Weekly Crypto Market Brief

🎯 Bitcoin has maintained its range of $26.5k-29.5k, battling the 21 EMA level on the 4h chart, and holding support over the 21 EMA on the daily chart. The asset also gained strength by establishing a foothold above the 200 MA on the weekly chart, bolstering its bullish credentials. This is notable for the premier virtual asset, since it serves as a boost to Bitcoin’s bullish credentials in the upcoming period.

🎯 Recently, the price of Decentraland (MANA) has dropped below the 21 EMA on the weekly chart and is currently being held as a resistance level. However, it has managed to stay above the 200 MA on the daily chart, despite briefly dipping below it last month. Its price has consolidated within the $0.48–0.84 range, which could potentially serve as a platform for a significant price swing in the near future. Although there are some indications of a decline in bearish momentum on higher time frames, it is too early to determine the nature of the token’s next major market move.

🎯 Dogecoin (DOGE) printed a Dragonfly Doji on the monthly chart while holding the 200 MA as resistance on the daily chart. It broke past this level on April 1, 2023, before rocketing from the $0.0765 price to reach the $0.1048 level, just two days later. A weekly close at this level would be significant for the premier meme coin in the cryptocurrency market, as traders would be attentive to potential gains made from a potential sustained rally to higher price levels. Should the $0.1045 resistance level turn into a support, the $0.1200 price level would serve as the next target for the bulls.

🎯 In the recent period, Aave (AAVE) has displayed erratic behavior in the market. It previously held the 200 daily MA as a support level, but dipped below it twice, with a surge to the $82 price level in between. However, after its second dip, it has reclaimed the same level as support and appears to be holding above the significant $72.5 level on the weekly chart. Traders have taken note of this, as it increases the possibility of bullish market behavior if this level is sustained over a longer period. As a result, they will closely monitor the token’s price action in the coming weeks.

Stay tuned for weekly updates on the cryptonews and performance of major tokens and coins.


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