Weekly Cryptocurrency Summary – Bitcoin (BTC/USD)
The BTC/USD coin failed to halt its overnight rally and fell to an intraday low of around $48,000. The Bitcoin price continued to fall from the $52,000 resistance zone, breaking the $48,000 support level and settling below the 100 hourly simple moving average. Bitcoin may continue to lose if it fails to break through the $49,500 resistance level. On the downside, the $48,000 level provides immediate support.
Weekly Cryptocurrency Summary – Ethereum (ETH/USD)
During Friday’s Asian trading session, the Ethereum price was heavily bearish. The daily pattern has been characterized by sustained, steady and constant selling pressure, with no sign of relief in sight. Ethereum is struggling to gain pace against the US Dollar above the $4,200 zone, but it seems to have failed. ETH started a downside correction, and began trading below the $4,200 support zone.
Weekly Cryptocurrency Summary – Litecoin (LTC/USD)
The LTC/USD coin pair remained well-offered near the 152.000 mark. It was unable to break its early-day losing streak. At the time of writing, LTC/USD was trading at $153.44, which was down 7.12 percent on the day. The price of the coin is about to break below the channel’s lower boundary, indicating that it is moving lower. Despite minimal volatility, LTC/USD is still in a short-term bearish trend. If the market regains strong momentum, the LTC price may follow the channel pattern. Otherwise, there’s a chance that more breakdowns will emerge. For example, a likely pullback below the channel’s lower limit might push the price of Litecoin below support levels of $130, $120 and $110, resulting in a new monthly low. However, if the market price rises, buying pressure may reach the nearest resistance levels of $170 and $180.
The crypto market’s gloomy performance, which has affected all crypto coins, could be responsible for LTC’s downward trend. The recent dip in BTC prices provides evidence of this. The price of Bitcoin failed to hold over $48,000, and it began a new downward trend against the US dollar. As a result, BTC started to decline gradually and it broke through the $48,000 support level, entering a bearish zone.
Weekly Cryptocurrency Summary – Ripple (XRP/USD)
The XRP/USD coin failed to stop its downside rally, and it is still flashing red below the 0.85000 level. Ripple (XRP) slipped by 0.42% on the day. Following a 5.63% rally on Wednesday, Ripple ended the day at $0.84404. XRP then fell to an intraday low of $0.83271 before making a move after a tumultuous morning. If the bulls cannot push the price higher, a bearish breakdown is predicted, allowing traders to sell at the $0.80 support, and then at the $0.70, $0.65 and $0.60 support levels.
Weekly Cryptocurrency Summary – DOGECOIN (DOGE/USD)
On Friday, the DOGE/USD currency pair flashed green from the start of the day. The bearish price action in Dogecoin has gotten stronger as the coin has been trading at a multi-week low. The altcoin was trading at $0.169 at the time of writing, with an immediate support level at $0.161. Over the last week, the price has been stuck at $0.188 and $0.161. The coin’s technicals also indicated bearishness. Friday’s Dogecoin price was $0.168264, with a trading volume of $1,043,424,756 in the previous 24 hours. Dogecoin dropped 3.36 percent in the 24 hours prior to the time of writing. It has a live market cap of $22,553,124,441 USD.
Cryptocurrency usage and popularity have expanded more than ever before in 2021. While cryptocurrency adoption is widespread, recent research by Google (NASDAQ:GOOGL) Trend has revealed which cryptocurrencies have received the most public attention. The increasing popularity of cryptos has been confirmed by Google Trends, a website that measures the popularity of top search terms; for the first time in history, crypto-related searches will be among the most popular news in a year.
According to Google Trends, “Dogecoin” and “Ethereum Price” were among the top ten most sought-after news stories in 2021. But this news has had no positive influence on Dogecoin thus far.