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Weekly Crypto Market Brief

Bitcoin has remained in the $17.6-21.9k range while falling towards the lower channel support over the last few days. The cryptocurrency market is weak and remains in extreme fear mode. Inflows of Bitcoin and other cryptocurrencies into exchanges have continued, reflecting negative market sentiment. Having briefly broken upwards past the 200 MA on the 1h chart, Bitcoin failed hold it as support and is now threatening to form new lows in the market.

Decentraland (MANA) has continued to reflect the overall cryptocurrency market bearishness, while consolidating in the $0.70-1.35 range. It briefly broke upwards past the 200 MA level on the 4h chart, but formed a distribution pattern between June 25 and 28, 2022, before breaking down and failing to hold above the significant $0.90 support level. Bulls will be hoping that the token does not fall below the $0.70 level, since this would potentially result in new swing lows being reached by Decentraland.

Dogecoin (DOGE) reached new lows over the past few weeks, falling into the $0.05-0.08 range, a price region not experienced since April 2021. It has also fallen below the 200 MA on the weekly chart, holding it as resistance. This is a particularly bearish development for the meme coin, as it reflects significant weakness on a cyclical level. In recent days, it has also broken below the 200 MA levels on both the 1h and 4h charts, indicating short-term as well as long-term weakness for the token.

Shiba Inu (SHIB) is in slightly better shape than fellow meme coin Dogecoin, as it has been showing relative strength so far by successfully holding the 200 MA on the 4h chart as support, and potentially forming a higher low in the short term. Yet, it needs to reclaim successive support levels at $0.000012, $0.000014 and $0.000016, to sustain any chance for a bullish reversal in the current market conditions. Its current trading range of $0.000007-0.000013 remains the lowest price zone for the token since early October 2021.

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