In the past week, most of the major cryptocurrencies have been trading at their lower levels, and Bitcoin has been trading in bearish territory. On March 10, Bitcoin's price dropped to its weekly low of $19,628, but it has been able to recover some of its losses and is now trading above $20k. Ethereum's price has been trading in a tight range between $1,389 and $1,783. Other altcoins, such as XRP, BINANCE Coin (BNB), Dogecoin (DOGE), and Cardano (ADA), have also been under pressure in the past week. However, the market sentiment remains positive, as indicated by the MACD indicator, which has seen a bullish crossover. The relative strength index (RSI) is currently neutral to mildly bearish. The 50-day moving average crossed above the 200-day moving average, indicating a bullish crossover.
Cardano (ADA) Price Analysis
Cardano (ADA) has experienced the biggest weekly loss amongst the top cryptocurrencies, dropping nearly 14%. The selling pressure on ADA has been quite significant, with the price dropping below its crucial support level of $1.00. At the time of writing, ADA/USD is trading at around $1.03, with a decrease of 3.07% in the past 24 hours and a decrease of 13.97% in the past seven days.
ADA/USD weekly chart, source: TradingView
Looking at the technical indicators, the RSI is at 34.02, indicating that the market could potentially be oversold. The MACD indicator has seen a bearish crossover, indicating that the market sentiment is bearish. Furthermore, the 50-day moving average is still below the 200-day moving average, indicating that the market remains in bearish territory.
In conclusion, our weekly crypto price analysis shows that the cryptocurrency market has been trading at its lower levels for the past week. Bitcoin triggered a rapid downturn in the market, largely due to the woes at Silvergate Bank and Silicon Valley Bank that dented investor sentiment. Most of the major coins have been rangebound, and have experienced significant volatility intraday.
The market capitalization of cryptocurrencies has decreased to around $1.4 trillion, with Bitcoin's market dominance at around 60.8%. The price action of Bitcoin in the coming days will be crucial for the market as a whole to determine which way it's headed in the near future.
As always, cryptocurrency traders and investors should remain cautious and practice proper risk management strategies when trading in such a volatile market.
