Cryptocurrency Price Analysis: BTC, ETH, XRP and SOL
BTC bitcoin
Bitcoin price analysis shows that BTC has mostly traded below $30,000 for the past few days of the week. On August 9, 2023, BTC hit a weekly high of $30,144 after a strong bullish trend. Since then, however, it has been trading in a tight range below $30,000. BTC is currently trading at $29,392, a 0.81% retracement in 24 hours. Figure 1 shows.
The 20 EMA and 50 EMA lines are both pointing upwards, indicating a bullish trend. The Moving Average Convergence Divergence (MACD) indicator has been rising and continues to remain in positive territory. This is a strong bullish sign for Bitcoin in the days ahead. A strong resistance at $30,000 is expected to keep prices in check until a strong bullish sentiment emerges. However, if the bulls manage to break above the $30,000 level, Bitcoin could surge higher. The RSI indicator has been hovering around the 50 level, suggesting that the coin is range-bound.
ETH Ethereum
Ethereum (ETH) has been trading above $1,800 for most of the past seven days. Ethereum failed to rise and hold above $1,900 amid bearish momentum. On July 8, 2023, ETH hit a weekly low of $1,806 after a strong bearish trend. However, the bulls managed to push the price higher, with ETH hovering around $1,840. Figure 2 shows.
If the bulls manage to break above $1,900, the price could surge higher. The major support level at $1,800 will be key to watch for signs of bearish sentiment. If the price corrects back below $1,800, a bearish trend could be in place. Weekly technical indicators for ETH/USD suggest that the currency is trading in a range-bound pattern with no clear major trend. Both the 20-EMA and the 50-EMA are horizontal and pointing sideways. MACD has also been rising, entering neutral territory with no clear trend visible. The RSI has been hovering around the 50 level, suggesting that ETH is range-bound.
XRP Ripple
According to the weekly cryptocurrency price analysis, XRP has been trading between 0.640 and 0.660 for most of the week, moving sideways. The bearish pressure has been on the rise and the coin failed to break above the 0.670 level. The token is currently down 6.17% over the past 7 days and is currently trading at $0.6323. Figure 3 shows.
The 20-day EMA has a slight downward angle, suggesting that the bearish trend may continue soon. Moving Average Convergence/Divergence (MACD) is showing a bearish momentum with a slight divergence from the signal line. The relative strength index (RSI) is below 50, suggesting that selling pressure may remain strong in the days ahead. A break below $0.615 could lead the price lower; however, a break above $0.670 could push the price higher.
SOL Sole coin
Solana (SOL) remains one of the most bullish coins of the week. Price analysis shows that SOL has traded above $24.00 for most of the day, up 7% on a weekly basis. SOL is currently trading at $24.56, up 0.82% in 24 hours. The week was positive for the coin, with the bulls pushing the SOL price higher. Figure 4 shows.
Technical indicators for SOL/USD show a strong bullish trend. Both the 20 EMA and the 50 EMA are pointing upwards, indicating strong bullish momentum. MACD is also increasing in positive territory, confirming the bullish trend. Also, the RSI is above 500, indicating that the uptrend may continue in the coming days.
(Data source: Ann Mugoiri)