Over the past week, the price action of several crypto across the market shows that the investor sentiment is negative and that the market is at risk of declining further down.
However, with the advent of the FTX crash, several cryptocurrencies across the market capitulated and dipped by several percentages below their previous highs.
A month after, several cryptocurrencies across the market continue to struggle for their places above respective resistances as the general market sentiment remains bearish.
We examine how several top cryptocurrencies are performing over the next few paragraphs and how they will likely perform over the next few days and in the coming week.
Bitcoin has managed to stay above its 20-day simple moving average over the last week and trades at $17,152 at the time of writing.
However, the threat of a Bitcoin dip below this moving average and below the $16,787 line remains strong, considering the general market sentiment and the general sluggishness of the cryptocurrency's price action over the past week.
If such a price dip below this line happens, the short, long, and medium-term advantage leaves the hands of the bulls and drops right onto the bears.
A dip below such an important moving average and support level may signal a retest of the $15,520 zone the cryptocurrency last hit in the heat of the FTX crash.
Such a move to the bottom would send Bitcoin into a range between the $15,520 and $17,450 zones as the bulls and bears battle for dominance.
Conversely, if a breakout above the $17,450 zone occurs, Bitcoin may rally upwards to the $20,000 zone or even beyond.
During the last week, Ethereum dropped and closed below its 20-day exponential moving average, signaling that the bears had taken control of the market.
However, the bulls quickly took action, pushing the price of the cryptocurrency back above this moving average.
While the bulls appear to have a strong hold on the Ethereum steering wheel relative to the bears, Ethereum is still stuck under the $1,286 resistance and appears to be having a tough time breaking above it again.
Ethereum's break above this support level is crucial because the cryptocurrency's failure to initiate a breakout might encourage the bears to push the price into a retest of the descending channel on Ethereum's medium-term price perspective.
A price dip at this point would take the price of Ethereum straight down to the $1,022 zone or even lower.
Conversely, a break above this $1,286 zone would launch Ethereum straight up to the $1,450 zone.
The price action of XRP over the last month has been promising compared to the rest of the crypto market.
The cryptocurrency has even been in an uptrend for a month, despite the bearish sentiment of the rest of the market.
Over the last week, XRP has been in a tight squeeze against its 20-day exponential moving average. It is only a matter of time before a break above this moving average occurs and takes the cryptocurrency into a break above the $0.41 resistance.
Chart showing the price action on XRP | Source: TradingViewOverall, the ascending trendline on cryptocurrency is relatively strong and expected to hold.
In the event of a break below this trendline, the price of XRP is bound to decline to the $0.36 zone as the bears take control of the market.
Conversely, if the cryptocurrency enters a breakout of the $0.41 zone, a price rally to the $0.5 zone appears likely.
After a successful break above Cardano's 20-period exponential moving average on the 4-hour chart earlier in the week, a rally to the $0.33 zone seemed likely.
However, the bears took action and sank the cryptocurrency below this moving average and sent the cryptocurrency into a retest of the ascending trendline the cryptocurrency has followed since late November.
Just like XRP, Cardano is bullish over the short term and is currently testing the ascending trendline where the bulls are likely to push the cryptocurrency into a bounce, a rally, and a retest of the $0.33 zone.
At the time of writing, Cardano is trading at the short-term demand zone of around $0.31. The bears will likely buy the dip at this point, sending the cryptocurrency back above its 20-period exponential moving average on the 4-hour chart.
Overall, the upper Bollinger band on the cryptocurrency's daily chart sits at $0.33, the middle at $0.3138, and the lower at $0.3.
The cryptocurrency's price action sits between the middle and lower bands, meaning that Cardano's bears may be in control for now.
A bounce from $0.31 is expected on Cardano, followed by a rally to $0.33.
Dogecoin broke through the $0.1 zone sometime in late November and began a rally toward the $0.11 zone. However, the bears pushed the cryptocurrency into a corrective retest of the $0.096 zone.
The $0.096 zone is currently being tested as the bulls and bears decide on whether a bounce and a longer rally to the $0.16 zone happens or whether a breakdown of the $0.096 zone and a retest of the $0.07 zone happens.
The 20-day exponential moving average also coincides with the $0.096 support, making this zone a crucial one the bulls have to defend.
If a breakdown of the $0.096 zone happens, a retest of the cryptocurrency's $0.07 zone seems likely. Conversely, if the bulls successfully initiate a bounce on Dogecoin, a rally to the $0.16 zone Dogecoin sat at during the October rally seems likely.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.