Weekly Crypto Market Brief

🎯 Bitcoin hit a peak of $31k in mid-April 2023, but since then it has encountered selling pressure and formed a lower high. It has struggled to regain its previous upward momentum and has been repeatedly testing the 21 EMA on the daily chart, without being able to hold it as steady support. Nonetheless, Bitcoin is still trading above the 200 MA on the daily chart, despite a recent bearish signal on the weekly chart that has contributed to the current slowdown in its upward movement.

🎯 Decentraland’s (MANA) decline has persisted over the past few weeks, with the price nearing the $0.50 support level. This came after a bearish weekly engulfing candle was formed in the middle of last month. Currently, the cryptocurrency is encountering resistance at the 21 EMA on the weekly chart, and has already fallen below the 200 daily MA. This suggests that the outlook for the leading metaverse token may be bearish, as it struggled to hold the 200 daily MA as support before it became resistance.

🎯 In April 2023, Dogecoin (DOGE) displayed a double top pattern on the daily chart, which caused it to drop below the 200 daily MA. The cryptocurrency is currently experiencing resistance at this level, while trading above the $0.0778 support level. On the weekly chart, DOGE formed a bearish engulfing candle and also broke below the 200 MA, underscoring its volatile market behavior in recent times. If the current support level is breached, it could result in further market decline, with the next support level at $0.0731 potentially coming into play.

🎯 Aave (AAVE) has engaged in constant battle with the 200 daily MA in recent weeks. It recently fell through this level and is holding it as resistance, while operating over the $68-69 support zone. It had undergone a significant prior price decline, falling from the $82 price level to the current level in a matter of days, before consolidating. Its heavy drop followed a brief distribution period in mid-April 2023, and now traders and investors will be observant as to whether a further price fall towards the $50-55 price area could be in play.

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


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