- The overall market declined last week.
- Bitcoin has lost around 10 percent.
- DOT, UNI, SUSHI continue to consolidate.
Over the last seven days, Cardano (ADA) has been the largest gainer and has taken place as the third-largest cryptocurrency by market cap. It increased by almost 20 percent and currently trades around $1.32.
Weekly Crypto Price Prediction: Markets set to finally rally
Our previous Weekly Crypto Price Analysis predicted that the markets would continue moving higher for the second half of February. This indeed came out to be accurate; however, the end of the month was very bearish for most of the market. Let`s take a closer look at what happened with this week’s most popular coins.
As mentioned in our previous Bitcoin price prediction, the market has declined for almost two weeks now after setting a new all-time high of around $58,000. BTC/USD set several lower lows and highs over the past days resulting in a new local swing low of $43,000.
However, after the low was set at $43,000, the Bitcoin price did reverse and set a new higher high above $48,000. This is the first indication that the market is potentially ready to reverse its medium-term trend to the upside. Further confirmation for this would be when crypto price can set a higher low above $45,000 support.
A long position could be taken with the expectation that the medium-term trend has reversed from thereon. Right now, we should wait for further price action development.
After Ethereum spent some time around 1,650 last week, the market did reverse to the downside again and set further low around $1,300. Therefore the price of Ethereum around 35 percent from the all-time high of $2,040. This move could be considered as a retest of the previous several-week resistance area around $1,300-$1,400.
Therefore, Ethereum could reverse this week. The first sign of potential reversal is the current move back above the $1,500 price point. Once crypto price can retrace lower and establish a clear higher low, potentially around $1,400, a long position with the expectation that the medium-term uptrend has resumed could be taken.
The next target to the upside is likely to be the previous support/resistance level of $1,700. It has reversed the price in a major way several times during the past weeks and is likely to be reached by the end of this week. For now, traders should wait for further price action development.
Last week, Polkadot aimed to test the $25 mark as a very volatile market movement pushed it lower from the all-time high of $42. However, DOT did find support around $28-$30 and since then has consolidated in a range with the resistance being around $36.
Currently, the price of Polkadot tests the resistance once again. If DOT can manage to move above this resistance, we can expect that the overall bullish momentum will continue. The next resistance that would hold the market from moving higher is at the previous all-time high of $42.
Alternatively, if the price of Polkadot moves below $28 support, we can expect further downside over the upcoming week, with the following support located around $24.
Uniswap has seen similar price action as Polkadot over the past two weeks. After setting a new all-time high at $33, the market saw a sharp decline towards $20. From there on, another lower high was set at $27 as the market rebounded.
Over the past few days, Uniswap slowly retraced towards the $20 mark again. This move resulted in increased bullish pressure and a move towards $25 resistance. Currently, the price of Uniswap seems to reject further upside.
Therefore, we should see UNI moving lower again over the first half of the week as it looks to test support around the $20 mark. Until it is broken, we expect the market to start trading higher later on this month. Right now, UNI/USD needs to set a clear higher low, which would invite more bulls into the market.
SushiSwap has continued moving sideways for almost a month after the market lost its momentum over the second half of February. A range of around $13-$17 currently seems to hold the market from moving higher.
After several tests of the $17 last week, the price of SushiSwap did manage to set a slightly higher high and low, indicating that bullish momentum is slowly building up. However, until a clear break above the $17 mark is achieved, SUSHI is likely to continue moving sideways.
This consolidation could be used to range trade the market, although the best option would be to wait for a clear higher high and a higher low. After the price action of SUSHI/USD manages to set these targets, the next resistance to the upside will likely be the previous all-time high of $19.5.
Weekly Crypto Price Prediction: Conclusion
Overall our Weekly Crypto Price Analysis indicates that bulls are slowly regaining control. We expect the market to move lower once again over the first half of this week as new higher lows need to be made before a reversal can be confirmed. A good sign for the markets is the fact that the several-week downswing has lost its momentum. Therefore, by the end of March, we should see previous all-time highs tested again.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.