Summary of the situation
- The crypto markets have experienced a sharp correction over the past week.
- Vechain is one of the few pieces that was quickly recovered.
- Polka dot continues to struggle after consolidating for most of the week.
This week’s weekly analysis of cryptocurrency prices focuses on bitcoin, Ethereum, Chainlink, Polkadot and VeChain. The general market showed good results in the first days of last week. Nevertheless, a sharp market correction occurred over the weekend, resulting in a significant medium-term correction from which markets are likely to rebound in the coming weeks.
7-day market heatmap on coins360
On the 7-day heat map, we see a mixed performance from the market. The market leader, bitcoin, is trading at an 8% loss after a roller coaster ride last week.
The rest of the market is following this trend, with a few exceptions, such as Dogecoin, which is up over 400% and trading around $0.37. Moreover, VeChain is a rare coin that has maintained its bullish momentum, as it trades at an 80% gain over seven days.
Let’s take a look at some of the most popular cryptocurrencies this week.
Weekly cryptocurrency price forecast:
Bitcoin has regained most of its gains from earlier this month. After hitting a new all-time high just below $65,000, BTC began a slow recovery phase with several lower highs and lows.
After breaking through support at $61,000, the market quickly declined and eventually gave up a new low around $51,500. From that point, the crypto’s price rose in the next 24 hours and found resistance at $57,000.
Another downward push is being considered for today, as the market is likely aiming for a higher low from which it can start rising this week. Therefore, we expect the cryptocurrency to recover most of the losses we saw earlier in the week unless the current low of $51,500 is broken.
4 hour chart BTC/USD. Source: TradingView
Ethereum experienced a similar price movement to Bitcoin last week. After peaking at $2,550 on Thursday, the market began to pull back and begin a decent correction towards $2,300 support. However, after another attempt to rise, the crypto’s price momentum shifted towards $2,500 and quickly began to lose ground over the next few hours.
Ethereum fell nearly 20% after this change in price dynamics and found support around $2,040. After a short-lived recovery, a new downward move was observed yesterday, forming a double bottom.
Therefore, we expect Ethereum to move higher this week. ETH/USD is currently planning to retest the $2,040 support and if it is not broken, we will see a return of bullish momentum later this week.
ETH/USD chart 4 hours. Source: TradingView
This week the link in the chain has been very unstable. Initially, the market rose to $44 and set a new record. After a consolidation at the end of last week, a strong reversal took place.
After a similar sharp rise, resistance was found at $37. From there, a new rise to the $33 support was observed. The crypto’s action effectively put down a double bottom, leading to a subsequent push higher overnight.
Most of the earlier loss was made up in the last 24 hours as LINK/USD moved back above the $40 level and peaked at $42. LINK began a new downward move and fell well below the previous double bottom formation in the last few hours, when it briefly hit $32.
Therefore, the market seems to be rejecting a new downtrend, which means we should see a new uptrend later this week. If the increased volatility continues, it is likely that the previous ATH at $44 will be breached.
LINK/USD chart 4 hours. Source: TradingView
Polka dot continued to struggle last week after consolidating earlier this month. After several retests of $40 support, a quick rally took place on Saturday, leading to a new all-time high just above $48.
However, the bears quickly pushed the market lower, resulting in strong bearish momentum that took over the next few hours. The polka dot quickly broke the $40 support until the further decline was halted at $32.
From there, the market moved to the $38 support level, which is now acting as resistance. Last night the market broke through this resistance, causing the current move back down. As we see the crypto price set a new higher low above $32, we can expect the bulls to take control this week and drive the market to previous highs.
DOT/USD chart 4 hours. Source: TradingView
VeChain is one of the few cryptocurrencies that did not break its bull market structure last week. After peaking at $27 on Saturday, the market quickly dropped back to $0.24.
A steady downward movement followed until a rapid rise early Sunday. Another downtrend was rejected and a new downward push tested support around $0.19, suggesting that a new downtrend was unlikely to be considered an upper low.
Over the course of the night, we saw the price of the crypto rise again and almost reach the previous all-time high. Resistance was found at $0.27, which means that we are now effectively trading in a narrowing range with lower highs and higher lows.
However, since no significant lows were reached last week, we can still expect the overall trend to be bullish for a few more weeks. Unless a lower bottom is formed, we expect the ETV/USD to continue to rise over the course of the week.
VET/USD chart 4 hours. Source: TradingView
Weekly cryptocurrency price forecast: Supplement
Overall, our weekly analysis of crypto prices suggests that we should see a return of bullish sentiment this week. Since a new downtrend has been rejected multiple times for most cryptocurrencies, there is simply no other way but up, as bulls can increase their cryptocurrency holdings at discounted prices.
For more information, check out our guide on bitcoin mining software and our article on ETH gas prices. To learn more about Polkadot, check out our long term price forecast for Polkadot.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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