Weekly Crypto Price Analysis 12th Apr: BTC, ETH, BNB, SUSHI, UNI

0
13

 

TL;DR Breakdown

  • Bitcoin has broken above the $60,000 mark and prepares to set a new ATH.
  • BNB rallies to $638 after strong bullish momentum continued last week.
  • UNI and SUSHI saw little volatility

Weekly Crypto Price Analysis this week covers some of the most popular cryptocurrencies right now. The overall market performed well last week, and new all-time highs were set for several altcoins.  

Weekly Crypto Price Prediction

7-day market heatmap by Coin360

On the 7-day heatmap, we can see that the leaders, Bitcoin and Ethereum, have remained relatively flat with a small gain of 2.2 and 2.55 percent as the markets retraced over the first half of the week and pushed higher later on. Ripple (XRP) and Binance Coin (BNB) have posted the best results with gains of 54 and 57 percent. Holochain (HOT) performed the worst among major altcoins as it lost 30 percent. 

Weekly Crypto Price Prediction: More upside to be seen next week

BTC/USD 

Bitcoin saw a good amount of volatility last week as the market first moved lower to the $55,500 price mark, where support was found on Wednesday. Over the following days, the crypto price action reversed and steadily pushed higher until a sharp spike higher on Saturday. Resistance was found around $61,000, sending BTC/USD into a consolidation around the $60,000 previous resistance level. Overnight another attempt to push higher was made. However, the $61,000 resistance prevented a further upside again. Therefore, the crypto price action is still not ready to move higher, and further consolidation is needed to build a base from which to push higher.

If the bullish price momentum continues, we should see Bitcoin break higher this week and finally set a new all-time high above the $62,000 price mark. From there, no further price resistance is seen until semi-round number resistance at $65,000.

Weekly Crypto Price Analysis 12th Apr: BTC, ETH, BNB, SUSHI, UNI 1

BTC/USD 4-hour chart. Source: TradingView

ETH/USD 

Ethereum has also seen good performance over the last week. After establishing a strong low of around $1,940 on the 7th of April, ETH/USD slowly moved higher until some resistance was found around $2,090. After consolidating for a day, the crypto price action built momentum and spiked higher, breaking through previous all-time high until some rejection was seen below $2,200.

Over the weekend, ETH/USD consolidated above $2,130 resistance turned support until another attempt to move higher was made earlier today. Price touched the $2,200 resistance before moving lower again and retesting the $2,130 support. 

Therefore, we expect the market to consolidate further early this week as it builds momentum to move even higher later this week. Likely we will see both Ethereum and Bitcoin move in a similar way as they both are highly correlated right now.

Weekly Crypto Price Analysis 12th Apr: BTC, ETH, BNB, SUSHI, UNI 2

ETH/USD 4-hour chart. Source: TradingView

BNB/USD 

Binance Coin has seen another strong week. After opening at $348 last Monday, BNB/USD gained more than 50 percent until close at $525, with a total gain of almost 200 percent from the last major swing low of $230. Today, the market spiked even higher until some rejection for further upside was seen at $640

On its way up, the crypto price action established some support/resistance levels. Closest to the current price action is seen at $460 and $485, meaning that the market will likely retrace to retest them after such a rapid move higher. If a further downside is made, the next major support level is located around the $405 mark.

Overall, it is hard to say just yet how deep BNB/USD will retrace as the market has only seen some rejection right now. Potentially, we could see another push higher over the next 24 hours. 

Weekly Crypto Price Analysis 12th Apr: BTC, ETH, BNB, SUSHI, UNI 3

BNB/USD 4-hour chart. Source: TradingView

SUSHI/USD 

Overall the market has retraced slightly more than 40 percent since setting a new all-time high at $23.5 on the 14th of March. At the end of March, the crypto p[rice action started to slow down and establish a double bottom pattern, with only slightly lower highs set afterward. This led the Sushiswap price action to trade in a relatively small range.

A slightly lower low was set below previous support at $14 on the 7th of April, indicating that we are still in slightly bearish price momentum. On Friday, another lower low was set below $15.5, resulting in another push lower. However, support was found at the $14 mark again, meaning that bulls are slowly trying to take over the control. 

Therefore, we expect bulls to take over control this week. Earlier today, SUSHI/USD already spiked towards $15.5, creating a slightly higher high, and indicating that the market is ready to reverse. The next major target to break is located at $16, after which the Sushiswap market sentiment will likely turn very bearish again.

Weekly Crypto Price Analysis 12th Apr: BTC, ETH, BNB, SUSHI, UNI 4

SUSHI/USD 4-hour chart. Source: TradingView

UNI/USD 

Uniswap saw a lot more volatility over the last week. After failing to break through the $32 mark on Tuesday, the crypto price spiked much lower until support was found at $28. Since the previous major lower low around $27 wasn’t broken, the market sentiment remained bullish.

After consolidating around the $30 mark for the rest of the week, UNI/USD finally spiked higher today and broke through the $32 resistance, indicating extreme bullish momentum building up. Since the market rapidly gained almost 15 percent, we should see retracement early this week as the market looks to set a higher low. 

From there, later this week, we will likely see another attempt to push higher and break through the next major resistance area around $35-$37. If SUSHI/USD manages to break through the all-time high, we should similar rapid growth over the remaining month as we saw in the beginning of March.

Weekly Crypto Price Analysis 12th Apr: BTC, ETH, BNB, SUSHI, UNI 5

UNI/USD 4-hour chart. Source: TradingView

Weekly Crypto Price Prediction: Conclusion  

Overall our Weekly Crypto Price Analysis indicates we will see the market have a slow start early this week. However, once some retracement and consolidation is done, most of the crypto markets should set further higher highs. 

That is it for this week’s Weekly Crypto Price Analysis. For further reading, see our newest guides on Bitcoin mining and ETH gas prices. Additionally, see our latest long-term price prediction on Polkadot.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.