Weekly Crypto Price Analysis September 3: BTC, ETH, XRP, DOT, VET, ADA

Market leaders Bitcoin and Ethereum are currently trading in a consolidation phase, with the latter managing to regain some lost ground. Meanwhile, DOT and DOT were among the few winners in the top-ten altcoins. The stablecoins USDC, USDT and BUSD have also shown some price growth.

The general market sentiments are positive, but a lot of bearish pressure still looms large. The crypto sell-off seen on August 27 saw most cryptocurrencies lose a large portion of their value. However, some coins have recovered and are currently in a consolidation before the next move. For example, ADA, DOGE and Polkadot are some of the top ten cryptoassets that have made gains in the last 24 hours.

The market has struggled to gain some traction since then. However, the recent bullish price action in Bitcoin may be just what the market needs for a relief rally.

The top crypto performers of the week are Filecoin which has gained 12.25 percent followed by Axie Infinity which has gained 8.96 percent. This week’s losers are 1inch Network and Lido DAO, which have decreased by 5.81 and 5.31 percent respectively.

Weekly Crypto Price Analysis: A Breakout in Sight?

BTC/USD

Bitcoin, the world’s largest cryptocurrency by market capitalization, is currently trading at $19,805.02. The king coin has been consolidating in a falling wedge pattern for some time now and looks set to exit. However, the question still remains as to which direction the eruption will occur. The short-term momentum of the currency is strongly negative, with the RSI below 30.

BTC/USD exchange rate chart, Source: TradingView

On the 4-hour chart, we can see that BTC has formed a descending triangle pattern. The pattern is a bearish reversal pattern and is usually seen at the end of an uptrend. The pattern is created when price action forms a lower high and a series of lower lows. As the name suggests, a breakout from this pattern will occur in a downward direction.

The MACD indicator is currently in bearish territory and declining. The RSI indicator, on the other hand, is near oversold levels and could see a reversal soon.

If the price breaks out of the descending triangle pattern to the downside, the next level of support will be found at $18,600. The breakout to the upside, on the other hand, could see the largest crypto rally in price towards the $21,000 level.

ETH/USD

Ethereum, the second largest crypto by market cap, is currently trading at $15,548.57, down 2.73 percent in the last 24 hours. The coin has been under a lot of selling pressure and has even dipped below the $15,000 level. The short term momentum of the coin is strongly bearish with RSI below 30.

On August 30, Ether fell below $1,500. However, the bulls were quite active in buying at lower levels, which is a positive sign. From September 3, 2022, the buyers are trying to restore Ether above the moving averages. Most of the technical indicators signal a bearish trend in the short term.

The MACD indicator is currently in bearish territory and declining. The RSI indicator, on the other hand, is near oversold levels and could see a reversal soon. The current resistance and support levels are $1,643.18 and $1,542.30 respectively.

ETH/USD price chart, source: TradingView

Ethereum has started to pull back again as it retests the previous swing resistance as support. If this level holds, we could see a move towards the $1700 level. On the other hand, a break below $1,500 could see the price drop towards the $1,400 level. We can expect Ethereum to continue its rally early next week and potentially make a break above the current record high of $2,000.

XRP/USD

Ripple’s XRP price analysis reveals that Ripple has started to recover in the last few hours as the price reached $0.3293. Some bullish momentum is starting to build after XRP opened the weekly chart with a huge red candlestick. Moreover, the coin is now trading above the 20-day and 50-day SMAs, which is a bullish sign for the crypto.

XRP/USD price chart, source: TradingView

The MACD indicator is currently in bearish territory but is starting to flatten. The RSI indicator, on the other hand, is near oversold levels and could see a reversal soon. Current resistance and support levels are $0.3360 and $0.3250 respectively.

DOT/USD

The DOT/USD pair has been positive over the past 24 hours. In the past week, the DOT has made higher highs and higher lows. The cryptocurrency is currently trading at $7.24 after opening the trading session at an intraday high of $7.55. DOT witnessed some retracement over the weekend as it dipped below the $6.50 level.

At the time of writing, Polkadot is trading sideways as it tries to make a move above the $7.50 level. The technical indicators signal a bullish trend in the short term. Meanwhile, the relative strength index is flat at 52. The coin could break out in either direction depending on market conditions.

DOT/USD price chart, Source: TradingView

The current resistance and support levels are $7.50 and $7.00 respectively. If the bulls can push the price above the $7.50 level, we could see the crypto move towards the $8.00 level. On the other hand, a break below $7.00 could see DOT fall towards the $6.50 level.

VET/USD

The VET/USD pair has formed a descending triangle pattern as it attempted to make a move above the $0.02487 level. The price has made lower highs and higher lows in recent days. Vechain is currently trading at $0.02416, down 1.13 percent in the last 24 hours.

VET/USD price chart, Source: TradingView

The price is below all moving averages, which is a bearish sign. The MACD indicator is also in bearish territory and declining. The RSI line is currently near oversold levels but is not yet in oversold territory. Current resistance and support levels are $0.02487 and $0.02334 respectively.

If the bulls can push the price above the $0.02487 level, we could see a move towards the $0.02600 level. On the other hand, a break below $0.02334 could see the price fall towards the $0.02250 level.

Conclusion

In conclusion, the top coins are expected to see some volatile price action in the short term as they try to make a move in either direction. Market conditions will dictate the direction of the breakout. The overall market may see some consolidation over the next few days as the bulls and bears battle for control. Nevertheless, we can expect some positive price action early next week as buyers try to push prices higher.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com has no responsibility for investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.