5 Coin Weekly Forecast | BTC ETH XRP BNB DOGE

TL；DR

In the past week, the crypto market has not been optimistic, losing millions of dollars in market value. The top five cryptocurrencies in terms of total market cap are still Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Binance (BNB), and Dogecoin (DOGE), with most of these five currencies showing a downward trend in the past week. This article will delve into the performance of major assets, explore the factors that affect their price trends, and conduct analysis to gain a deeper understanding of their future short-term price trends.

Bitcoin（BTC）

Bitcoin fell 1.25% this week to close at $28,973.68. Bitcoin has been in a state of contraction and decline for quite some time in this quarter. Even if it breaks through the resistance level of $30,000, it often faces a prolonged price decline. This week, Bitcoin’s price has reached below $29,000. If there are no external factors affecting it, then a small increase in its price according to market rules next week is a high probability event.

Analysis suggests that the entire crypto market has been affected by various recent regulatory and security events, and both liquidity and market valuation have been hit to some extent. The impact of the Federal Reserve’s interest rate hike policy on the market is not significant in the short term, and the price of Bitcoin is still within a relatively stable range. The impact of subsequent positive and negative news on its price should still be at two key positions: $30,000 and $28,000.

Bitcoin Price Data (Data Courtesy of CoinMarketCap)

Ethereum（ETH）

Ethereum fell 2.75% this week and closed at $1,826. During this week, due to the impact of the Curve event, the corresponding preemptive event caused Ethereum to experience high blocks in the short term, but subsequently also had a negative impact on the ETH price.

Relatively speaking, the Curve incident is a problem within the Ethereum eco itself, but due to the huge amount of financial losses caused, it has caused a significant blow to the relevant market confidence. After last week’s decline, there is a high probability that ETH will achieve a slight increase this week. However, unexpected events may interrupt this process, and in the future, there will only be corresponding positive news or waiting for the cryptocurrency market to enter a volatile cycle. The ETH price may slowly recover.

Analysis shows that although ETH has shown a fluctuating downward trend this week, with a significant decline, it has still not fallen below the $1,800 price level, which has been widely considered a key level for a long time. Of course, the current continuous decline has increased the probability of further decline. ETH may continue to decline in the following week, and $1,800 will become its key support level in this wave of market dynamics.

Ethereum Price Data (Data Courtesy of CoinMarketCap)

Ripple（XRP）

XRP experienced a 12.23% decline this week and closed at $0.6286. Following several consecutive weeks of profit taking and various unfavorable news this week, the downward trend of XRP is very evident.

Analysis suggests that XRP itself does not have market applications for mainstream currencies such as BTC, ETH or USDT. The previous price increase was more due to the turning point of the SEC event, which caused a large influx of hot money into projects. Now, it is returning to its normal price range.

However, given the recent judicial proceedings by the SEC, XRP may be affected accordingly, but it should not show a leapfrog price increase in the short term as before. The biggest possibility for XRP is still to keep pace with the changes in the entire cryptocurrency market.

XRP Price Data (Data Courtesy of CoinMarketCap)

Binance（BNB）

BNB experienced a 0.27% increase this week, closing at $244.04. The price performance of BNB is still very stable compared to other mainstream currencies, with small fluctuations in the short term.

Of course, there is no negative trend in the current market environment, and it is also due to the recent actions of the Binance Platform itself, including the launch of new stablecoins and the launch of algorithms. As a long-term governance token for the platform, the stability of BNB is still relatively good.

In the following period of time, the price fluctuations of BNB will still maintain a strong dynamic correlation with the Binance platform. As long as the platform itself has not undergone significant changes at the business level, its value will also be less affected.

BNB Price Data (Data Courtesy of CoinMarketCap)

Dogecoin（DOGE）

Dogecoin fell 5.77% this week to close at $0.07483. During this week, the price of Dogecoin has shown a certain decline. The effect of Twitter’s renaming has gradually weakened, and after experiencing a wave of rapid price increases, it is now showing a downward trend. However, the overall price range is still within the $0.07 range.

This week, the cryptocurrency market has been affected by some security events, with several major currencies showing a downward trend, and Dogecoin has also experienced a wave of decline following market fluctuations.

The price trend of the token in the future still needs to be observed, but given the deep connection between Dogecoin and Musk’s various comments and market behavior, Twitter is still in a period of adjustment, and the hot actions in the future are likely to occur again. At that time, the price of Dogecoin will definitely have corresponding changes.

DOGE Price Data (Data Courtesy of CoinMarketCap)

What is to Come?

Compared to last week, the price performance of BTC, ETH, XRP, and DOGE this week has shown significant declines, except for BNB. XRP is still a normal price increase followed by a rebound, but it is also influenced by the fluctuations in the cryptocurrency market itself; The downward pressure on BTC and ETH is still significant, and coupled with the lack of positive news in the near future, they may fall into a sustained downward trend next week; On the contrary, BNB and DOGE rely more on factors outside the market, and their price trends require more attention to the corresponding platform or founder dynamics.