Market leader bitcoin and ethereum It is currently trading in the consolidation phase, with the latter successfully regaining lost ground. DOT and DOT, on the other hand, were among his few top 10 altcoin gainers. Also, stablecoins USDC, USDT, and BUSD show some price gains.
While general market sentiment is positive, a number of bearish pressures still loom large. Most cryptocurrencies have lost most of their value due to the crypto sale seen on August 27th. However, some coins have recovered and are now being consolidated ahead of their next move.For example, ADA, DOGE, and Polka dot Here are some of the top 10 profitable crypto assets in the last 24 hours.
Since then, the market has struggled to gain traction. But Bitcoin’s recent bullish price action may be just what the market needs to rally in relief.
The best crypto performer of the week is Filecoin, up 12.25%, followed by Axie Infinity, up 8.96%. This week’s losers are 1inch Network and Lido DAO, down 5.81% and 5.31% respectively.
Weekly Crypto Price Analysis: Can You See A Breakout?
Bitcoin, the world’s largest cryptocurrency by market capitalization, is currently trading at $19,805.02. Kingcoin has been consolidating in a descending wedge pattern for quite some time and looks poised for a breakout. Short-term momentum for the currency is significantly negative, with the RSI below 30.
BTC/USD price chart, source: TradingView
On the 4-hour chart, we can see BTC forming a descending triangle pattern. This pattern is a bearish reversal pattern and is usually seen at the end of an uptrend. This pattern is created when price action forms a series of lower highs and lower lows.As the name suggests, breakouts from this pattern occur in a downward direction.
The MACD indicator is currently in bearish territory and is declining. Meanwhile, the RSI indicator is close to oversold levels and could reverse soon.
If the price breaks out of the descending triangle pattern and turns down, the next level support is at $18,600. On the other hand, an upward breakout could see the price of the largest cryptocurrency rise towards the $21,000 level.
Ethereum, the second-largest crypto by market cap, is currently trading at $15,548.57, down 2.73% over the past 24 hours. The coin is facing a lot of selling pressure and has broken below the $15,000 level.
Ether broke below $1,500 on August 30th. However, the bulls are actively buying at lower levels, which is a positive sign. As of Sept. 3, 2022, buyers are trying to push Ether back above the moving averages. Most technical indicators show a bearish trend in the short term.
The MACD indicator is currently in bearish territory and is declining. Meanwhile, the RSI indicator is close to oversold levels and could reverse soon. Current resistance and support levels are at $1,643.18 and $1,542.30 respectively. is.
ETH/USD price chart, source:TradingView
Ethereum has started to retrace again to retest the previous swing high resistance as support. If this level holds, a move towards the $1,700 levels is possible. On the other hand, a break below $1,500 could see the price fall towards his $1,400. Ethereum may continue its rally early next week and break above his current all-time high of $2,000.
rippleof XRP price According to our analysis, Ripple started to recover in the last few hours as the price reached $0.3293. Bullish momentum is starting to build after XRP opens the weekly chart with a giant red candlestick. Additionally, the coin is currently trading above the 20- and 50-day SMAs, which is a bullish sign for the crypto.
XRP/USD price chart, source:TradingView
The MACD indicator is currently in bearish territory but is starting to level out. On the other hand, the RSI indicator is close to the oversold levels and could reverse soon. Current resistance and support levels are at $0.3360 and $0.3250 respectively.
The DOT/USD pair has been positive in the last 24 hours. Over the past week, the DOT has made new highs and lows. The cryptocurrency is currently trading at $7.24 after opening the trading session at an intraday high of $7.55. The DOT witnessed a retracement as it broke below the $6.50 level over the weekend.
As of this writing, the polka dot is trading sideways trying to break out of the $7.50 level. Technical indicators show a bullish trend in the short term. Meanwhile, the Relative Strength Index indicator is currently flat at 52. Depending on market conditions, the coin could break out in either direction.
DOT/USD price chart, source:TradingView
The current resistance and support levels are at $7.50 and $7.00 respectively. If the bulls can push the price above his $7.50 level, we can see the crypto move towards his $8.00 level. On the other hand, a break below $7.00 could see the DOT drop towards his $6.50 level.
The VET/USD pair formed a descending triangle pattern and tried to break out of the $0.02487 level. The price has made lower highs and higher lows in the last few days. Vechain is currently trading at $0.02416, down 1.13% over the last 24 hours.
VET/USD price chart, source:TradingView
The price has broken below all moving averages that are bearish signs. The MACD indicator is also in bearish territory and is declining. It is not in the realm of past. The current resistance and support levels are at $0.02487 and $0.02334 respectively.
If the bulls can push the price above the $0.02487 levels, a move towards the $0.02600 levels is possible. On the other hand, a break below $0.02334 could see the price fall towards $0.02250.
In conclusion, we would expect to see price volatility in the short term as the top coins attempt to move in either direction. Market conditions determine the direction of the breakout. The general market may see some consolidation in the coming days as bulls and bears vie for control. Nonetheless, we can expect a positive price action early next week as buyers try to push prices higher.
Disclaimer. The information provided is not trading advice. cryptopolitan.com accepts no liability for any investment made based on the information provided on this page. Independent research and/or consultation with a qualified professional is strongly recommended before making any investment decision.