5 Coin Weekly Forecast | BTC ETH XRP BNB SOL
TL；DR
In the past week, the crypto market has experienced significant fluctuations and fluctuations, with varying fluctuations in mainstream currencies, but mostly with minor fluctuations. Overall, the crypto market has been volatile this week, with unclear signs of recovery. At present, the top five cryptocurrencies in the total market value of the crypto market are Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Ripple (XRP), and Solana (SOL).
In the past Friday, the rise and fall trends of major currencies have varied. This article will study the performance of major assets, explore the factors that affect their price trends, and conduct corresponding analyses to predict their future short-term price trends.
Bitcoin（BTC）
Bitcoin has risen 2.99% this week and is currently closing at around $27,949.13. Bitcoin continued its upward trend from last week this week, but also experienced some fluctuations within the week. The high point appeared on Monday and Tuesday, reaching a high of $28,500 and a low of $27,200. The rebound in Bitcoin prices in the past two weeks has been quite evident, and it is expected that prices will return to the price range above $28,000 next week.
The price increase of Bitcoin this week still belongs to the market confidence that has been bullish for several consecutive weeks, and the rebound in Bitcoin prices in the last quarter of this year is a consensus among multiple parties. Although this market view is mainly reflected in the volatility of coin prices, measured weekly, the upward trend of Bitcoin is an accelerating trend for several consecutive weeks.
Analysis suggests that the support level of Bitcoin’s current price rebound to $28,000 is a high probability event in the future. However, whether to further achieve an increase in coin prices on this basis requires a comprehensive view of the overall internal and external environment of the crypto market.
Bitcoin Price Data (Data Courtesy of CoinMarketCap)
Ethereum（ETH）
Ethereum fell by 2.80% this week and closed around $1,633 this week. In this week, the trend of the Ethereum currency showed a fluctuating downward trend from the opening range of $1,740, but did not fall below $1,610. Although the performance of ETH this week did not continue the previous upward trend, the corresponding support level was relatively stable, and we can expect a rebound in the future.
The upward trend of Ethereum prices predicted last week did not maintain a long-term trend this week, showing a slight decline overall. However, compared to the continuous price fluctuations of around $1600 in the previous two weeks, the low point of Ethereum prices this week is not much different from the price fluctuation line, reaching around $1,630. Based on the situation over the past few weeks, it still shows an upward trend.
Analysis shows that a slight drop in volatility was the main market performance of Ethereum this week, but it failed to continue the upward trend at last week’s close. The key price level of Ethereum has once again returned to the $1,650 range, and more information needs to be combined to determine its future direction. However, it is unlikely that it will break through the $1,700 price level next week.
Ethereum Price Data (Data Courtesy of CoinMarketCap)
Binance（BNB）
BNB fell 1.48% this week and closed at $211.57, slightly lower than last week. The trend of BNB within a week is similar to that of other mainstream currencies, but like Ethereum, it has not had enough room for growth to offset a certain degree of decline this week. The high point of the week is around $220, while the low point is around $210, which is not significantly different from last week’s high and low levels.
Analysis shows that the price fluctuation of BNB is similar to that of other mainstream currencies, and the price trend of BNB has shown a slightly larger trend this week, and is currently volatile. Last week’s forecast for its currency price fluctuated back and forth between $210 and $220, and this week’s performance also confirms this. In the future market trend, considering only the internal market, the resistance level will be around $225, while the support level will still be around $210. There is little possibility of significant fluctuations in the token price in the short term.
BNB Price Data (Data Courtesy of CoinMarketCap)
Ripple（XRP）
XRP rose 0.4% this week to close around $0.5186, which is basically the same as last week’s closing price. The overall trend of the price of XRP this week was a fluctuating downward trend, but the amplitude was very small, with a rapid decline over the weekend. Compared to other mainstream currencies, XRP is in a very small range of fluctuations.
Analysis shows that the price of XRP has been maintained at $0.5 for several consecutive weeks, and the probability of falling below this critical support level in the short term is relatively small. However, the currency has not yet shown a clear upward signal. Currently, the two key price levels of XRP have reached $0.54 and $0.51, corresponding to resistance and support levels. Although there has been some price recovery compared to before, if there is a lack of news or overall market changes, the likelihood of significant price changes in the currency is relatively low.
XRP Price Data (Data Courtesy of CoinMarketCap)
Solana（SOL）
SOL rose 3.96% this week to close at $23.42. The price of SOL experienced quite intense fluctuations this week, but the price basically maintained the range of last weekend’s close, with a high point exceeding $24.5 and never falling below the $22.5 range. SOL’s performance was quite impressive this week. Although it did not achieve significant gains as in the previous week or two, the relative stability of the currency price also indicates that its recent eco performance has given the market a certain signal that the Solana eco is recovering.
Analysis suggests that SOL’s performance this week includes two aspects of information, namely the impact of recent effective actions of various projects within the eco on the market, and the other is that crypto users have a more optimistic view of the Solana eco, both of which are complementary. But the current upward trend of SOL has actually slowed down, and it may be difficult to have significant rapid upward fluctuations in the short term in the future. To accurately understand the trend information of the currency, it is best to keep an eye on various project actions within the eco.
SOL Price Data (Data Courtesy of CoinMarketCap)
What is to come?
Compared to last week, the price performance of BTC, ETH, BNB, XRP, and SOL this week is generally in a volatile trend, belonging to the normal cyclical fluctuations of the crypto market. The price trends of several mainstream currencies in the short term have been explained separately, but the temporary impact of news factors cannot be ruled out. More accurate information needs to be obtained through daily market movements.
