Weekly Crypto Market Brief

Bitcoin has been operating in the delicate $37.7-43k region over the past few weeks, during which it took a sharp downwards turn on April 21, leading to lower highs and lower lows in the process. It has exhibited a choppy market in this area, where several support and resistance levels reside, and where buyers and sellers have so far been active in preventing a bigger move to the upside or downside. Overall, the situation remains bearish, with Bitcoin needing to reclaim the $43k and $47k levels in order to reverse the trend into a bullish mode.

Ripple (XRP) has been forming a distribution pattern since February 2022, with its highs reaching $0.91 per token, and a lower high of $0.80 reached on April 16, 2022. It has since been in a downward trend, breaking below the $0.65 support level and towards the $0.55-0.63 zone, a price region previously seen in July 2021 and January 2022. It has remained below the 200 MA on multiple time frames and it remains to be seen if it will reaccumulate in the coming period or if it will break down below the $0.50 support, to levels not visited since March 2021.

Dogecoin (DOGE) has been consolidating in the $0.11-0.18 region since January 2022, remaining below the 200 MA on the daily chart during this period. It needs to break above this resistance in order to revisit the highs of the summer and fall of 2021, when it briefly broke past the $0.30 resistance level. Its performance had been relatively muted in relation to other meme coins as well as the altcoin market in general, reflecting general market weakness for the coin in the recent period. That said, it would be interesting to see if there will be fundamental updates to boost the coin’s demand and price level in the upcoming period.

Shiba Inu (SHIB) has also been in consolidation mode with a bearish bias over the past several months. In January 2022, the token fell below the 200 daily MA before reclaiming it as support the following month in February for a 2-week period, before breaking down again and holding it as resistance, remaining below it since then. It has been trading in the $0.000021-0.000030 range since late February 2022, and needs to stay above the $0.000020 level in order to avoid a further drop to the downside.

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