Weekly Crypto Market Brief

🎯 Bitcoin (BTC) experienced a decline below the $26,000 price level in the past week, but it managed to hold that level as support. Additionally, Bitcoin remains above the 21-weekly EMA and the 200-daily MA, which are crucial levels in the charts. This suggests that the overall market structure for Bitcoin is healthy. Currently, Bitcoin is consolidating on a larger time frame and facing resistance at the 21 EMA on the daily chart.

🎯 Decentraland (MANA), on the other hand, has been on a downward trend since February of this year. It has been forming lower highs and lower lows in its price movements. In April 2023, MANA fell below the 200-daily MA and has since struggled to reclaim support above the 21 EMA on the same chart. It is uncertain what the price floor for MANA will be, and if market conditions worsen, it could potentially reach the price levels seen in December 2022 and January 2023, when it traded in the range of $0.29 – $0.43.

🎯 Dogecoin (DOGE) has continued to consolidate in the recent period, and is currently holding the $0.07 price level as support. In recent weeks, it has fallen below both the 21 daily EMA and the 200 daily MA, and is currently holding the former level as resistance. Despite the relatively high price volatility it has been producing in recent months, the renowned meme coin has exhibited a healthy market structure in the same period. Yet, the bulls would be anxious to maintain the mid-term price floor at current support levels in the upcoming period.

🎯 Aave (AAVE) has also been on a downward trend, similar to Decentraland. It has formed lower highs and lower lows on the daily chart in recent months. AAVE fell below the $66 price support earlier this month and is currently facing resistance at that level as well as the 21-daily EMA. On a larger scale, Aave is still in accumulative mode as it remains below the 21 EMA on the weekly chart, while operating at historical price levels. Traders and investors are eagerly awaiting the next significant move in the charts for this decentralized money market protocol.

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


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