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Crypto weekly Price Predictions: Tracking BTC, ETH, XRP, BNB Amid $1.64T Cap & Market Sentiments

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author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on February 04, 2024 | 4 min
Updated on Feb 05, 2024
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  • Crypto Price Predictions for BTC, ETH, XRP, and BNB price dynamics pivot as the market cap hits $1.64T amid mixed sentiments.
  • Amidst a $29.79B trading volume surge, crypto stalwarts BTC and ETH eye critical resistance levels.
  • Fear & Greed index at 56 hints at cautious optimism in crypto, affecting BTC, ETH, XRP, and BNB trajectories.
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In this week’s daily crypto update, we delve into the latest price movements and forecasts for leading cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Binance Coin (BNB), amidst fluctuating market dynamics. With the overall market capitalization standing at $1.64 trillion, reflecting a modest increase, and the 24-hour trading volume surging to $29.79 billion, the digital currency landscape is witnessing significant activity.

 

Bitcoin continues to assert its dominance at 51.2%, followed by Ethereum at 16.8%, in a cautiously optimistic market, as indicated by a Fear & Greed index score of 56 out of 100. This analysis aims to provide investors with critical insights into potential price movements amid key resistance and support levels.

Bitcoin Price Prediction: Technical Outlook

Bitcoin’s performance over the past week has demonstrated notable resilience with a 2.14% increase, positioning its price at $42,913. This movement is captured within the daily chart, which delineates critical price levels for the cryptocurrency. The pivot point, established at $43,369, serves as a fulcrum for potential price direction.

 

Resistance levels, identified at $44,279, $45,618, and $47,236, signify the thresholds that Bitcoin needs to overcome to sustain its upward trajectory. On the flip side, Bitcoin finds support at $41,827, with further foundational levels at $40,563 and $39,006, which are pivotal in mitigating any negative price actions.

BTC/USD Price Chart
BTC/USD Price Chart – Source: Tradingview

The Relative Strength Index (RSI Indicator), hovering around 53, coupled with the 50-day Exponential Moving Average (EMA) at $42,069, paints a picture of a market teetering on the brink of bullishness, yet constrained by a slight bearish sentiment. The presence of a downward trendline at the pivot point of $43,369 introduces a significant barrier. Surpassing this barrier could catalyze a bullish momentum, inviting increased buying activity into the market.

 

Signal: Bitcoin exhibits a bearish outlook below $43,369, urging investors to watch for a potential shift in momentum upon crossing this threshold.

Ethereum Price Prediction: Technical Outlook

Ethereum (ETH/USD) price recorded a 1.95% increase over the past week, solidifying its position at $2300.8. A detailed analysis of the daily chart reveals a pivot point at $2325.7, marking a significant level for future price movements. Resistance levels, mapped at $2399.2, $2466.0, and $2548.5, delineate the ceilings Ethereum faces for upward progression. 

 

On the downside, Ethereum’s support at $2233.0, with subsequent layers at $2166.5 and $2112.2, provides critical junctures in the event of price retracements. The Relative Strength Index (RSI), positioned at 47, indicates a neutral market, neither favoring buyers nor sellers strongly. The 50-day Exponential Moving Average (EMA) at $2306.7, nearly mirroring the current price, reflects a balanced dynamic between market forces.

ETH/USD Price Chart
ETH/USD Price Chart – Source: Tradingview

Ethereum’s price dynamics exhibit a constrained range, oscillating between $2400 and $2230, suggesting an ongoing struggle for clear directional momentum. This consolidation phase underscores the market’s current indecision, with investors and traders alike monitoring for a definitive break that could set the tone for Ethereum’s next significant move.

 

Signal: The overall trend for Ethereum is bearish below the $2325 threshold, signaling caution for investors eyeing potential entry or exit points.

Ripple (XRP) Price Prediction: Technical Outlook

Ripple (XRP/USD) faced a 2.59% decline over the week, stabilizing at a price of $0.51058. A dive into the daily chart highlights a pivot point at $0.51963, which serves as a critical indicator for future price directions.

 

Resistance is encountered at $0.53975, $0.55783, and $0.59013, delineating ceilings that XRP needs to breach for upward momentum. Conversely, support positions at $0.48594, alongside further levels at $0.46274 and $0.44409, offer a safety net against potential declines.

 

XRP/USD Price Chart
XRP/USD Price Chart – Source: Tradingview

The Relative Strength Index (RSI), recorded at 38, signals a bearish market mood, compounded by the 50-day Exponential Moving Average (EMA) at $0.56010, further affirming the downtrend. XRP’s challenge to break the $0.5200 resistance—amplified by a dominant downward trendline—suggests a continued selling pressure. In light of these dynamics, XRP’s market sentiment remains cautious, with a bearish outlook persisting beneath the $0.5200 threshold. 

 

Signal: Consequently, XRP’s outlook remains bearish as long as it trades below the pivotal $0.5200 mark, suggesting a cautious approach for investors.

Binance Coin (BNB) Price Prediction: Technical Outlook

BNB (Binance Coin) witnessed a slight downturn of -1.83% over the last week, now trading at $299.7. The daily chart analysis reveals a pivot point at $296.2, serving as a critical threshold for future price movements.

 

Resistance is identified at $319.8, $338.7, and $361.3, outlining potential ceilings for BNB’s ascent. On the flip side, support is found at $276.2, with additional levels at $255.2 and $232.8, indicating protective barriers against further declines.

 

The Relative Strength Index (RSI), positioned at 48, implies a neutral market sentiment, suggesting an equilibrium between buyers and sellers. Additionally, the 50-day Exponential Moving Average (EMA) at $294.0 provides slight support below the current price, suggesting a balanced market condition.

 

The formation of Doji candles just above the upward trendline and the 50 EMA signals a potential for bullish momentum, with $296 acting as a pivotal support level.

BNB/USD Price Chart
BNB/USD Price Chart – Source: Tradingview

Given these indicators, BNB analysis exhibits potential for bullish behavior above the $296 mark. A sustained position above this level could signal buying opportunities, while a drop below could pivot to a bearish outlook, inviting considerations for sell trades. Investors and traders should closely monitor these key levels for signs of BNB’s next directional move.

Signal: BNB is likely to trade bullish above $296 level, and a break below this can offer a sell trade.

author
About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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