bearish turn first. A bullish divergence in the RSI suggests that selling pressure has eased and a recovery may be on the cards.
Doge/US Dollar
Dogecoin is trading at $0.1033 after a week of horizontal trading in a tight range between $0.10 and $0.11. The coin is currently trading above the 20-day EMA and may find support on the downside as it approaches $0.10.
Weekly technical indicators show a high but declining divergence in price action with the RSI indicating that DOGE/USD is likely to continue its sideways move in the coming weeks. The price action is trading within a small range between $0.09979 and $0.1053, which could provide support levels on either side in case of a breakout or dip.
If the bears break below $0.10, a drop to $0.0935 is likely, followed by a strong support level around $0.081, which could offer an opportunity to open short positions. The RSI has also been falling with the price movement for some time now, suggesting that the DOGE/USD price still has room to move lower. However, the price needs to break below the $0.0979 support and then break above the $0.09 and he $0.088 support levels for the price to fall. On the other hand, a breakout of the 0.1053 resistance level could pick up momentum and push the price towards the higher resistance level around $0.11.
Weekly Crypto Price Analysis Conclusion
A weekly crypto price analysis shows the broader market has shifted to bearish sentiment after a short-lived bull rally. Purchasing power is also declining, but remains at more stable levels, with the BTC/USD price breaking below $17,000. Additionally, the trader may want to wait until there is a clear change in the trend before opening his long position. However, the market could rise further before the bearish reversal takes hold.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com accepts no liability for investments made based on information provided on this page. Independent research and/or consultation with a qualified professional is strongly recommended before making any investment decision.
