- Ethereum breaks $3,000.
- Bitcoin continues moving to regain $60,000.
- LINK, DOT, and VET continue setting higher highs.
Weekly Crypto Price Analysis this week covers Bitcoin, Ethereum, Chainlink, Polkadot, and VeChain as they have been among the most popular cryptocurrencies.
As seen on the 7-day heatmap, the overall cryptocurrency market has seen good returns this week. The market leader, Bitcoin is up by 7.27 percent, while Ethereum is up by 25 percent. Chainlink has managed to gain 14.5 percent, while Polkadot and VeChain are up by 11 and 12 percent respectively.
Weekly Crypto Price Prediction: Market set to continue higher this week
Bitcoin price action has reversed over the past week and established a strong higher high at $58,500 and low at $56,000 over the past few days. Therefore, we can expect Bitcoin to continue higher this week.
After the crypto price lost more than 25 percent during the second half of April, support was found at $48,000 support. From there, most of the loss seen earlier was recovered as the market set a high of around $56,000. After BTC retraced to $53,000 earlier this week, another strong push higher was made on Friday, sending a clear signal that the previous bearish momentum has ended and bulls are taking over.
Currently, Bitcoin attempts to move towards the next resistance target at $59,500 after support was found around the $56,000 mark yesterday. Bitcoin has already made an initial push higher earlier today with the $59,000 reached. Therefore, we expect BTC/USD to continue moving higher this week as it looks to move back above the psychologically important $60,000 mark.
Ethereum has continued to rally last week after finding support around the $2,100 mark earlier in April. Since then, ETH gained more than 50 percent and finally broke above the $3,000 round number price target.
Overall, Ethereum has regained its medium-term bullish price action structure after failure to set a significantly higher high on the 22nd of April. From there, the crypto price action got quickly rejected back towards previous support around $2,100, indicating that the bullish momentum seen over the previous weeks has slowed down significantly.
However, after some consolidation, the market did move higher last week, with the $2,800 mark reached relatively quickly. Below the $2,800 resistance, ETH/USD consolidated for some time before rapidly pushing higher on Saturday.
Yesterday, Ethereum broke the round number target level of $3,000 without much hesitation, indicating that bulls are in control. Earlier today, ETH already reached the $3,200 mark, where some resistance is already found. Therefore, we could see Ethereum retrace over the next few days as it builds a base from which to move higher later this week.
Chainlink has also recovered over the past week after finding support around the $31 price area and losing more than 30 percent from the previous all-time high at $44 set on the 15th of April.
After a quick spike towards the $30 mark on the 25th of April, the crypto price action started pushing higher and quickly moved to the $38 mark. From there, support was found at $35, and the market started trading sideways for a couple of days.
On the 29th of April, Chainlink made a final retest of $35 support and increased by more than 15 percent as a local high at $41.5 was set. Yesterday LINK/USD made a slight retracement and consolidated around the $40 mark. Therefore, we can assume that the several-day bullish momentum is still strong and we can expect further highs this week. The next target to the upside is located at the $44 previous all-time high.
Polkadot has continued slowly trading higher last week. After retracing from the $48 all-time high set on the 17th of May, DOT lost more than 40 percent until support was finally found around the $27-$28 area.
On the 25th of April, the crypto price made a quick spike lower to the $28 mark again. However, bulls quickly took over and started pushing DOT/USD higher over the next 24 hours. A local high was set at $35, after which a slight retracement and consolidation was seen above $33 support. From there, Polkadot price pushed higher again until the $37 mark.
Earlier today, DOT/USD made a slight spike higher to the $38 mark, after which a slight retracement to the several-day ascending trendline of support was made. Therefore, we can assume DOT/USD is still in a strong bullish momentum, with the next resistance target of $40 to be reached over the upcoming days.
VeChain has also recovered from the previous sharp decline in the second half of April. After finding support at the $0.13 mark on the 23rd of April, VEt set a higher high at $0.22 and a third higher low at $0.185. Therefore the crypto price action sentiment shifted back to bullish.
Yesterday we saw VeChain retest the $0.22 with another failure to move higher. This has led to an ascending triangle pattern being formed over the past week. Once it breaks, we will see a clear indication of where VET/USD is headed next.
If VET breaks to the upside, we should see the next major resistance aground $0.27 reached this week. Alternatively, if VET breaks below the more than week-long ascending support trendline, we can expect bearish price action momentum to take over once again.
Weekly Crypto Price Prediction: Conclusion
Overall our Weekly Crypto Price Analysis indicates that we will see further upside this week. As several higher highs and lows have been established across the major altcoins, the crypto price action is still very bullish.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any 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.
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