5 Coin Weekly Forecast | BTC ETH XRP BNB SOL

TL；DR

In the past week, the crypto market has mainly maintained a volatile trend, with mainstream currency prices showing relatively small changes compared to the previous week, mostly lower than the opening price. The rise and fall of the five major mainstream currencies have varied this week, with all other mainstream currencies showing a certain degree of decline except for SOL. Currently, the total amount of funds in the crypto market has decreased compared to last week, dropping from around $1.42 trillion to around $1.39 trillion. 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, major currencies have shown a fluctuating trend with varying fluctuations, but they are no longer as large as in the previous two weeks. This article will study the performance of major assets, explore the factors that affect their price trends, and conduct corresponding analysis to predict their future short-term price trends.

Bitcoin（BTC）

Bitcoin has fallen by about 1.55% this week and is currently closing around $36,568, with significant volatility within a week. Bitcoin approached the $37,881 price mark at its highest point this week, and then experienced a slight correction before entering a volatile cycle. Of course, the trend of the high point was also due to the currency’s short-term decline, with a low point of around $35,134 within a week. However, for most of the time, the price of Bitcoin remained above $36,000, with a clear trend of box fluctuations.

Analysis suggests that the price trend of Bitcoin will continue to follow the market cycle trend this week, and the volatile market will continue, but overall it is relatively stable. Previously, we had made predictions about the trend of the special currency, but it is clear that the more obvious turning point has not yet arrived. At present, there is relatively little information on Bitcoin both inside and outside the market, so the price trend of the currency should continue to fluctuate around $36,500 in the near future.

Bitcoin Price Data (Data Courtesy of CoinMarketCap)

Ethereum（ETH）

Ethereum fell 3.68% this week to close near $1,974. There has been a significant correction in the price of Ethereum, with a high of $2,110 and a low of $1,914. The price curve of Ethereum during this week was similar to that of Tetsu, but the price correction was more significant. As the price fell below the key price level of $2,000, the bearish trend further intensified. However, there is still the possibility of an upward trend in the current price fluctuation range of the currency, but it needs to be taken into account overall market trends.

Last week, a prediction was made on the price increase potential of Ethereum, and the price increase potential of the currency is not significant in the short term. Currently, there is a certain price correction, but due to the characteristics of mainstream currencies, there is no possibility of significant price retracement in the short term. The subsequent short-term trend of the currency maintaining a small fluctuation should be a high probability event, with key reference price points of $1,900 and $2,000, Respectively correspond to support and resistance levels, which should be measured by the price trend of Ethereum in the next week.

Ethereum Price Data (Data Courtesy of CoinMarketCap)

Binance（BNB）

BNB fell 1.44% this week and closed around $244. The market situation of BNB was deeply affected by the overall market situation, with rapid ups and downs in the short term, reaching a high point around $255 and a low point around $236. Relatively speaking, the BNB price trend is more gentle compared to other mainstream currencies. Although there is a certain degree of fluctuation, the opening and closing prices of the coin have changed relatively little, indicating that the trading trend of the Binance platform in the past week has been mainly characterized by small fluctuations.

Analysis suggests that due to the relatively small increase and decrease in the prices of mainstream currencies within a week, although there are short-term fluctuations, the overall price change is not significant, which greatly impacts the price trend of BNB as a trading platform currency. Overall, the price of BNB will continue to fluctuate slightly in the long run, and it is a high probability event that the price of the currency will follow the market cycle in the next week or two.

BNB Price Data (Data Courtesy of CoinMarketCap)

Ripple（XRP）

XRP fell 5.90% this week to close near $0.6223. The price of XRP has seen a significant correction with a short-term rapid increase in the early opening period, reaching a one week high of $0.71, and then rapidly falling into a volatile downward cycle. The low point has dropped below $0.6 to $0.59, and there is currently a certain trend of price recovery.

Analysis suggests that due to the active performance of the secondary currency market earlier, the price of XRP has shown a significant upward trend, but the fluctuating downward price curve has been ongoing, and the currency is generally in the stage of price correction. The previously predicted price correction event is occurring, and most of the secondary currency markets have shown a clear correction trend this week. The price of XRP has dropped more than expected, but maintaining above $0.6 for most of the time will still be a high probability event.

XRP Price Data (Data Courtesy of CoinMarketCap)

Solana（SOL）

SOL rose 4% this week to close near $60. The price of SOL has been in a volatile trend with smaller fluctuations compared to other mainstream currencies within the week. At the closing stage, the price remained around $60, with a high of nearly $68 and a low of $52. Compared to the opening price, SOL’s performance during the week is relatively more stable.

Analysis suggests that although SOL, like most mainstream currencies, did not continue its previous rapid upward trend this week, it still maintained a relatively stable price curve, which is naturally due to the generally optimistic sentiment of market users towards the Solana eco. Although the current rise in SOL is no longer as rapid as in the previous two weeks, continuing the previous prediction, the upward trend of SOL in the next one or two weeks is still a high probability event, with only the difference in magnitude.

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 has entered a significant small correction stage, but is still in a clear period of volatility. 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.