Price Analysis 12/8: BTC, ETH, BNB, SOL, ADA, XRP. https://ift.tt/33Nhk69

The bulls are unsure of the next price action, as many anticipated more price movements this week from most cryptocurrencies. These expectations went unrealized as the massive hikes failed to come. This has led many to call the market “Boring.”

Adding to the claims that the past six days have been boring is the global cryptocurrency market cap. The sector under consideration is about to end the same way it started as there has been no significant increase in the total worth of the crypto industry.

This appears to be the second consecutive week the crypto market is recording little to no gains. However, the bears are grinning with contentment following the small wins they enjoyed following the minute decrease over the past six days.

The market opened at $2.24 trillion and peaked at $2.32 trillion. The industry is worth $2.2 trillion as of the time of writing as we noticed little hikes across the market. The image below illustrates that most cryptocurrencies are seeing little surge.

Unfortunately, these increases have little to no significant impact on the weekly performance as the illustration below shows some digital assets dipping by several percent. Polkadot is the top loser in the top 20s as it is down by more than 8% over the last six days.

Following the same tempo as the spot market, crypto derivatives are also dull this week. With very little activity so far, trading volumes as well as REKT funds are on the decline as more traders boycott it.

Market sentiment has been fairly stable throughout the week. Although the industry is unable to recover from bearish induced fear, the Fear and Greed index is consistently shifting between 21 and 29.

The stability in the atmospheric conditions of the crypto street could be attributed to the lack of price moving fundamentals. One of the biggest stories this week is that Tesla will start accepting DOGE as payment for its services. Dogecoin surged by more than 20% after announcement but failed the trend.

It seems the weekend trends are intact as we’ve noticed little hikes across the crypto space. With a brief overview of the market, let’s examine the performance of some coins in the top 10.

BTC/USD

Bitcoin is about to close the week at a 5% deficit. The coin opened the week at $50,102 and surged to an intraweek high of $50,226 but hit resistance at this mark and came crashing down to $45,750. The next two days saw more price increases as the apex coin gained almost 5% as the bulls tried recovering from the previous loss.

Unfortunately, the efforts of the buyers were not enough to annul the more than 6% drop on Monday as the digital asset was hit with more sellers’ congestion on Thursday and Friday as it lost 5% in total.

With the weekend trend still on, there is still a chance of a short squeeze as seen over the past three weeks. BTC saw a l0w of $45,789 and closing the past seven days in loss will mean a continuation of the downtrend.

Although bitcoin failed to surge past its first pivot support, it still holds the second and has not tested the mark this week. The top coin failure to pick up momentum has resulted in fresh concerns of another death cross.

The fear becomes more imminent as the 50-day MA is slowly edging closer to the 200-day MA – hinting at an interception. Traders were thrilled to see the Moving Average Convergence Divergence (MACD) indicate a bullish cross.

The excitement is gradually fading as both MACD lines have converged and the crossing is yet to take place. The fast and the slow lines are closer than many would expect and have not separated as seen in the chart above.

ETH/USD

Ether frequently dipped below $3,700 throughout the past seven days. The buyers were unable to defend both the $3,900 and $3,700 support. With both supports crumbling, the largest alt retraced to a low of $3,640.

The coin may close the with losses of more than 5%. This will be the third consecutive week of the red candle and another below $4,000. Ether no doubt saw a lot of volatility throughout the past seven days, as it tried to recover from a more than 8% drop on Monday.

A two-day hike saw the second largest cryptocurrency by market cap regain 6% up was not enough to cancel the decrease. ETH was on its way to revisiting the price it opened ($4,130) the intraweek session but failed as it retraced at $4,117 and ended the fourth day of the week with little deficit.

As with the BTC, ETH is also seeing some movement with regards to the 50-day and 200-day MA as the gap between these Moving Average are closing. MACD, on the other hand, offers little solace as we notice an impending bullish crossing.

BNB/USD

Crypto’s third largest asset is one of many projects losing significant percentages over the past seven days. The coin may close the week down by 6% as it opened the trading session at $570 and is currently trading at $532 per unit as at the time of writing