Key Insights
- The end of 2022 is almost upon us, and all eyes are on the price analysis of bitcoin, Ethereum, and several other altcoins on the market.
- Over the last few days, bitcoin has managed to break above and bounce from the $20,000 mark.
- According to data from CoinMarketCap, Ethereum is up by almost 20% over the last seven days, making it one of the top-performing altcoins of the week.
The end of 2022 is almost upon us, and all eyes are on the price analysis of Bitcoin, Ethereum, and several other altcoins on the market.
The year has been bearish so far, particularly because of the current bear market that has sent many cryptocurrencies across the market plunging from their all-time highs.
This article is focused on analyzing five of the biggest cryptocurrencies on the market: Their performance over time, what they are currently doing, and what they might do in the near future.
Bitcoin (BTC)Â Price Analysis
This week has been a very profitable one for the flagship cryptocurrency. According to data from CoinMarketCap, Bitcoin has been up by as much as 9% over the last seven days at the time of writing and is one of the best-performing cryptocurrencies in the last 7-day timeframe.
Over the last few days, bitcoin has managed to break above, and bounce from the $20,000 mark. At the time of writing, it trades at $20,908 and is only inches away from the $21,000 mark.
In the last two days, Bitcoin showed signs of a slightly bearish correction. However, the flagship cryptocurrency now looks sufficiently bullish and appears to be strengthening around the $20,900 zone.
Bitcoin’s price action comes at a time when there are no explicit fundamentals to support its recent move to the upside.
Recall that the cryptocurrency has been in a descending channel since the end of 2021 (as illustrated above), and has broken through the upper resistance of the channel, contrary to the expectations of the market’s traders and investors.
Despite breaking this trendline to the upside, Bitcoin has failed to show the expected “strong bullish movement” that often comes after a breakout.
Keep in mind that traders have started to withdraw large amounts of bitcoin from centralized exchanges, causing the balance on these platforms to fall to an 8.48% low, according to the data aggregator and market tracking platform, Santiment.
#Crypto analytics firm @santimentfeed noted last week that #Bitcoin exchange supply had reached a four-year low of 8.48%. Santiment also noted last week that Bitcoin’s small to mid-sized addresses (holding 0.1 to 10 BTC) held 15.9% of the coin’s available supply, an ATH level. pic.twitter.com/0DmRqvUksg
— James McKay (@McKayResearch) October 28, 2022
Such low balances on centralized exchanges were last seen four years ago.
Meanwhile, investors and traders continue to wait for the Federal Open Markets Committee (FOMC) meeting in November, and its possible effects on the price of bitcoin (and the rest of the market).
Ethereum (ETH)Â Price Analysis
Like most of the other cryptocurrencies on the market, Ethereum has had a very strong rally this week.
According to data from CoinMarketCap, Ethereum is up by almost 20% over the last seven days, making it one of the top-performing altcoins of the week. The last time such volatility was seen in the market was in September and may be an indicator of improving market conditions.
As illustrated above, Ethereum now appears to be at a strong resistance level around the $1,500 mark. It is currently pushing up against the upper resistance of the descending triangle formation on its long-term timeframes
Ethereum needs one higher high to initiate a breakout from the descending channel. If the bulls manage to pull this off, Ethereum may very well break above the $1,580 resistance and rally upwards to the $2,000 level or beyond.
Ripple Coin (XRP)Â Price Analysis
Ripple coin enjoyed especially strong price momentum compared to the rest of the market throughout September. Rising from a low of $0.32 in mid-September to resistance as high as $0.55.
However, the bullish price momentum on XRP appears to be waning as the cryptocurrency continues to squeeze itself into a symmetric triangle. This week, the reduced bullish price action was especially evident. XRP’s performance compared to the rest of the market in the last seven days was underwhelming because while cryptocurrencies like Ethereum, Polygon, and even Solana moved by more than 15% to the upside, respectively, XRP only moved by 3.6%.
The key resistance XRP has to worry about has to be the $0.55 zone. Looking ahead, XRP may attempt a rally to this zone, where the bulls and bears eventually decide on whether or not a breakout to the upside happens. If XRP fails to break out of the $0.55 zone, the cryptocurrency may fall further downwards to the $0.42support or even as low as the $0.38 support.
Cardano (ADA)Â Price Analysis
Just like Ethereum and a host of others, Cardano performed very well in the last 7 days.
According to data from CoinMarketCap, the cryptocurrency is up by as much as 17% over the last week. Cardano’s extreme bullishness is understandable, considering its lackluster performance in recent times.
After hitting the $0.3292 support a week ago, Cardano has now started to trend upward and appears to be doing well for itself.
The next resistance level the cryptocurrency has to worry about is the $0.42 support as illustrated above. Cardano is in the middle of a retest of this level and may break out to the upside, depending on how hard the bulls can push.
Conversely, if the bulls fail to initiate a breakout from this level, Cardano may fall further down and retest the $0.32 support.
Dogecoin (DOGE)
Dogecoin is by far one of the best-performing assets on the cryptocurrency market over the week. According to CoinMarketCap, Dogecoin exploded along with the other cryptocurrencies in the market, and is up by an insane 78% over the last seven days.
Even more amazing is how the cryptocurrency is up by 28% over the last day alone.
In the charts, Dogecoin’s behavior can only be described as “parabolic”. while the rest of the market is taking the time to cool off from last week’s bullish streak, Dogecoin appears to have no intentions of slowing down.
After hitting a $1.09 high over the last four hours, the cryptocurrency appears to be in a slight retracement and may continue its price explosion to the upside, depending on what happens next.
Considering the amount of strength the bulls have displayed against the bears in the last 7 days, Dogecoin appears to be at a fairly strong resistance around $0.104, last tested in May. The bulls have to push up against the resistance and initiate a breakout if Dogecoin is to have any chance of moving further to the upside.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but VOC will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile, so research and make your own financial decisions.
