5 Coin Weekly Forecast | BTC ETH XRP MATIC SOL

【TL; DR】

Across the past week, the crypto market has drastically deviated from the recent bullish trend and has instead descended into a bearish spiral of price declines extending beyond 10% for a majority of the assets across the top one hundred. As a result, very few assets have remained stable or have inclined in the past week, leaving a majority to face red candlesticks. As a result, BTC, ETH, XRP, MATIC, and SOL were some of the worst affected in the top 20, with losses amassing around 13% on average.

Bitcoin (BTC)

Opening the week at $30.28k, Bitcoin immediately fell starkly below its 7-day SMA and sunk below $30k, and continued to trundle into the lower $29k threshold. On the 18th, BTC began to regain some momentum and climbed back above the 7-day SMA threshold and remained relatively stable at this level throughout the later portion of the 18th and the earlier portion of the 19th. However, the latter half of the 19th led to BTC vastly slipping in a downward spiral that led it to fall to a weekly low of $27,187, with little upward momentum to keep it away from this price floor, leading it to close the week at around $27.5k.

Having failed to maintain its recent bullish strength, Bitcoin is evidently enduring a price pull back, which has the potential to become more severe in the coming weeks as a result of intensifying community negative sentiment and fud. As a result, Bitcoin has declined by 8.84% this past week.

Bitcoin price Data (Data Courtesy of CoinMarketCap)

Ethereum (ETH)

Starting the week at around $2,115, Ethereum began a bearish spiral as a result of the intensifying market fud and negative sentiment which has inevitably plunged the market into a stark price plunge. Trading at an average of $2,080 until the 19th, ETH then plunged below the $2k threshold on a single candlestick, thus making way for a progressive trend of price degradation that led ETH to bottom at a weekly low of $1,834 on the 22nd. ETH attempted to regain some ground toward the end of the week, with little to no avail, leading it to close the week at around $1,849.

Provided the current bearish price trajectory continues, it is possible that ETH may continue to push deeper into the lower $1,800 zone and move closer to its monthly low of around $1.7k. In total, Ethereum fell by 12.08% this past week.

eth price Data (Data Courtesy of CoinMarketCap)

XRP (XRP)

Entering the week at $0.52, XRP fell below its 7-day SMA until the 19th, where it then began to quickly move above this threshold and spike to a weekly high of around $0.53. However, this positive momentum was shortlived, as the 19th led XRP to sink toward $0.49, before beginning to trade horizontally until the late hours of the 20th, when it then sank toward $0.47. This negative price trajectory ensued throughout the remainder of the week and led it to reach a weekly low of $0.445. XRP regained some ground following this low, which led it to close the week at around $0.46.

With this negative price trajectory, XRP is likely to continue to continue pushing toward $0.45, which could potentially lead it to further continue the bearish trend ahead of the imminent XRP vs Ripple verdict. Across the past week, XRP fell by 11.19%.

xrp price Data (Data Courtesy of CoinMarketCap)

Polygon (MATIC)

Polygon was subject to a decimating price decrease across the past week, which led it to amass losses of well over 15%. Opening the week at $1.184, MATIC immediately dipped below its 7-day SMA threshold and continued to slide down throughout the past week, leading it to a weekly low of $0.9868. With MATIC dipping below the $1 threshold across the past week, it has reached a monthly low and is bordering on multi-month low territory, which could plunge MATIC into a further bearish spiral.

Having deviated from the recent upward trend that has increased Polygon’s momentum in recent months, MATIC has entered a bearish trend that could further push it below the $1 threshold. Across the past week, Polygon fell by 15.31%.

matic price Data (Data Courtesy of CoinMarketCap)

Solana (SOL)

Across the past week, Solana has strayed from its recent bullish trend and has begun to demonstrate key signs of price degradation in light of the bearish momentum that has gripped the market due to growing negative sentiment amongst crypto communities. Entering the week at $25.4 and briefly jumping above its 7-day SMA, SOL immediately fell below this level and began to progressively decline throughout the remained of the week and move toward $20, as a result, SOL reached a weekly low of $21.16.

With a volatile downtrend now gripping the market, it appears as if SOL could be forced toward the $20 zone if the current negative price momentum ensues. Across the past week, SOL has decreased by 15.24%.

sol price Data (Data Courtesy of CoinMarketCap)