Bitcoin (BTC) is on its fourth weekly increase target in six weeks. Total Bitcoin and altcoin market value is following the sixth consecutive weekly rise. According to analyst Bob Mason, the change in sentiment was evident in technical indicators for BTC, ADA, ETH, MATIC and SAND. Indicators show that the uptrend will continue. Here is Bob Mason’s weekly forecast for 4 altcoins…
What will affect the Bitcoin and altcoin market this week?
In addition to network updates, the US economic calendar will continue to dominate the market. US industrial production (Tuesday), retail sales (Wednesday), Philadelphia Fed Manufacturing Index (Thursday) and jobless claims (Thursday) are the key statistics for the week. As we have also reported on Kriptokoin.com, inflation softened to 8.5 percent in July, while inflation is well above the Fed’s target.
How can this week go for Bitcoin (BTC)?
This week, from Monday to Sunday morning, Bitcoin (BTC) is up 5.72 percent. It rose to $24,505. A mixed start to the week resulted in BTC dropping to Wednesday’s low of $22,675 before making a move. Finding support from softer US inflation figures, BTC hit Thursday’s high of $24,896 before easing.
BTC responded to US economic indicators and sentiment towards Fed monetary policy. The Bitcoin Fear and Greed Index reflected investor optimism, rising to 46/100 on Sunday morning. Looking at the trends, a move from $24,896 to $25,000 could support the June high of $31,956. Then $35,000 and $40,004 could come. However, falling below $20,000 may cause the yearly low of $17.601 to be seen again.
Prospects for Cardano (ADA)
This week, Cardano (ADA) is up 10.75 percent to $0.5843. Following the broader market, ADA dropped to $0.5023 on Wednesday before hitting Sunday’s high of $0.5859. Network news updates were also positive for ADA, while finding support from the latest US economic indicators. Progress news for the delayed Vasil hard fork provided ADA support.
Looking at the trends, a return to $0.60 will allow the bulls to run to the June high of $0.6688. ADA could see a run from the May high of $0.9047 to target $0.6688 to $1.00. A break below $0.50 will give the bears a peek at the June low of $0.4026 and the yearly low of $0.3919. Looking at the EMAs and the 4-hour candlestick chart (below), the analyst points to an uptrend. ADA is currently above the 50-day EMA.
Leading altcoin Ethereum (ETH) is also on the analyst’s list
This week, Monday to Sunday, ETH is up 16.64 percent to $1,984. A bearish start to the week saw ETH drop to Wednesday’s low of $1,657 before hitting Saturday’s high of $2,020. Broader crypto market sentiment provided support, while Merge updates pushed ETH to $2,000 for the first time since May 31.
Looking at the trends, a move to this week’s high of $2,020 could support a run to the May high of $2,968. ETH will need ample support to break out of the psychological resistance at $2,500. A return to $3,000 would give ETH a free exit from the April high of $3,581. A drop from $1,750 to a weekly low of $1,675 would indicate that the bears are targeting $1,500 before any rebound.
Polygon (MATIC)
This week, Monday through Sunday morning, MATIC is up 12.67 percent to $1,022. At the start of the week, MATIC dropped to Wednesday’s low of $0.8713 before rising to $1.04 from Sunday’s high. Polygon network updates brought another week of bullishness. Reportedly, the number of decentralized apps on Polygon has increased by 400 percent to date. Sentiment for Polygon has been on the rise since the Disney announcement and the launch of Polygon ID.
Looking at the trends, a return to $1.50 could support a run to the May highs of $1.18 and $1.20. However, a break below $0.90 for MATIC could give the bears an idea of the week’s low of $0.870 and $0.8494.
Popular metaverse coin: The Sandbox (SAND)
From Monday to Sunday morning, SAND rose modestly 1.82 percent to $1,343. SAND, which has been range-bound for the week, rallied to $1,391 on Monday before dropping to $1,258 before stabilizing. There were no updates or major metaverse news to impress. The lack of sensitivity to US economic indicators has caused SAND to follow the broader market, which could put SAND in the spotlight for investors looking for bottoms in crypto.
Looking at the trends, a break from the July high of $1,545 would give the SAND a free pass at the May high of $2,456. However, SAND must return to $2 to avoid a return. A pullback from the July low to $1,007 could lead to a pullback of SAND towards $0.7322. .
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