This week's cryptocurrency Market Weekly will discuss the following tokens: RAVE, BTC, ETH, SOL, XRP, DOT, LUNA, SAND, DOGE, and SHIB.
This week's Cryptocurrency Market Weekly report is slightly bearish on the cryptocurrency space, as most tokens have lost significant price levels. Also, we've seen a lot of volatility this week. The market bulls have also done a lot of fighting over the past few days.
While most tokens are down by half from their all-time highs, the bullish trajectory of tokens has changed as selling pressure has surged across the crypto market.
With the market once again falling below the $2 trillion cap, the entire crypto market is now worth $1.88 trillion, according to CoinMarketCap. It's also important to note that the number of cryptocurrencies listed on CoinMarketCap exceeds 18,900.
Crypto market performance report
In this weekly performance review of the crypto market, we discuss the trajectory followed by each of these tokens:
Ravendex
Ravendex was aiming to break through the $0.0036 price zone on April 11, but failed to do so. In addition, RAVE tokens are designed to rise to $0.0032 after losing their $0.0036 price zone. Based on our April 13 RAVE price analysis, the token found strong support at $0.0032. Based on our April 15th RAVE analysis, RAVE was bullish again and broke above $0.0035, only to be pushed back to $0.002.
The currency (BTC)
Bitcoin, the largest token in the crypto market, began showing an increased likelihood of losing $42K this week. Bitcoin analysis on April 12 noted that BTC turned bearish, and we also noted that BTC failed to hold $40,000. Next, we saw bitcoin BTC break $41K. BTC, on the other hand, has been trying to turn $40,000 into support.
The etheric fang (ETH)
Ethereum lost its $31,000 price level at the start of the week, and we saw ETH fall below $3,000 the next day. According to our April 13th ETH price analysis, the token is bullish again. On the other hand, ETH bulls remain at support at $3.1K. Also, the week ended bearish with ETH tokens currently trading above $2.9K.
Solana (SOL)
Solana started the week below the $110 price level, and we further saw the SOL token fall below $100 the next day. With SOL once again breaking through the $100 area, bulls took over. Support for the SOL token is at $100, according to our April 15 SOL analysis.
Rayleigh wave currency (XRP)
XRP started the week bearish, falling 4% in 24 hours. XRP regained sixth place in the crypto market, while tokens enjoyed strong support at $0.7. Based on our XRP analysis of April 14, 2022, the token remains depressed and we also see Ripple outperform the overall crypto market at the end of the week.
Wave card (DOT)
Polkadot lost the 11th place in the crypto market at the start of the week, but it turned bullish and surged above $17 the next day. In addition, the token received strong support at $17 and continued to reclaim the 12th place in the market. Polkadot tokens also continued to breach $18.
Tara (LUNA)
LUNA started the week below the $90 price level, and we've also noticed LUNA bulls struggling to keep tokens in the top 10. The token traded as low as $80 and found strong support. In our LUNA analysis on April 14, we saw LUNA break through $88. The token fell to 9th place in the crypto market as prices continued to plummet.
The SAND box (SAND)
SAND started the week below $3, but TheCoinRise pointed to strong support at $2.70. SAND shorts took over and prices hit the $2.60 level and bounced back. The April 14, 2022 SAND analysis notes that the $3 price remains the main headwind. Metaverse tokens eventually ended the week falling to the 40th sector of the crypto market.
Firewood dog (SHIB)
Shiba Inu started the week holding above $0.000024, but as SHIB fell to $0.000023, bears regained control. As we noted in our April 13 SHIB analysis, meme coins are up 18%. The bulls are targeting $0.000026 to turn into price action support for Shiba Inu, which is important support according to our April 16th SHIB analysis.
The dog dog currency (the DOGE)
Dogecoin started the week holding support above $0.14. Shortly after, however, meme tokens lost this support zone, but turned bullish based on our April 13 Dogecoin price analysis. According to our Dogecoin price analysis on April 15th, dogecoin trading volume declined in the second half of the week, but Meme Coin was bullish for most of the week.
conclusion
Crypto Market Weekly ended bearish on most of the tokens in the crypto space as the collective market cap also declined sharply. It will be interesting to see which way the market goes in q2 2022.