Cryptocurrencies Weekly Summary (Aug 02-06) – Top Five Crypto Coins to Watch

BTC/USD Weekly Review

The BTC/USD coin pair extended its  bullish rally of the previous day and drew some further bids around the $40,000 mark. The BTC/USD price started a fresh rise above the $38,500 resistance zone against the US Dollar. Bitcoin even managed to cross the $40,000 level, and it is now correcting gains.

The BTC/USD price established a base above the $37,600 level and started a fresh increase. BTC broke the key $41,000 resistance level to move into a positive zone. However, the BTC could start downside correction afresh if bitcoin fails to climb above the $40,750 and $41,500 resistance levels. Initial support to the downside is near the $49,000 level.

The first significant support is now near the $39,500 zone. It is close to the 50% Fib retracement level of the recent increase from the $37,678 down-swing to a high of $41,395. A clear downside break below the $39,500 support might lead the price towards the $38,500 support level. The bullish bias surrounding Bitcoin could be associated with the latest report suggesting that Melanion Capital has announced the launch of its Bitcoin (BTC) equities exchange-traded fund. According to an ETF Stream report on August 5, 2021, the organization says the UCITS-compliant investment vehicle is designed to offer investors exposure to companies that have invested heavily in crypto and the underlying distributed ledger technology (DLT).

Moreover, Fidelity’s director of global macro, Jurrien Timmer, has shared some of his views on bitcoin’s price action, comparing it to gold during the 1970s. He said that Bitcoin’s bullish phase might not be over, and added that the Bitcoin is an aspiring asset class “that looks to be coming of age, much as gold did during the 1970s.” These headlines tend to underpin the BTC prices.

ETH/USD Weekly Review

The ETH/USD coin pair extended its gaining streak of the previous session, drawing further bids above the $2,771.23 level. Ethereum is up by roughly 3.23%, and it has broken the $2,800 resistance against the US dollar. The ETH/USD price started a fresh rise above the $2,700 resistance zone against the US Dollar. ETH even broke the $2,800 level, and it is now correcting gains.

LTC/USD Weekly Review

The LTC/USD crypto pair managed to extend its previous upward rally, remaining well bid above the 145.00 level on the day. The LTC/USD coin pair is currently trading over $145.672, and once it manages to exceed the potential resistance of $145, it is expected to push the prices towards $150 in the near term. The LTC/USD is trading around the resistance level of $145.967, after touching the daily high of $147.479 in the early hours of today.

Conversely, the strength of the broad-based US dollar could limit any further gains. On the USD front, the broad-based greenback extended its bullish rally and remained well bid on the day, as the market’s risk-off market mood tends to underpin the safe-haven assets, including the US dollar. Meanwhile, the previously released positive US data boosted the USD prices. Thus, the upticks in the American currency were seen as a key factor that capped further gains in the LTC prices.

XRP/USD Weekly Review

DOGE/USD Weekly Review

The DOGE/USD coin pair has extended its previous bullish bias and managed to draw further bids. However, the uptrend in the Dogecoin could be attributed to the bullish sentiment surrounding the cryptomarket in general. Moreover, the upticks in the Dogecoin were further bolstered after upmarket German fashion designer Philipp Plein told his 2.5 million followers on Instagram that he will now accept crypto as payment, both online and in his stores.

The cryptos accepted are Bitcoin, Bitcoin Cash, BNB, Bitcoin S.V., Dogecoin, Ethereum, Litecoin, Nano, OmiseGo, Paxos Standard Token, Qtum, Tron, TrueUSD, USD Coin and Tether ERC-20. Plein’s positive remarks tend to underpin Dogecoin. Dogecoin is currently trading near $0.200454, with a 24-hour trading volume of $1,171,737,467. Dogecoin went up by 1.32 % in the last twenty-four hours. However, the upticks in the DOGE price could be short-lived, as the bullish US dollar is trying to undermine the DOGE/USD coin pair. The broad-based American currency maintained its upward rally of the previous day, and remained well bid as investors turned towards the safe-haven assets, in the wake of the risk-off market sentiment. Thus, the upticks in the US dollar became the key factor that kept the DOGE/USD coin down.