- The price of Ethereum managed to break through the $1,220 resistance mark over the past seven days, showing that the cryptocurrency had a successful week.
- XRP’s bullishness over the past week has been sluggish.
- Cardano has been strong over the last week in terms of price action.
The price action of cryptocurrencies across the market has not been terrible so far, considering the effects of the FTX crash and how large-cap cryptocurrencies like Bitcoin and Ethereum took severe beatings.
It now seems like the crypto market is trying to correct itself. Ethereum, for example, had a pretty good week over the last seven days. The second-largest cryptocurrency has risen again above the $1,200 resistance in a 4.4% week-long move to the upside.
On the other hand, Bitcoin rose again above the $17,000 zone, in a 2.4% move over the last week.
Considering how low the markets went when FTX collapsed, with Bitcoin going as low as $15,000 and Ethereum going as low as $1,077, the recent price action of the crypto market is a highly encouraging one.
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In this article, we examine how some of the top cryptocurrencies in the market have fared in terms of price action: How they have performed, how they are performing, and how they are likely to perform over the coming days.
1) Bitcoin (BTC) Price Analysis
On 30 November, Bitcoin broke above the $17,000 resistance and its 20-day exponential moving average (around the $16,949 zone), showing considerable strength despite the market’s uncertainty and indicating that the bear market may be coming to a close.
The cryptocurrency has been in a descending triangle formation since early November and only broke out in its rally to the $17,000 high on 30 November.
The RSI is in the neutral zone around 49.25 and, coupled with the flattening out of its 20-day EMA, signals equality between supply and demand (or bulls and bears).
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The cryptocurrency price is currently in the $16,900 zone, following a smaller ascending trendline. Bitcoin is currently testing this trendline before a potential rally to the upside. And if the bulls manage to push the price above the overhead resistance at $17,622, the scales may shift in their favor.
Bitcoin may gain momentum and surge above the 50-day simple moving average ($18,349) if buyers manage to keep the cryptocurrency’s price above this $17,622 zone, which becomes support in the rally to the $21,500 zone.
2) Ethereum (ETH) Price Analysis
The price of Ethereum managed to break through the $1,220 resistance mark over the past seven days, showing that the cryptocurrency had a successful week. And if the bulls are turning this $1,200 zone into support, further highs are likely.
Over the last seven days, the trading volumes provided by the bulls have been impressive.
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However, retesting the $1,200 zone is likely a corrective move to the downside. The cryptocurrency may bounce and rise to the $1,365 zone, where the bears will likely be waiting for the bulls to sink the price back to the $1,200 zone or lower. This is if the bulls successfully hold this zone against the bears.
3) XRP Price Analysis
XRP’s bullishness over the past week has been sluggish. According to data from CoinMarketCap, the cryptocurrency has declined by 4.19% over the last week and is even down by 0.18% over the last day.
The cryptocurrency is currently trading on an ascending trendline and is on the verge of a retest of the $0.38 zone, where the bears are likely waiting to take action. If the price of the cryptocurrency tests this zone and the bears successfully push it below the trendline, a retest of levels as low as $0.31 is the next line of action.
Looking ahead, XRP could continue to consolidate just under $0.40 and build momentum for the next significant breakout.
If such a breakout occurs, the cryptocurrency may break right above the top of its ascending triangle (around the $0.412 zone pictured above) and rally to the next target around $0.5.
4) Cardano (ADA) Price Analysis
Cardano has been strong over the last week in terms of price action. The cryptocurrency broke above the $0.32 resistance and now faces the $0.34 zone as its next target.
If the bulls manage to keep the price of the cryptocurrency above this price level, the market will remain considerably bullish in terms of price action. However, at the same time, the volatility and interest in Cardano as a cryptocurrency have suffered throughout 2022.
At the same time, the cryptocurrency’s break above this resistance may indicate its ability to go further up and retest the $0.36 zone.
However, it is important to remember that the cryptocurrency is not out of the woods yet, when it comes to staying above the $0.3 resistance after it lost its footing and fell to $0.29 when FTX crashed.
5) Dogecoin (DOGE) Price Analysis
The latter half of 2022 has been favorable for Dogecoin, particularly compared to other cryptocurrencies across the market. According to datafrom CoinMarketCap, the cryptocurrency has rallied by 7.52% over the last seven days and is currently on neutral grounds from a daily perspective at the time of writing.
After hitting a low of $0.07 after the FTX collapse, the cryptocurrency started to rally to the upside again, eventually hitting the $0.95 zone.
The bears took control of the market again and eventually sunk the cryptocurrency back to the $0.07 zone.
The cryptocurrency is bullish from a short-term perspective and has reached a high of $0.11 over the last week.
Dogecoin is currently in a price reversal and testing the $0.96 zone. The bears are likely waiting at this zone and will attempt to lower the price of the cryptocurrency, possibly to a retest of the $0.07 zone.
However, suppose the bulls step up and push the price of the cryptocurrency to the upside. In that case, Dogecoin may experience a bounce and see a retest of the $0.16 zone it last tested during the cryptocurrency’s 110% rise to the upside in late October.
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.