|

How great are the chances of the crypto market to set new peaks in the upcoming week?

On the last day of the week, the cryptocurrency market is located in neutral mode as neither bulls nor bears control the situation at the moment.

Chart

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has gone down by 0.61% since yesterday while the decline over the last week has been a whopping 14%.

BTCUSD

BTC/USD chart by TradingView

Bitcoin (BTC) has almost tested the support of $45,000. However, the price has bounced back from it. Today, bulls are showing power, which means that short-term growth may occur in the next week. If that happens, the nearest resistance at $53,500 might be tested shortly. But there are low chances for bulls to break it as the rise is not supported by large trading volume.

Bitcoin is trading at $48,708 at press time.

ETH/USD

The rate of the main altcoin has decreased by 4.72%.

ETHUSD

ETH/USD chart by TradingView

Ethereum (ETH) is not looking as bullish as Bitcoin (BTC), as buyers might have run out of power to keep the price at new peaks. Thus, the coin has already tested the support at $3,610 many times, which confirms the weakness of bulls.

From the other side, the selling trading volume is low, considering a bounceback to the area around the MA 50 ($4,000) before a further decline.

Ethereum is trading at $3,720 at press time.

XRP/USD

XRP is the biggest gainer today as its rate has rocketed by 13%.

XRPUSD

XRP/USD chart by TradingView

XRP is slightly approaching the resistance of $1.66 on the daily chart. However, the buying trading volume is still low, which means that bulls have not accumulated enough power yet to set new peaks. But if they manage to fix above $1.66, the next resistance at $1.88 might be easily attained.

XRP is trading at $1.55 at press time.

ADA/USD

Cardano (ADA) is not an exception to the rule as its price has increased by 3%.

ADAUSD

ADA/USD chart by TradingView

Cardano (ADA) has already shown its growth potential and, to keep the growth, it needs to gain more power by trading sideways. The coin has made a false breakout of the $2.46 mark on the daily time frame, which means that a possible drop to the area of $2.20-$2.30 might occur soon.

ADA is trading at $2.36 at press time.

BNB/USD

Binance Coin (BTC) has not shown such a big rise as Cardano (ADA) as it has only risen by 2%.

BNBUSD

BNB/USD chart by TradingView

Binance Coin (BTC) is located in a wide sideways range on the daily chart after it has bounced back a few times from the level of $562. Until the native exchange coin remains trading above it, the bullish scenario remains active.

Binance Coin is trading at $592 at press time.


Read full original article on U.Today

Author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

More from Denys Serhiichuk
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Stellar Price Forecast: XLM slips below $0.22 as bearish momentum builds

Stellar (XLM) price is trading below $0.22 at the time of writing on Wednesday after failing to close above the key resistance earlier this week. Bearish momentum continues to strengthen, with open interest falling and short bets rising.

Pi Network Price Forecast: PI struggles to rebound amid muted demand

Pi Network (PI) edges higher by almost 1% at press time on Wednesday, bouncing off the $0.2000 level after a four-day decline. The recovery lacks momentum as the social interest surrounding Pi Network declines. Technically, PI is at a crossroads, struggling for a rebound as momentum is lacking.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risks as breakout attempts falter

Bitcoin, Ethereum and Ripple continue to trade in red on Wednesday as recent breakout attempts lose momentum near key resistance levels. BTC failed to reclaim the $90,000, ETH slipped below $3,000, while XRP faced rejection near $1.96.

Top Crypto Losers: NIGHT, PUMP, TAO – Altcoins plunge just before the holidays

Midnight (NIGHT), Pump.fun (PUMP) and Bittensor (TAO) are leading losses over the last 24 hours as the broader cryptocurrency market declines. The altcoins under pressure risk further losses as the selling pressure rises just before the holidays.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.