Top 5 Price Prediction Weekly Forecast

The past week forced the cryptocurrency market to deviate from the bullish sentiment painted by previous weeks market activity, as a result, a majority of the top 20 was privy to minor declines. This more subdued market activity could be indicative that the bullish momentum of the past month was simply a bull trap and that the market is beginning to correct. However, with the correction appearing to be minimal, it is still possible that the market could regain its footing across the coming week.

Bitcoin (BTC)

Opening the week at $23.62k, Bitcoin immediately fell beneath its 7-day SMA, taking a sharp decline that was followed by several more sharp downturns, pushing it to a weekly low of $22,719. It wasn’t until the 2nd that Bitcoin had a sharp uptick in value, pushing it to a weekly high of $24,148.66. However, this more positive momentum was short lived, as on the 3rd BTC fled beneath its 7-day SMA once again and began to trundle downwards, leading it to close the week below the $23k threshold.

With Bitcoin having pushed to a six-month high, it is likely that the recent spur in growth will begin to subside temporarily, making way for a more subdued trading pattern in the coming week. In total, Bitcoin decreased by 2.79% this week.

Bitcoin price Data (Data Courtesy of CoinMarketCap)

Ethereum (ETH)

Having started the week on the cusp of its 7-day SMA at $1,636, Ethereum sharply declined, forcing it to a weekly low of $1,550. This downwards trading pattern began to move to a more horizontal pattern, however, the 2nd of February pushed it back above its 7-day SMA and the 3rd brought a weekly high of $1,701.30. Since the 3rd, Ethereum maintained a relatively horizontal trading pattern into the latter portion of the week, before slowly pushing below its 7-day SMA once again.

Taking into account Ethereum’s tendency for lowballing its valuation in the earlier portion of the week before moving upwards in the latter half, it can be ascertained that Ethereum will maintain this trading pattern in the coming week. However, if this bearish sentiment continues throughout the coming week, it could lead Ethereum to trade with volatility and progressively decline below its 7-day SMA in the coming week. In total, Ethereum declined by 0.27% this past week.

Ethereum price Data (Data Courtesy of CoinMarketCap)

XRP (XRP)

Entering the week at $0.411, XRP was subject to a sharp downturn in value, this ledc it to a weekly low of $0.39 on the 31st of January. However, XRP began to see an uptick in value towards the start of February, which eventually pushed it back above its 7-day SMA. However, this positive price movement was swiftly disrupted, with a back and forth volly between the 7-day SMA threshold between the 3rd and 5th of February. XRP rose to a weekly high of $0.4192 on the 5th. It then began to sharply fall back beneath its 7-day SMA.

With this immense volatility, it is likely that XRP will continue to experience this in the coming months, likely until the SEC vs Ripple case verdict. This volatility could be a signal of a mixed sentiment amongst the XRP community in light of this, which could continue to have a negative impact on its valuation. Across the past week, XRP fell by 2.74%.

XRP Price Data (Data Courtesy of CoinMarketCap)

Cardano (ADA)

Throughout the past month, Cardano has been subject to immense levels of price growth, with this momentum somewhat extending into this week. With volatility plaguing much of the week, Cardano fell into a progressive downward trend at the start of the week, leading it to a weekly low of $0.369. However, ADA quickly rebounded and moved upward, before falling once again. However, the 2nd saw ADA push above its 7-day SMA and land at a weekly high of $0.415 on the 3rd.

With ADA having demonstrated strength across the past month, it can be assumed that it will continue to push upwards in value, in spite of the significant volatility seen earlier in the week. Providing Cardano can maintain this positive sentiment, it could continue to test the $0.41 zone in the coming weeks. Across the past week, Cardano has increased by 1.31%.

ADA Price Data (Data Courtesy of CoinMarketCap)

BNB (BNB)

This week, BNB has been subject to a considerable uptick in value, despite the volatility seen at the start of the week. Entering the week at $315, BNB sharply fell beneath its 7-day SMA and traded between the regions of $304 and $314 for the earlier portion of the week. However, it swiftly deviated from this trend when the 2nd of February brought a sharp incline in value which was maintained across the latter portion of the week. BNB reached a weekly high of $336.92 as a result, this is its new monthly high.

The positive performance of BNB this week is likely indicative of a ceasing of the recent volatility seen in the asset’s trading patterns. This performance is in line with recent positive price trajectory on a monthly scale and appears to be extending the bullish upwards price trend, which It is likely in the coming week that this momentum will continue to influence BNB’s price and allow it to test the $340 region. Across the past week, BNB has increased by 3.76%.

BNB Price Data (Data Courtesy of CoinMarketCap)