5 Coin Weekly Forecast | BTC ETH BNB SOL XRP
TL；DR
Through the past week, the overall crypto market has risen, with a clear upward trend in the total market value. Several mainstream currencies have seen relatively large weekly gains, and market sentiment has shifted from a median to Optimism. However, the upward curve of most currencies this week belongs to a relatively natural upward trend. Based on last week’s market situation, the market experienced an overall upward trend in the middle of this week, and the total growth of the crypto market is also pronounced, currently reaching around $1.81 trillion. It was predicted that the crypto market would usher in a new upward cycle soon. However, market enthusiasm still exceeded expectations, and the gains of several mainstream currencies reached recent highs. Most mainstream currencies have entered a relatively stable fluctuation cycle during the one-week closing stage, and their prices have remained within their respective current ranges with slight fluctuations. At present, the top five cryptocurrencies in the total market value of the crypto market are still Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Solana (SOL), and Ripple (XRP).
In the past five weeks, the price trend of major currencies has experienced ups and downs, with significant intraday fluctuations. However, the overall trend has shown a relatively apparent upward trend, and after entering the closing stage, it demonstrates a further stable trend. The overall trend is expected to rise again in the short term. This article will study the performance of major assets, explore the factors that affect their price trends, and conduct a corresponding analysis to predict their future short-term price trends.
Bitcoin（BTC）
Bitcoin has risen by approximately 12.73% this week and is currently closing at around $48,316. The price has risen significantly within a week, from $45,000 to $48,000, breaking through multiple key price levels. Due to the absence of significant fluctuations and bearish news in the crypto market this week, the price of Bitcoin has basically followed the overall trend of the market and shown a continuous upward trend. Currently, Bitcoin has entered the closing stage, with price fluctuations concentrated in a small range and basically stable above $48,000, showing a slight fluctuation trend. However, according to market sentiment estimates, there will be a more significant upward trend in the future. The high point of Bitcoin price within a week is around $48,533, and the low point of coin price within a week appears at the opening stage of $42,330.
Analysis suggests that the price of Bitcoin has shown a strong trend within a week. Based on the overall bullish market in the past two weeks, the price of Bitcoin has started to rise rapidly in the mid week period. Considering the continuous inflow of funds from off-exchange BTC spot ETFs and the halving of production, there is still some room for Bitcoin to rise in the short term. Combined with market sentiment, the final key resistance level will be around $50,000, expected to reach Q1 2024.
Bitcoin Price Data (Data Courtesy of CoinMarketCap)
Ethereum（ETH）
Ethereum rose 9.09% this week, closing around $2,514. The overall price of Ethereum has fluctuated significantly over the week, with a more volatile weekly price trend than Bitcoin. The intraday peak fluctuations are obvious, with the highest point in the week being around $2,535 and the lowest point being $2,276 at the opening stage. In the overall upward trend of the market this week, the price of Ethereum has also broken through key price levels and entered a new range. The overall trend is currently showing slight fluctuations, with a possibility of a slight decline within the day.
Analysis suggests that the price of Ethereum experienced a slight upward trend last week as the market rebounded. However, its weekly price curve was not smooth but instead showed more frequent intraday fluctuations, with significant overall volatility. It appears that Ethereum has entered a new operating cycle, but maintaining operations above $2,500 is not feasible in the short term, and there is still a certain range of pullback in the coin price. Based on the recent market dynamics of the coin, the probability of the Ethereum price maintaining fluctuations in the price range of $2,450 to $2,550 in the short term is relatively high. Repeated fluctuations within this price range will be the mainstream market trend.
Ethereum Price Data (Data Courtesy of CoinMarketCap)
Binance（BNB）
BNB rose 5.25% this week and closed around $321. This week, the BNB market is greatly influenced by the dynamics of the Binance platform, and the trading demand brought by the launch of various popular currencies has provided strong price support for BNB. The price of BNB has shown a bearish downward trend since the opening stage and continued until the 8th, when it began to rise rapidly due to fluctuations in the crypto market. The high point of the one-week coin price appeared at the closing stage of $325, and the low point was around $300. Currently, the coin price is concentrated above $320 and continues to operate.
Analysis suggests that the overall price increase of BNB this week is still quite significant. However, the focus of this round of market growth is not on the coin but more on various secondary currencies and other mainstream currencies. However, the characteristics of BNB itself also determine that it can better reflect the current market situation. There is a high probability of a certain degree of upward trend in the crypto market in the short term. Therefore, the price of BNB itself will also have some upward potential, but the magnitude will not be particularly exaggerated. The key price resistance level will be around $330, and the probability of maintaining a slight fluctuation is higher.
BNB Price Data (Data Courtesy of CoinMarketCap)
Solana（SOL）
SOL rose 11.88% this week and closed near $108. The price trend of SOL within a week is more in line with the upward trend of the crypto market in this round, and it belongs to the coin with a larger increase in price among several mainstream currencies. The price of SOL itself has already rebounded to a certain extent in the previous two weeks, but it has shown a fluctuating state due to market fluctuations. The key price level is $100, and most of the further daily fluctuations are based on this price. This week is no exception. The coin has been consistently rising and falling around $95 since its opening, followed by a rapid upward trend in the market. After breaking through $100, it is basically in a rapidly rising market state. However, the price of the coin has remained within the 10% range, which is between $100 and $100. The weekly high point of SOL briefly broke through $110, and the low point was around $93 in the opening stage.
Analysis suggests that many currencies are affected by market fluctuations this week, and among the most mainstream currencies, SOL maintains a relatively independent pace. Due to its ecological influence, the rise and fall of coin prices are mostly controlled within a relatively clear range. There is no possibility of rapid market fluctuations in the near future but rather a tendency towards overall stability. There is a high possibility of further appreciation of the coin in the short term, but the magnitude will be relatively small, with a key price level of around $112.
SOL Price Data (Data Courtesy of CoinMarketCap)
Ripple（XRP）
XRP rose 3.33% this week and closed near $0.5256. The price of XRP has rebounded this week, returning to the price range of last week’s opening period. Although there has been a slight overall increase, the intraday fluctuation lacks multiple peaks. After entering the closing stage, it begins to decline rapidly. The high point of the price briefly broke through $0.54 within a week, while the low point did not fall below $0.5 again, which is slightly better than the previous week’s market situation.
Analysis suggests that although XRP has also experienced a certain price rebound due to the market’s overall upward trend this week, the market focus is not on this coin, but more on the regular market fluctuations. It will be difficult to maintain the price range of $0.52 in the future. However, due to the inherent characteristics of XRP, in reality, the rise and fall of the coin tends to be relatively stable. In the short term, if it is not influenced by news factors, the price fluctuations of the coin will still remain in the range of $0.50-$0.55 and operate repeatedly.
XRP Price Data (Data Courtesy of CoinMarketCap)
What is to come?
This week, the prices of BTC, ETH, BNB, SOL, and XRP have increased compared to last week. Influenced by the overall market trend, the price trend of the week is divided into two main categories. The closing prices of several mainstream currencies have broken through key price levels compared to the opening prices, and there is still some room for upward movement in the short term. Further attention must be paid. 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 fluctuations.
