The new week has begun on a strange note as the market leaders BTC, ETH, and ADA are trading at the same position that they were this time last year. There are heated predictions running around the market. Some proponents argue that the aforementioned coins hold a greater chance to claim new highs. In contrast, some believe that we are going to have a few more consolidatory months.
However, there are several factors such as RSI, pattern, sentiments, and more hints for a bullish move by the end of the week. If these conditions meet, we might get to see big capital gains ahead of the new week.
The flagship asset has seen a clear breakout at $41,338 on early Monday to rise up to $42,500. However, as Asian trading hours are turning difficult for the coin, BTC’s price failed to sustain these levels and fell to the same level. There are certain factors that are anticipated to drive the market of the most dominant asset.
- The $40,700 appears to be the key support level to hold where the asset has experienced a much-expected breakout. Thereby the asset directly skyrocketed above $65k. If a similar thing recurs here then we can expect a weekly close of around $43.5k.
- Bitcoin’s relative strength index (RSI) has plummeted to a two-year low where the breakout looks possible. One-day chart from the tradingview suggests that RSI reached its lowest point over the past two years. Analyst Micheal Van De Poppe opined that traders may oppress bearish rule here.
- Usually, the BTC price follows the hash rate. Khazakstan that is ground to 18% of flagship asset’s hash rate is slowly regaining the momentum after the losses over the past week. Hence, the ongoing weeks look positive.
Ethereum (ETH) :
- The Ethereum price has fallen to the March 2020 range where the asset has experienced record-high sell-offs. However, if the asset manages to hold the levels above $3000 then the weekly close would be around $3400.
- A US-based cryptocurrency hedge fund Pantera Capital is bullish on the star altcoin. They backed Ethereum saying that expansion in DeFi and NFTs will automatically uplift ETHs dominance in the market.
- The on-chain analyst CryptoWolf commented that ETH has accumulated support around $3k, 78.6% fib and would bounce to retest $3.5k price levels.
- Cardano (ADA) price bottomed out below the key weekly support level of $1.20 to accumulate liquidity.
- A swift build-up of buy pressure above $1.18 will be the main focal point to kickstart the massive uptrend. Traders have the chance to enter long positions at the present price of $1.14 and bulls await to surpass crucial resistance of $1.20.
- Further, Crypto analyst Micheal Van De Poppe expects the ADA price to break out at $1.19 to make its headway for $1.5.
Collectively, if these factors perform this week then weekly close would be massive with at least a 20% upswing. Further, these market leaders BTC, ETH, and ADA would completely change the picture of the broader crypto market.