Weekly Crypto Market Brief

🎯 Bitcoin’s price has gone up a lot in the last week and broke through an important resistance zone at $28.5-29.5k, which is now acting as support. This is the highest price for Bitcoin since June 2022. The price is being supported by the 21 daily EMA, and the market is looking good. Recently, the price has been distributed on the 4h time frame while reaching a local peak at $31k per coin, with derivatives traders taking control in the short term.

🎯 The price of Ethereum (ETH) went up a lot from April 10th to April 16th, increasing by almost $300 and reaching $2140 per coin. This is a 15% increase and the highest price for Ethereum since May 2022. It also broke through and stayed above the important resistance level at $2000. Long-term investors are watching the monthly chart closely, as if Ethereum closes at these higher price levels, it will print a monthly candle above the 21 EMA for the first time since April last year. In the context of a market cycle, this would be a major milestone.

🎯 Similarly, Litecoin (LTC) is looking to close above the 21 EMA on the monthly chart, after posting solid gains over the past several days. While holding the 21 daily EMA as support, the veteran altcoin rose from $90 on April 10, 2023, to over $102 per coin, a 13% increase. It is currently holding the 200 MA on the weekly chart as resistance, after doing the same in January and February of this year. There is significant confluence between this resistance and the $100 psychological level, and a break above would present significant bullish potential in the market.

🎯 After reaching the $0.58 level at the end of March 2023, Ripple (XRP) proceeded to consolidate while tussling with the 21 EMA on the 4h chart. It has still managed to stay above the 21 daily EMA in this period. Even more significantly, it has held the 200 MA as support on the weekly chart. Having closed above the 21 monthly EMA in March 2023, traders and investors will anxiously look to see whether it will be successful in holding this level as support in the medium term, since doing so will have significant implications regarding any potential bullish move to follow in the market.

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


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