Bitcoin price showed some spark of life in the cryptocurrency market as the price rallied from $25,800 to a high of $27,300, liquidating many open trades trying to short the price of Bitcoin, Ethereum and other weekly top 5 cryptos making so many waves presently.
The decisions by the United States Security and Exchange Commission (SEC) to delay the Bitcoin ETF (Bitcoin Exchange Traded Funds) ahead of schedule had little to no impact on the price of Bitcoin as the price had some major price action accompanied by volume after trading in a range for some weeks now.
As volume sets into the crypto market leading to the much anticipated price rally for Bitcoin, Ethereum, and other traded cryptocurrencies could become bullish.
The price of Tellor (TRB) and Chainlink (LINK) has gained much traction as on-chain data shows the price of LINK could rally to a high of $15 if a price rally follows such volume.
The cryptocurrency market continues to give much opportunity to traders and investors even when the price of Bitcoin remains a big determinant of the crypto market as smaller and more promising crypto assets keep rallying with much potential.
The cryptocurrency statistics for the week continue to look promising for Bitcoin and other weekly top 5 cryptos (DOGE, XRP, FTM, MATIC, TRX). We will discuss extensively ahead of a week filled with potential for many crypto traders and investors.
The heat map from Coin360.com shows the market has moved significantly from previous weeks. The market suffered much loss with just a few exemptions of the cryptocurrencies such as TRB, CYBER and others, making the much-anticipated price rally.
Bitcoin’s fear and greed index looks promising, indicating the sentiments of many traders and investors for the week remain neutral as the price of Bitcoin could attempt to push the price to a high of $28,000 as we head into the week.
Bitcoin’s price update for the first time in weeks creates a sense of anticipation for bulls as the price bounced from a region of $25,800 to a high of $27,300 before having a minor price rejection as Bitcoin bulls would be aiming to push the price to $28,000 or higher for the crypto market.
The price of Bitcoin (BTC) dropped to a low of $25,000 on the 17th of August, 2023 and has traded below its 50-day and 200-day Exponential Moving Averages (50-day and 200-day EMA) as BTC bears dominated price after suffering such price decline.
The price looks at its best after reclaiming its price on the daily timeframe above its 50-day and 200-day EMA ($26,700), currently acting as a support region for Bitcoin price as BTC bulls aim for $28,000 to $28,500, which will be a big boost for the crypto market.
If Bitcoin reclaims its price above $27,300 we would see BTC bulls push price to $28,000 in no time as there would be no resistance holding off BTC price. The price of $27,300 presently acts as resistance for BTC, which corresponds to the value of 38.6% Fibonacci Retracement.
Despite Bitcoin’s price rally, Ethereum (ETH) remain the better performer this week following a reclaim of its price above its key resistance of $1,660 as price could be set to rally high to a region of $1,750 as ETH bulls would be looking to retest key resistance of $1770.
Ethereum (ETH) currently trades above the 50-day EMA ($1,660), acting as support for the price as ETH bull could push the price to a region of $1,730 to $1,750 in an attempt to trend higher with price.
We would analyze Bitcoin and Ethereum price increase anticipation for these weekly top 5 cryptos (DOGE, XRP, FTM, MATIC, TRX) as they possess much potential ahead of the week.
Dogecoin (DOGE) Price Analysis as a Weekly Top 5 Cryptos To Watch
The price of Dogecoin (DOGE) has hit a significant roadblock recently as the price has struggled much under the dominance of bears as the price dropped to a low of $0.06, highlighting the need for the DOGE army to step into the market and push the price of DOGE higher.
There has been much speculation that Elon Musk incorporating DOGE as a mode of payment on X (formerly known as Twitter) hasn’t been implemented, which could have acted as a catalyst for the DOGE/USDT price.
On-chain analysis shows many DOGE faithful continue to hold their DOGE coins despite the price remaining at $0.06 for a considerably long time as data show much decline in the activities on the DOGE ecosystem including miners offloading over 350 Million coins and low activities from DOGE whales as the price could hit $0.055 if $0.06 support is lost.
If DOGE bulls fail to defend the price of DOGE from dropping below the region of $0.055 to a region of $0.050, it could mean the price of DOGE/USDT remains in bearish price decline as bulls could suffer much loss in price.
The price of DOGE/USDT currently trades below the 50-day EMA ($0.065), acting as resistance for the price of DOGE/USDT. If the price of DOGE/USDT breaks and closes above this region, we could see some relief bounce to a region of $0.075 for DOGE/USDT.
The Moving Average Convergence Divergence (MACD) and its daily Relative Strength Index (RSI) continue to indicate a bearish price trend as bears remain dominant on the price of DOGE/USDT until the price flips $0.065.
Major DOGE/USDT support zone – $0.055
Major DOGE/USDT resistance zone – $0.065
MACD trend – Bearish
Fantom (FTM) Price Analysis on the Daily Chart
The price of Fantom (FTM) has suffered much price decline in the past year as the bear market continues to affect the price of FTM/USDT, with the price dropping by over 85% from it’s all-time high of $3.5 to a price currently below $0.206 which corresponds to the 50-day EMA acting as resistance for FTM/USDT price.
Fantom has formed a good support of around $0.166 as the price of FTM/USDT bounced quickly after dropping to this region, acting as a demand zone for bulls as the price was driven up by traders and investors buying into FTM/USDT.
The price of FTM/USDT, after dropping to its yearly low of $0.166, has formed a bullish descending triangle that could be a huge boost for bulls, as a breakout above $0.021 could lead to the price rallying to a high of $0.25.
The region of $0.25 to $0.28 (FIB value of 23.6%) remains a key resistance for FTM/USDT price as bears would be looking to sell off as price approaches this region of interest.
Fantom’s MACD and RSI on the daily timeframe point in one direction as prices could rally high in the coming weeks.
Major FTM/USDT support zone – $0.166
Major FTM/USDT resistance zone – $0.25
MACD trend – Bullish
Ripple (XRP) Daily Price Analysis as a Top 5 Crypto
Ripple’s (XRP) price looks promising for the new week as the price has respected its key support of $0.45, bouncing off this region to force a breakout by bulls from its range price movement that has lasted for over 2 weeks now as a breakout for XRP/USDT could mean a bullish price movement.
The price of XRP/USDT tried breaking out above $0.55 but looked like a fakeout as the price was quickly rejected by bears as the price of XRP/USDT maintained its range price movement below its 50-day EMA as bulls would be looking for a breakout.
The price of XRP/USDT needs to break above $0.55, corresponding to the 23.6% FIB value acting as resistance for bulls, as a close above this region could see the price rally to a high of $0.65 to $0.7.
Ripple’s MACD and RSI on the daily timeframe booth look bullish as the price breaks out from its range price movement.
If the price of XRP/USDT fails to breakout of its range price movement, we could see bulls losing patience as a breakout above $0.55 would spark the light into bulls to place more buy orders for XRP.
Major XRP/USDT support zone – $0.46
Major XRP/USDT resistance zone – $0.55
MACD trend – Bullish
Polygon Matic (MATIC) Price Analysis on the Daily Timeframe
The price of Polygon Matic (MATIC) has had a rather rough time despite having so many investors and partnerships in its rank as the price of MATIC/USDT has seen a much of a bearish downtrend as the price failed to hold key support of $0.65.
Polygon Matic (MATIC) in the early part of this year showed much price action, rallying to a high of $1.6 as many traders and investors speculated a $2 MATIC/USDT. Still, the price was rejected from its yearly high as it has remained in a downtrend.
After finding support at $0.50, the price of MATIC/USDT could be set to rally to retest the resistance at $0.55 a break and closing above this resistance could see bulls push the price of MATIC/USDT to $0.8, which corresponds to 23.6% FIB value acting as major resistance for the price.
MATIC bulls need to step in and buy into the price of MATIC/USDT to push the price higher above this key support region. If the price of MATIC breaks below $0.5, we could see the price retest the lows of $0.35.
The MACD and RSI for MATIC/USDT on the daily timeframe look good, as there are hopes of a bullish price trend as the price heads into a new week.
Major MATIC/USDT support zone – $0.46
Major MATIC/USDT resistance zone – $0.55
MACD trend – Bullish
TRON (TRX) Price Analysis on the Daily Price Chart
The price action for TRON (TRX) has been imposed as the price shows a bullish price rally across a higher timeframe as the price could aim to retest $0.11, where bulls would be out to push the price higher, or bears could reject the price of TRX/USDT.
A key factor in the price of TRX/USDT skyrocketing in recent times is the increase in activities, as the TRON network is known for its scalability and high throughput compared to other networks.
Recent statistics show over $4.8 million daily transactions on the TRON network, highlighting the increased price rally as bulls continue to capitalize on this advantage to make great profit returns.
The price of TRX/USDT looks bullish both on the daily MACD and RSI indicators, as the price could attempt to maintain its bullish uptrend in the coming weeks.
Bulls would be looking at price retracing to a region of $0.084 to place more buy orders for TRX as the price looks bullish, with every minor pullback presenting a great buying opportunity.
Major TRX/USDT support zone – $0.084
Major TRX/USDT resistance zone – $0.11
MACD trend – Bullish
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
