BTC/USD Weekly Review

The BTC/USD coin pair extended its bullish rally of the previous-day. It took some further bids above the $32,800 level, as Elon Musk continued to show his support for top digital currencies, including Bitcoin, which pushed BTC from the $29,250 support zone to the $32,800 resistance level. The cryptocurrency market capitalization has added more than $200 billion in 3 days, as Bitcoin neared the $33,000 zone.

After attempting a $3,000 rise in one day, Bitcoin continued slightly upwards again in the past twenty-four hours, and hit a weekly high at almost $33,000. Most alternative coins, like ETH and Doge, are also in the green zone. The Bitcoin price is trading at $32,313.1, with a 24-hour trading volume of $19,922,008,647. BTC has gone up by 1.42% in the past twenty-four hours.

The buying bias surrounding Bitcoin could be associated with the latest report by Elon Musk, suggesting that he holds Doge, Bitcoin and Ethereum. When speaking at the B-Word conference, Elon Musk confirmed that he had multiple cryptos.

ETH/USD Weekly Review

The ETH/USD coin pair extended its winning streak of the previous day, and drew some further bids around the $2,060.23 level. However, there are multiple factors behind its bullish bias, be it Musk’s latest show of support for the top digital currencies or the ‘Ethereum improvement proposal 3675’ for the Eth2. All of these factors have been supporting the Ethereum prices.

Ethereum is currently trading at $2,050.02, with a 24-hour trading volume of $17,154,711,272. This crypto has risen by 3.31% in the past twenty-four hours. Since the start of this month, the ETH/USD coin pair has been facing declines, trading below the 9-day and 21-day moving averages.

The daily chart shows that the coin pushed above the 21-day moving average today, from the opening price of $1,996, to reach the daily high at $2,091 before coming back to where it is currently trading at $2,062. The ETH price is moving towards the upside, as the coin is attempting to cross above the channel’s upper boundary.

Meanwhile, the ETH/USD remains in a bullish zone, despite being predictably rejected from the resistance level of $2,046. Moving on, the ETH prices could hit the resistance at $2,400, $2,600 and $2,800, if we see a considerable climb above the 21-day MA.

However, the steady uptick in the Ethereum price could be attributed to Musk’s continuous support for the top digital currency or the ‘Ethereum improvement proposal 3675’ for the Eth2. At the B-Word conference on Thursday, Elon Musk confirmed that he held Doge, Bitcoin and Ethereum, and this turned out to be one of the key factors that helped to keep the ETH prices bid.

Furthermore, the ETH/USD pair got further lift after the ‘Ethereum Improvement Proposal 3675’ for the Eth2 merge launched on Github. The Ethereum Improvement Proposal has been designed for the network’s future chain merge, bringing Ethereum one step closer to realizing its highly expected Proof-of-Stake (PoS) transition. However, these positive developments regarding the Ethereum future were seen as one of the key factors that kept the ETH prices up.

LTC/USD Weekly Review

The LTC/USD crypto pair extended its previous long upward rally and drew some further bids around the 119.138 level on the day. The LTC/USD coin pair is currently trading above $121, and once it manages to exceed the potential resistance of $120, the next target is near $125, where wil trade above the 9-day and 21-day moving averages.

However, the rise from here could send the price of LTC straight to around $130, as the surge of the last twenty-four hours is supported at the $115 support level. If the current level fails to maintain its upward streak, the Litecoin (LTC) could slip below the 9-day and 21-day moving averages. The LTC bulls are now coming back into the market. Hence, if the bulls can put in more effort and push the market price above the 21-day moving average, the LTC/USD pair could hit the resistance levels of $150, $160 and $170.

In contrast to this, the strong performance of the broad-based US dollar may cap further gains in the LTC/USD coin pair. On the USD front, the greenback extended the bullish rally of the previous day, remaining well bid on the day, as the increasing number of COVID-19 cases involving the Delta variant globally, coupled with warnings over the latest lockdowns, tend to underpin the safe-haven assets, including the US dollar. In the meantime, the reasonably good pickup in the US Treasury bond yields was also seen as one of the key factors that benefited the US dollar. Thus, the upticks in the US dollar turned out to be the key factor that capped any further gains in the LTC prices.

XRP/USD Weekly Review

The XRP/USD crypto coin managed to extend its bullish activity of the last session, even after the long-lasting legal battle between Ripple and the Securities Exchange Commission (SEC) began heating up. The XRP is currently trading at $0.59273, with a 24-hour trading volume of $2,356,519,852. The XRP has risen by 3.87% in the past twenty-four hours. The prices of Ripple could reach 0.65 in the near term, as the positive performance of the crypto market has been supporting the XRP/USD coin pair.

This came after Elon Musk confirmed that he held a couple of cryptos. The digital assets he holds include Bitcoin, Ethereum, and Dogecoin. This, in turn, boosted the crypto market and contributed to the gains in Ripple.

In addition to this, the gains were capped by the long-lasting legal battle between Ripple and the Securities Exchange Commission (SEC), which is heating up day by day. As per the latest report, Ripple has started asking the court to consider statements made by Hester Peirce, claiming that the SEC hadn’t done enough to regulate cryptos.

The SEC has hit back by saying that a commissioner’s statement did not give a company grounds to flout securities laws. XRP is bolstering its defense by using statements made by two SEC commissioners, suggesting that Ripple was not given enough clarity regarding how securities laws apply to digital assets.

DOGE/USD Weekly Review

The DOGE/USD coin pair has extended its overnight winning streak and was still flashing green during the early European session on the day. Currently, Dogecoin is trading near $0.190935, with a 24-hour trading volume of $1,388,291,629. Dogecoin is up by 0.81% in the last twenty-four hours.

However, the upticks in the Dogecoin could be attributed to the reports by Tesla and SpaceX CEO Elon Musk, suggesting that he holds a couple of cryptos. The digital assets he holds included Bitcoin, Ethereum and none other than Dogecoin. Before this, Musk also tweeted that his son is “holding his Doge like a champ.” This gave Dogecoin an immediate boost.

However, the upticks in the DOGE price could be limited, as the stronger US dollar tends to undermine the DOGE/USD coin pair. The broad-based US dollar maintained its early-day upward rally. It remained bullish on the day, as investors were worried about the coronavirus variant that is threatening the outlook in terms of global economic recovery. So, the upticks in the US dollar were seen as one of the key factors that kept the DOGE/USD coin under pressure.