Crypto market weekly report for the week ending July 23

The crypto market weekly report is back once again to give you an insight into the price action followed by five major cryptocurrencies in the past 7 days. It has been interesting to see that compared to the previous week, the market turned bullish and Bitcoin (BTC) and Ether (ETH) rose by significant percentages. Investors can expect the bullish outburst to cool down in the coming week as we have seen the market surge by significant sums.

Despite the gains made, there are still chances of bears remaining in overall control of the price action as we have seen significant decline in prices since the start of 2022. The market sentiment is still fearful despite BTC regaining the $23K price region.

The data from CoinMarketCap shows that the market cap of the entire crypto market is currently at $1.04 billion and the crypto space has broken above the $1 trillion market cap. It is also important to note that the number of cryptocurrencies listed on CoinMarketCap is above 20,300 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: BTC, ETH, SOL, SHIB, and DOGE.

Crypto market performance report

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

Bitcoin (BTC)

Bitcoin began the week by jumping 2% and formed 5 consecutive bullish candles. Failing to break the $23K level, BTC hovered around this resistance zone. Finally, BTC rebounded from the $21K price level and reclaimed the resistance at the $23K price level but the biggest crypto in the crypto market failed to hold above $23K.

Source: TradingView

Ethereum (ETH)

Ethereum began the week at $1200 and went on to briefly break the $1,400 price region as well. The token found a minor support at $1300 which held despite a bearish pressure in the market and went on to reclaim the $1500 price level. The 2nd biggest token in the crypto market formed 3 bullish candles consecutively and outperformed Bitcoin for the past week.

Source: TradingView

Solana (SOL)

Solana aimed to break through $40 and was finally successful in doing so as the week began. The $40 price level was a resistance zone but the bulls retained price action above it, reclaiming $43. The SOL token went on to break the $45 price level but dropped 10% and as a result, was retesting $40.

Source: TradingView

Dogecoin (DOGE)

Dogecoin began the week holding above $0.06 support and aimed to breach the $0.065 level but underperformed when compared to the entire crypto market. The meme coin did not show any positive growth as a sudden bullish surge put the DOGE token close to $0.07. The token finally broke above $0.07 but it was a resistance level and hence, DOGE fell below $0.07. As the week ended, Dogecoin continued back-and-forth movement at the resistance zone.

Source: TradingView

Shiba Inu (SHIB)

Shiba Inu showed signs of a bullish growth as the week began but the trading volume for SHIB remained low. The meme coin was on the verge of losing $0.000010 but sudden surge in buying pressure caused SHIB to break above $0.000012. However, SHIB could not hold above $0.000012 for a long time as trading volume started drying up.

Source: TradingView

Conclusion

The crypto market weekly performance report ends on a bullish note for almost every cryptocurrency as we saw the crypto market soar through the skies. However, it is advised that investors should not get complacent and this might just be a elaborate dead cash bounce.