Over the past week, my market leaders Bitcoin and Ethereum have experienced a slight loss of momentum. Analysis showed that the two are currently trading in a consolidation phase. The overall market mood is positive, but a lot of bearish pressure is still looming. So, what’s the weekly analysis? Here is analyst Ann Mugoiri’s analysis of Bitcoin, Ethereum, XRP, BNB Coin, Cardano and Solana…
What’s next for Bitcoin?
BTC/USD plunged sharply below $19,000 after hitting a weekly high. It has been fluctuating between $19,000 and $20,000 in the past few days. The current market structure is bearish. According to the analyst, more declines towards $18,500 cannot be ruled out in the near term. A key highlight was a recent break with support near $18,950 on the hourly chart of the BTC/USD pair.
If the bulls do not allow the price to drop below the 20-day EMA, the probability of a rally towards the downtrend line increases. Bears are expected to form strong resistance at this level. However, if the bulls break this hurdle, the BTC/USDT pair could signal a short-term trend change. The pair faces a good chance of rising to $22,799 later on. If it breaks below the 50 SMA, the $18,626 and $17,622 support levels await BTC.
Analysis of ETH, the second largest cryptocurrency after Bitcoin (BTC)
cryptocoin.com As we reported, ETH/USD declined below the $1,400 level. It even slid below the key $1,330 support area. According to the analyst, ETH failed to stay above the 100 hourly simple moving average. It dived to the next major support at $1,300. In the short term, the price is stuck between $1,250 and $1,410, which suggests demand is lower but selling near resistance. Current resistance levels are $1,643.18 and $1,542.30. On the downside, the pair is likely to decline to $1,000.
What to expect for the XRP/USD pair
The weekly chart for XRP/USD shows that the bears have been in full control since late September, pushing prices into the $0.25-0.4965 range. However, there was a sharp increase in buying pressure above the $0.3500 level, which caused a sharp spike. Prices managed to climb above the $0.470 support.
A break above $0.56 in XRP will signal a resumption of the uptrend. The XRP/USDT pair later rises to $0.66. Conversely, if the price continues to decline, the pair will slide back to the $0.41 breakout level. The bulls are likely to fiercely defend this level. If the price bounces back from this level, the pair will display range-bound action for a few days. Currently, the bulls are defending the key $0.4400 support area.
Insights for Binance’s native token BNB
Binance Coin is trading on a descending trendline with a price of $283.83. BNB coin moved from lows of around $259 and rose sharply from $266. It broke above the 20-day EMA ($278). This suggests that lower levels are attracting strong buying from the bulls. Currently, the price is struggling to hold above $280. According to the expert, the next resistance levels in BNB are $300 and $338. Support levels are around $258.
What’s next for the ADA/USD pair?
Cardano (ADA) has failed to break out of the falling trendline in the last 7 days. A sustained bearish channel was seen with ADA as low as $0.4265. The price fell below the bullish line again on September 30. If the price drops below $0.42, the ADA/USDT pair could drop to key support at $0.40.
Resistance and support levels on Solana
Weekly crypto price analysis shows that SOL has been in a falling wedge over the past 7 days. Solana fell sharply from the weekly high of $35 to the current low of $32.92. Currently, the next major resistance is located at $34.17. If it exceeds that, it says $39 is in the cards. However, there is 31.65 as the support level, and then $30.
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