From last week’s price analysis, cryptocurrencies were trading at a high price level as compared to the current cryptocurrency levels.
From the current news, Facebook has been involved in seeking the various benefits they would get from having their own cryptocurrency. Additionally, the Zimbabwe central bank was involved in the ban of the crypto dealings. In other news, the Supreme Court supported the RBI decision to ensure that the Indian crypto services are banned.
Therefore, let’s find out the current prices from the price analysis.
According to last week’s statistics, Bitcoin was involved in a downtrend most of the time. During the start of the week, bitcoin was trading above the $9,500 price level. From that time, it went below various support levels which are $9,200, $9,000 and the $8,500 price level before initiating an upside on 13th may. According to the current state of Bitcoin, it has rallied to the $8,700 price levels from below the $8,400 price level.
Since the upside trend has initiated, we expect the cryptocurrency to rally to the $9,000 price levels and also the $9,200 price levels this week. On the other hand, a downside might subject the cryptocurrency to the $8,300 price levels which might attract losses.
Support level: $8,300
Resistance level: $9,000
Last week, Ethereum was faced with upsides and downsides in the entire week. Through the week, the cryptocurrency broke various support levels which are $740 and the $720 support levels. Ethereum further dropped below the $700 and further below the $650 price level. However, from May 12, Ethereum started an upside which has seen the cryptocurrency rise from the $644 price level to the $738 price level.
Ethereum has already adopted the bullish trend in the last two days. Therefore, we should expect the cryptocurrency to rally to the $750 and the $770 price levels soon. On the downside, in case Ethereum drops below the $700 price level, this might lead to further losses to the $670 price level.
Support level: $700
Resistance level: $750
Bitcoin cash BCH
Just like the other cryptocurrencies, bitcoin cash has been involved in a downside. This has seen the cryptocurrency drop below various support levels which are $1,500 and the $1,300 levels. On May 12, an upside initiated which saw bitcoin cash improve significantly above the $1,400 price level. Therefore, the cryptocurrency has been trading at this level for some time now. Currently, it is very close to the $1,500 price level.
Once this upside trend picks up and investors make more purchases, bitcoin cash might rally significantly to the $1,550 and the $1,650 price level this week. On the downside, a drop below the $1,400 price level might attract more losses.
Support level: $1,400
Resistance level: $1,550
Ripple has been involved in a downside from the start of the week to 12th may. Therefore, during the start of the week, the cryptocurrency was trading at the $0.86 price level. Therefore, a downside was initiated which saw the cryptocurrency drop significantly below the $0.75 and the $0.70 level. Ripple went further to attain a low of $0.65 price level. However, according to the current statistics, a rally has been initiated which has seen it attain a current high of $0.75 price level.
A continuous bullish trend might see ripple rally to the $0.80 price level and further to the $0.82 price level. On the downside, a drop below the $0.70 price level might attract losses and further drop to the $0.67 level.
Support level: $0.70
Resistance level: $0.80
According to the price analysis, last week was faced with downsides which saw each cryptocurrency attain a low level below the support levels. However, as suggested in the price analysis, we should expect an upside which has already initiated.