Continuing the positive start to the new year, the cryptocurrency market at large has been fuelled with bullish sentiments and green candlesticks. Across the top ten, a majority of assets have been privy to substantial crypto price increases between 5% and 25% across this past week showed from Gate.io crypto Exchange, thus serving as a testament to the fact that the bear market may finally be coming to a close.
Starting this week on the threshold of $17,000, Bitcoin progressively moved towards $17,000 until the 12th. Following the 12th, Bitcoin began to gain momentum and cease its horizontal trading pattern and accelerate through both the $18,000 and $19,000 regions respectively, leading it to a weekly high of $21,036.84 on the early hours of the 15th of January. The recent increase in bitcoin price has also boosted the number of investors trading bitcoin, with many trading and investing BTC on the Gate.io cryptocurrency exchange. Data on trading bitcoin shows $32.672 billion in 24 hours. This unprecedented weekly high dwarfs its recent valuations and signifies that BTC is beginning to recoup its losses and push forward.
In the coming week, it is likely that Bitcoin will continue to test the $21,000 level and maintain a similar bullish trading pattern to which it is currently forming. Having substantially exceeded its 7-day SMA, it can be ascertained that BTC will continue to do so in the coming week, further pushing back against the bearish resistance that has haunted the market for several months. In total, BTC rose by 23.17% across the past week.
Opening the week on the threshold of its 7-day SMA at a modest $1,271, Ethereum appeared poised to maintain the bullish momentum that has surged as a result of the impending Shanghai Upgrade and the successful deployment of The Merge. Beginning a progressive climb upwards, Ethereum repeatedly tested the $1,300 zone, before breaking through this on the 12th and soaring into the lower boundaries of the $1,400 region. From here, Ethereum soared to a weekly high of $1,562.28 on the 14th of January.
Considering Ethereum is consistently trading between $1,520 and $1,560, it can be ascertained that in the coming week Ethereum will continue to rise upwards, potentially pushing towards the $1,600 resistance zone. This has led many investors to keep a close eye on the price of ethereum on Gate.io so they can trade Ethereum and jump on board. This momentum could see Ethereum continuously rising until the Shanghai Upgrade, following which, Ethereum could see an immense uptick in value provdiing its deployment is successful. In total, Ethereum rose by 21.06% this past week.
Having started the week at a positive $0.35, XRP briefly rose above its 7-day SMA, before teetering on the edge and ephemerally plunging beneath to a weekly low of $0.3456. However, XRP quickly hoisted itself up by its bootstraps and began to rally, soaring into the $0.37 and $0.28 regions by the middle of the week. This bullish momentum extended into the 14th and 15th of January, leading XRP to rise to a weekly high of $0.4067, pushing it through the infamous $0.4 resistance zone.
Having moderately declined in value since its weekly high, it can be expected that XRP may begin to trade relatively horizontally in the upper $0.3 region, consistently testing the $0.4 resistance zone, potentially with avail, providing it can maintain its bullish momentum. Over the past week, XRP rose by a notable 11.62%.
Having had an immensely positive week last week, Cardano entered the week at a promising $0.29, standing tall above its 7-day SMA. From here, Cardano accelerated upwards, with no signs of stopping, pushing it into a relatively horizontal trading pattern between $0.31 and $0.32. This momentum continued until the 14th, where ADA saw a sharp uptick, leading it to a weekly high of $0.3685, before falling back into a horizontal trading pattern between $0.34 and $0.36.
Considering ADA’s exceptional performance in recent weeks, it can be ascertained that ADA will continue to rally bullishly and pull itself out of the price rut marked out by the bear market. Providing ADA can maintain positive sentiments from investors and take advantage of the marketwide bullishness, Cardano could continue to test the $0.37 resistance zone and move towards a high price territory in the coming weeks. Across the past week, Cardano has increased by a promising 7.13%.
Having had an immensely positive week previously, BNB was able to carry this momentum into this week, entering the week at $270 and powering above its 7-day SMA, leading it to not deviate from this upwards trend throughout the week. Cruishing between $273 and $280 throughout the former half of the week, BNB quickly ascended on the 14th, shooting it to a weekly high of $313.49, pushing it to a new price threshold not seen for several weeks. This bullish momentum has evidently forced BNB through the current resistance zone of $300 and has led it to a new price floor between $295 and $300, with BNB closing the week on $302.
Across the coming week, it is likely that BNB will continue to maintain this positive price trajectory and establish a new trading arc above $300. This could lead BNB to discover a new resistance within this region and potentially begin to test $315, providing it can maintain its current bullish streak. Over the past week, BNB has increased by 9.38%.