Cryptocurrency markets have been inching higher ever since the start of this week, mainly due to comments from Powell. On Wednesday, Fed Chair Jerome Powell’s comments hinted that the next rate hike would be smaller in size. In addition, he also hinted at a pivot in the Fed’s policy if the inflation is kept under control.
As a result of these comments, crypto markets turned higher… At the time of writing this, the total market cap for cryptocurrencies was standing at $853.83 billion. In short, things have started to look a little optimistic in the short term. However, it will still take a lot more to pull the market out of the bearish trend in the long term!
So without wasting time, let’s look at what happened with the BTC, ETH, and other cryptocurrencies this week, as well as what’s expected in the upcoming week!
Weekly Open: $16428.77
Weekly High: $17324.00
Weekly Low: $15995.27
Bitcoin kicked off Monday’s session at $16428.77 and eventually closed the day at $16212.91. In short, the first day of the week was won by the bears. However, the Tuesday session closed at the same price level as the weekly opening ($16428.77). In short, the first day of the week was won by the bears while the 2nd day was won by the bulls – But upon comparing the two trading sessions, it was a stalemate.
However, the real action started on Wednesday when Jerome Powell left his comments regarding inflation and the interest rate policy. As a result, BTC gained 2.47% during the first hour of the Wednesday session – From there, BTC managed to touch a weekly high of $17324. And for now, it seems that Bitcoin (BTC) is now in consolidation and looking for the next direction.
If we look at the 4 hours chart of BTC, it becomes clear that the price has failed to break the resistance at $17,200. The next immediate resistance is located at $17,600. On the downside, there seem to be a lot of buyers in the $16,000 – $15700 support area.
So, for now, we believe that Bitcoin (BTC) will continue to play between these important levels. But if the two resistance levels ($17200 and $17600) are conquered by the BTC bulls, it will help Bitcoin (BTC) gain a potential 14% upside.
Weekly Open: $1194.80
Weekly High: $1309.77
Weekly Low: $1151.02
The price action of Ethereum (ETH) was similar to Bitcoin during this week as well. Ethereum (ETH) started the week at $1194.80 – From there, it made a low of $1151.02 and a high of $1309.77. For now, Ethereum (ETH) is trading just a little below its weekly highs showing signs of bullish resilience.
If you look at the hourly chart of Ethereum, it started to edge higher from 28th November in an upward trendline. This trendline was only broken on 1st December when the Ethereum (ETH) started showing signs of consolidation. So, for now, Ethereum (ETH) has entered into a new price channel which is also bullish.
But when compared with the earlier trendline, its trend is less inclined, which is a sign that ETH is not as bullish as it was a few days ago.
For now, a break below the blue price channel will turn ETH bearish and could end up touching $1230. And if the price breaks above the blue price channel, the next target for ETH will be somewhere around $1350.
Weekly Open: $307.7
Weekly High: $309.6
Weekly Low: $285.4
For some reason, Binance didn’t join the bullish party started by Bitcoin (BTC) and Ethereum (ETH). As a result, BNB started the week at $307.7 and actually made a weekly low of around $285. For now, Binance (BNB) is actually trading near its weekly lows showing signs of bearish pressure.
On the fundamental front, Binance has hired an accounting firm to confirm its asset reserves. Other than that, we have already seen the collapse of the FTX exchange – These two factors might be putting the Binance (BNB) under bearish pressure.
The latest data from this week suggests that the market cap for Binance (BNB) is around $46.33 billion, which has earned it the #4 spot among the top cryptocurrencies. So despite the poor weekly performance, Binance (BNB) remains a key player in the crypto markets.
If we look at the hourly chart of Binance from 28th November to 2 December 2022, it seems to have formed a base around the $288 price level. On the topside, we have a bearish trendline which is bringing Binance (BNB) close to its support levels.
This whole price action reveals that a breakout in Binance (BNB) is almost here in either direction. So whether we get a bullish breakout or a bearish one, we will see price swings of 7.50%!
Weekly Open: $0.09870
Weekly High: $0.11000
Weekly Low: $0.09056
With a market cap of $13.12 billion, Dogecoin is sitting firmly at the #8th spot among the top cryptocurrencies. On 28th November, Dogecoin (DOGE) kicked off the week at $0.09870 and eventually made a low of $0.09056, followed by a high of $0.11000. And currently, the price is trading close to the weekly opening price.
So in a sense, Dogecoin (DOGE) has just made some zig-zag moves and gained nothing of value.
Upon looking at the hourly chart of Dogecoin (DOGE), the important resistance level is located at 0.10800, while the support zone is located at 0.9400 to $0.9200. But upon looking at the price action, it seems that there’s a high chance that DOGE will turn higher instead of testing its support levels.
Weekly Open: $0.3126
Weekly High: $0.3209
Weekly Low: $0.3000
Cardano (ADA) seems to be forming an interesting bullish pattern on the hourly charts. We have the topside resistance sitting near the $0.3200 price level, and a bullish trendline is pushing the price toward that resistance.
This means that if Cardano (ADA) manages to break its resistance level ($0.3200), there’s a chance that it will add an additional 6.57% to its value.
On the hourly chart, the pattern may look too extended, but if you load the 4 hours chart, it becomes clear that it is indeed a strong signal. So for the next week, Cardano (ADA)’s forecast is indeed bullish with a chance of a 6.57% upside.
However, the general sentiment surrounding the crypto market will also play a key role during the next week – So when you look at potential entry points for ADA, remember to keep this in your consideration as well.
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