Weekly Crypto Market Brief

Bitcoin continued its accumulation process in the recent period, while being engaged in constant battle with the 200 MA on the 1h and 4h charts. Buyers have stepped in admirably in the $18-19k zone whenever the price has threatened to break downwards, and the derivatives market continues to play out with no decisive move taking place for the premier virtual asset. The market remains in extreme fear mode, with successive small body candlesticks forming on the weekly chart and the $19.5k price remaining a critical level for traders watching the monthly candle close.

Meanwhile, Dogecoin (DOGE) continues to accumulate significantly at current price levels, operating in the $0.0562-0.0677 price zone over the past two months. The market structure remains healthy for the coin, as it has remained above the mid-June low at $0.049 and managed to retest the $0.0879 resistance with a bear market rally before another descent to current levels. As it constantly tussles with the 200 MA on the lower time frames, macro traders and investors would be looking for bullish signs on a larger scale, such as a reclaiming of the 200 MA on the weekly chart as support.

Ripple (XRP) experienced a significant surge in price in September 2022, almost doubling from $0.312 to $0.557 in a matter of weeks, before undergoing a period of consolidation above the $0.443 support level while battling with the 200 MA on the weekly chart. So far it has been holding the 200 MA on the daily chart as support post-price surge, with an apparent new price floor having formed at the current support level. Investors and traders will also be paying close attention to the final court ruling that is approaching for Ripple, which has been embroiled in a legal battle with the SEC for a significant period of time.

Decentraland (MANA) on the other hand, has been on a significant downtrend in the recent period, slowing grinding towards the $0.60 low it had initially reached during the mid-May market crash this year. There is significant market weakness for the coin, reflected by the fact that it is massively oversold on the higher time frames and that it recently fell below the 200 MA on the weekly chart. It is currently trading at levels which preceded its massive price surge in late October 2021.

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