by Gideon Geoffrey 
ADA was gaining a lot of attention at the start of the week. This stems from several fundamentals relating to its ecosystem. One such was Charles Hoskinson’s proposal to partner with Bitcoin Cash. He conducted a poll on X, asking users to vote on the collaboration. The poll garnered over 14,000 votes, with over 68% in favor.
Nonetheless, the Cardano co-founder hinted that the bitcoin fork would have to be bridged or cross-chained for compatibility with his project. However, neither project has yet to agree on the technical aspect of such collaboration.
However, traders gradually moved past the fundamentals, and the asset is trading at a loss. This is the same trend with the global cryptocurrency market cap. It is down by over 5% as it is worth $2.26 trillion from $2.36 trillion.
The current crypto market valuation points to the decline in the price of other assets. Let’s examine how they performed.
Table of Contents
1. Bitcoin (BTC)
Bitcoin is down by over 4% on the weekly scale. This comes after it retraced to a low of $60k and failed to surge above $65k. After hitting a brick wall at $65,500, it started a decline that it’s struggling to recover from.
In response, the bulls are trying to stage a buyback at $60k. This move produced minimal results as the coin is exchanging at $61k. However, no sign of a massive pump will erase the coin’s accumulated losses.
The moving average convergence divergence is seeing less volatility. This is the same trend with BTC. In the last 48 hours, it barely moved by 2%. In response, MACD has yet to show its bearish divergence. The space between the 12-day EMA and the 26-day EMA remains closed. Nonetheless, the current trend indicates an impending breakout.
The exponential moving averages hint at prices going downhill. On more than three occasions, bitcoin failed to break the 50-day EMA decisively. Following its inability to flip it, the asset retested the 100-day EMA and bounced off it twice.
If the apex coin flips the metric, it will retest the 61% Fibonacci retracement level at $60,200. Breaking this level will result in the coin edging close to the 200-day EMA at $53k. Nonetheless, before this critical level, the bulls will attempt a buyback at the 50% Fib level.
2. Ethereum (ETH)
Ethereum bulls are attempting a recovery as it appears the downtrend is coming to a grinding halt. During the previous intraday session, the doji saw the asset return to its weekly low. Nonetheless, the current candle possesses a more pronounced body.
The most recent price trend shows the bull’s failed attempt to halt the ETH correction as it nears the second consecutive week of losses. It is down by over 6% on the weekly scale, extending the losses in the last fourteen days to almost 10%.
A closer look at the chart shows the coin edging close to the first pivot support at $2,664. MACD is hinting at the chances that this will happen, as it displayed a bearish divergence a few days ago. Amidst small attempts at recovery in the last 48 hours, the 12-day EMA continues its descent. As a result, the space between both MACD’s EMA is growing.
Having lost the 61% Fib retracement level, the bulls will look for buyback opportunities at the 78% Fib. This illustrates notable demand concentration at $2,700. Nonetheless, ether is edging to retest its 200-day EMA at $2,800 after losing the 100-day EMA a few days ago.
3. Binance Coin (BNB)
Binance coin has yet to register any significant gains since the week started. It’s printing a doji on the weekly scale as it dropped to a low of $575 after facing strong rejections at $5607. The most recent valuation comes after it retraced to a low of $538 some weeks ago.
Nonetheless, BNB has remained range-bound over the last seven days. Three days ago, it moved its lowest point to $583, which suggests a possible attempt at a further uptrend. The most recent price trend resulted from the asset’s massive decline last week. The decline was in response to the bear flag it printed due to an eight-day surge.
The 12-day EMA is on the uptrend, responding to the minor price improvements in the last 48 hours. MACD is currently displaying buy signals, and both the 12-day EMA and 26-day EMA are in contact.
It is also noted that the coin held on to the 50% Fibonacci retracement level at $580. This will be the launch pad for the subsequent attempts at resistance. They will look to reclaim the 26% Fib level at $615. This will mean the asset must flip the $600 resistance decisively in the coming days. The EMA also points at the bullish reading as BNB trades above the 50-day EMA.
4. Solana (SOL)
Solana is printing a red doji on a weekly scale. The latest price movement comes after the coin retraced below $120 last week. A closer look at the current doji suggests a massive improvement from the previous week’s low.
The 72 hours have been some of the most bearish for the altcoin since the week started. It lost over 5% during this period. Nonetheless, the coin is seeing a gradual stop to the downtrend. As a result, it failed to register any notable changes in price over the last 48 hours.
Currently trading at $144, the asset is below its 50-day EMA and approaching the 100-day EMA. A retest of the 100-day EMA could see the asset drop as low as $140. Previous price movements suggest that there is significant demand concentration at the mark, as SOL bounced off it twice this week.
The bulls will also defend the mark as it is close to the 38% Fib level. As seen last week, if the altcoin breaks the highlighted mark, it will retrace as low as the 50% Fib level at $116. Backing up the claim is MACD’s 12-day EMA. It halted its ascent in response to the most recent market trajectory.
5. Xrp (XRP)
As many await the court’s final verdict on the case of Ripple vs. SEC, a glance at prices suggests a different story. Nonetheless, XRP had a good start to the week as it surged to a high of $0.57 after it started the day at $0.52. It failed to end the day with any notable price change as it retraced to its opening price.
A bearish close to the current seven-day period will mark the continuation of the altcoin trend of remaining range-bound between $0.46 and $0.57 on the weekly scale. Additionally, it is currently down by over 5%.
As a result, several indicators flipped bearish and are displaying sell signals. One such is the 50-day EMA. It is below the 100-day and 200-day EMA in response to the most recent price trend. XRP is also trading all three exponential moving averages.
The sell signal continues with MACD’s 12-day EMA intercepting the 26-day EMA. With an impending bearish divergence, the altcoin will see more decline. Nonetheless, it is holding on to the $0.50 support. Closing the week below will guarantee a drop to a low of $0.46. The bulls will also try to defend prices at $0.48.
6. Dogecoin (DOGE)
Dogecoin lost a critical support it held throughout the week. Although the flip is not decisive, it registered a new low for the intraweek session. A close at this value will signify an over 12% loss as the coin faced massive rejection at $0.17 and has yet to recover from the decline.
In addition to losing the critical mark, DOGE flipped its 50-day EMA a few days ago. It is trading below its 100-day EMA after going below it a few hours ago. The most recent reading puts the bears at an advantage as they anticipate further price declines.
Adding to the impending downtrend is the moving average convergence divergence. The indicator is displaying bearish convergence. With an impending divergence, dogecoin will continue downhill. This could mean a retest of the 200-day EMA.
The bulls will look forward to a rebound at the 38% fib level at $0.135. If it breaks it, DOGE will retest the 50% Fib at $0.12 (guaranteeing a retest of the 200-day EMA).
Conversely, if market conditions improve, the asset will seek to regain stability above the 100-day EMA.
7. Cardano (ADA)
Following Hoskinson’s announcement, ADA retested its fourteen-day high at $0.47. Nonetheless, it experienced notable corrections after peaking. This will mark an over 4% weekly price decline as the asset heads for its third consecutive week of losses.
Amidst the price decline, the Cardano is holding on to $0.43. Having set a new low for the week, it will look to rebound at $0.42. However, the 50-day EMA points at such a situation as bleak. It is about to intercept the 200-day EMA.
The same sell signal is going off on MACD. The 12-day EMA has halted its uptrend and started a bearish convergence in reaction to the most recent three-day price decline. A completion of this phenomenon will trigger a drop below $0.40.
