Top 5 Price Prediction Weekly Forecast
【TL; DR】
In the week opening the new year under the Gregorian calendar, the cryptocurrency market has been shrouded with mixed sentiments as valuations fluctuate relatively horizontally. In what many hoped would have been a redeeming arc towards the end of 2022, the top ten assets seemingly fell short of these expectations, instead bottoming beneath their 7-day SMAs (in the case of generic cryptocurrencies) or experiencing immense volatility despite their peg (in the case of stablecoins).
However, as 2023 has kicked into gear, these assets have begun to witness moderate price regeneration, with gains of up to 11% this week alone.
With this week signalling the beginning of a transition from crypto doom and gloom as a result of the ongoing bear market to a more positive market space, it is pivotal to take note of market data to provide insight into how these assets can perform in the coming week.
Bitcoin (BTC)
Starting the week at the $16,630 threshold, Bitcoin briefly fell beneath its 7-day SMA and reached a low of $16,574.04. However, between the 3rd and 5th of January, Bitcoin began to regain momentum, pulling itself above its 7-day SMA, and establishing a new horizontal trading pattern. This horizontal pattern was broken on the 6th, as BTC began to sink beneath the $16,800 threshold, before quickly rebounding and reaching a weekly high of $17,113.54. Across the past week, Bitcoin has increased by a total of 2.92%.
It is likely in the coming week that Bitcoin could continue to test the $17,000 resistance zone and push above this threshold and establish a new potential price floor. With the currently recorded uptick in value, it is likely that Bitcoin will continue on this bullish incline, perhaps falling into another brief horizontal trading pattern above $17,000. However, providing BTC is unable to sustain this momentum, it is likely that Bitcoin may fall back towards the $16,600 price floor. The current uptick in value could signal a potentially bullish future for BTC in the coming weeks, with price regeneration on the cards.
Ethereum (ETH)
Opening the week with a decline beneath its established 7-day SMA, Ethereum trundled along in the upper $1,190 region, pushing towards $1,200 yet failing to meet this target. However, the latter half of the 2nd of January introduced some momentum, enabling Ethereum to test the previously established horizontal trading pattern and move towards the $1,220 zone. This momentum extended throughout the week, pushing Ethereum deeper into the $1,200 zone, resulting in a weekly high of $1,288.03. This high has pushed ETH beyond its 30-day SMA, thus signifying that the asset is beginning to recover despite the decimating bear market. ETH was privy to a notable 7.29% increase across the past week.
It can be ascertained based on these metrics that in the coming week, Ethereum will continue to test the $1,290 zone, pushing further towards target prices of $1,300 and beyond. Providing Ethereum is able to maintain this momentum, following the aforementioned price trajectory, ETH could climb above its 30-day SMA and demonstrate substantial signs of recovery from the December bear market onslaught.
XRP (XRP)
Across the past week, XRP’s infamous volatility has seemingly waned to an extent, with the asset’s valuation cruising along a seemingly horizontal trading pattern throughout the latter portion of the week. Entering the week at $0.34, XRP quickly sunk beneath its 7-day SMA, plunging towards a weekly low of $0.3216. However, XRP was privy to a sharp uptick in value, soaring it towards a weekly high of $0.3539, propelling it above the 7-day SMA. Since it reached this high, XRP has been pushed back into the $0.34-$0.35 zone, with the exception of its ephemeral decline into the $0.33 zone on the 6th. XRP has increased by 1.61% this past week.
Based on trading patterns from the last month, the upcoming price trajectory for XRP remains dismal, with it being likely that XRP will fall into similar bearish spirals thwarted with volatility. However, considering the notable uptick in value and its insistence on remaining throughout this week, this could signal that recovery is on the horizon for XRP and that investor sentiment may override bearish historical data.
Cardano (ADA)
Having been on a bull run since late December, it comes as no surprise that ADA entered this week at a strong $0.25 and progressively climbed in value, with green candlesticks illuminating its path. Reaching a weekly high of $0.2974, Cardano appears poised to test the $0.3 region once again, and providing its current bullish momentum is enough, this threshold could potentially be crossed, pushing Cardano towards the lower boundaries of the $0.3 region. Having significantly exceeded its 7-day SMA, ADA’s current performance signifies that the asset has truly broken free from the confines of the bear market and is instead battling towards recovery. Cardano’s exceptional performance this week is consolidated by its 19.16% positive movement.
In the coming week, it is likely that Cardano will continue to further accrue value and follow the progressive positive gradient painted by current price trajectories. The current momentum could allow Cardano to break through the $0.3 threshold and potentially move further towards targets such as $0.31 or $0.32.
BNB (BNB)
Having endured horizontal trading below its 7-day SMA and immense spikes in volatility last week, the portrait for BNB this week was expected to be the same. However, BNB has broken free from the confines of the bear market and has been privy to significant positive growth across the past week, having entered the week at a low of $241.81 before moving to a weekly high of $274.83 by the end of the week. Having pushed through the $260 resistance zone, BNB has continued to accrue value and be driven upwards by bullish momentum. Across the past week, BNB has witnessed a price growth of 12.54%.
Based on current market data, it is plausible that BNB will begin to test the $275 resistance zone, and providing its current momentum can be maintained, push beyond this and move further towards $285 in the coming week. However, if BNB fails to maintain this current bullish momentum, it is possible that it can fall once again into horizontal trading patterns witnessed throughout the entirety of December, pushing it below the $250 zone once again.
