Crypto market performance report for the week ending April 24

The crypto market weekly report is once again back to tell you all the price action that you missed this week. From price crashes to higher highs, we have seen it all this week. However, as the week ends, we can confirm that the market remains in a bearish state following a huge surge in selling volume. 

This week started off on a bullish note as investors were very optimistic about their investments. However, most of the tokens once again went down by more than 50% from their all-time high, confirming that we are still stuck in a major downtrend. 

The data from CoinMarketCap shows that the market cap of the entire crypto market is currently at $1.85 trillion as the market remains below the $2 trillion market cap. It is also important to note that the number of cryptocurrencies listed on CoinMarketCap is above 19,000 as more and more projects pour into the crypto space. 

In our crypto market weekly report for this week, we will discuss the following tokens: RAVE, BTC, ETH, SOL, XRP, DOT, LUNA, SAND, DOGE, and SHIB.

Crypto market performance report

In this crypto market weekly performance review, we will discuss the trajectory followed by each of the tokens mentioned above: 

Ravendex (RAVE)

Ravendex token began the week by holding prices above $0.0034, and the RAVE bulls tried to push prices towards $0.004 after reclaiming $0.0036. RAVE failed to make it to $0.004 and dropped to the $0.003 price level. Once again, the bulls were back in action as RAVE made its way towards the $0.0035 price zone. Despite this bullish surge, the bears were back in the market as RAVE bears aimed to push prices below $0.0030. 

Source: TradingView

Bitcoin (BTC)

Bitcoin opened a bearish candle for this week below $40K, as per BTC analysis for April 18, but the bulls caused the biggest cryptocurrency in the crypto market to rebound from $38K. The token was back above $41K following a surge in buying pressure and reclaimed $42K for a brief interval. However, by the end of the week, BTC was back below $40K.

Source: TradingView

Ethereum (ETH)

Ethereum bears caused ETH to drop below $3K as the week started, but the bulls were back in action, and ETH reclaimed $3K the following day. The ETH bulls aimed to break the $3100 price resistance but price action turned sluggish as noted in our ETH analysis for April 21. The bulls tried to hold $3K as support but failed to do so and ETH dropped to $2900.

Source: TradingView

Solana (SOL)

Solana maintained above the $100 price support as the week started and broke the $102 price level, as noted in our SOL analysis for April 19. Solana bulls pushed the token towards $110 with a 6% surge in prices. The token was unable to push $110 and turned bearish as a result, dropping below $100. 

Source: TradingView

Ripple (XRP)

Ripple stayed strong at the $0.75 price region and the bulls took charge as XRP broke the nearest resistance at the $0.77 price level. The buying pressure for Ripple dropped as XRP failed to hold $0.77. As noted in our XRP analysis for April 21, Ripple dropped 2%, followed by a bearish retracement towards the $0.70 price region. 

Source: TradingView

Polkadot (DOT)

Polkadot began the week below $18 and aimed to turn bullish as trading volume for DOT jumped. However, the DOT token was unable to push above $19, a major resistance. Furthermore, the DOT analysis for April 21, 2022, confirmed that bulls took over but the following day, Polkadot dropped 6% losing the 12th position in the crypto market.

Source: TradingView

Terra (LUNA)

LUNA began the week priced at $80 and reclaimed $90 with a 14% price surge in 24 hours. The bulls remained in control as LUNA jumped another 4%. At last, the token tried to consolidate prices above $94 but failed to do and retested the $90 price support. 

Source: TradingView

The Sandbox (SAND)

SAND also remained bearish as the week started and as noted in our SAND analysis for April 19, the token held support at $2.5. The following day, SAND jumped by 10% and even broke the long-time resistance of $3 for a brief interval. As the week ended, the bears were back in charge and SAND dropped another 3%.

Source: TradingView

Dogecoin (DOGE)

Dogecoin began the week with a 5% price crash and we also noted that the bulls were unable to keep prices above $0.14 price support. As noted in our DOGE analysis for April 20, the meme coin once again turned bullish. However, as noted in our DOGE analysis on April 21, the buying pressure dropped and the following day, Dogecoin lost $0.14 as support.

Source: TradingView

Shiba Inu (SHIB)

Shiba Inu began the week below $0.000024 but was able to push above $0.000025 the following day. Despite the fact that the market was bearish, Shiba Inu retained its position above $0.000025 but lost this region the following day due to an increase in selling pressure. As noted in our SHIB analysis for April 22, the meme coin held prices above $0.000024. 

Source: TradingView

Conclusion

The crypto market weekly report ends on a bearish note for almost all the cryptocurrencies in the crypto market because most of the tokens have seen a decline in prices. It will be interesting to see where these tokens are headed next week.