Weekly price digest: BTC, ETH, RVN, ADA & SOL

By SimpleLearn | SimpleLearn | 9 Sep 2022

This week, the crypto market finally showed us some mobility – for no particular reason, though.



On Tuesday, September 6th, a major market player dropped the Bitcoin price by more than 8%. BTC broke through the lower border of the rising wedge around the price of $19,600 and updated its price lows since the end of June 2022 at the price of $18,600.The price of $18,600 acted as a support level from which buyers bought off 50% of the fall. At the moment, Bitcoin is in a slight consolidation in the price area from $19,150 to $19,500.



Ethereum looks a bit stronger than Bitcoin this week. The coin is in a small local uptrend, but at the same time it largely repeats the movements of BTC. ETH fell from $1,688 by more than 11% to $1,490. As a result, ETH made a confident rebound and won back more than 50% of its decline forming a local uptrend. At the moment, ETH is in consolidation around the price of $1,600.



After listing Ravencoin on August 31 on the KuCoin exchange, the coin showed more than 50% growth from $0.02683 to $0.04248. Against the background of the fall of Bitcoin, RVN was corrected by 19%. RVN is currently trading around the price of $0.03600.



Following confirmation of the Vasil update date, on September 2, ADA showed an upside move of more than 16% from $0.4400 to $0.5120, but failed to lock in and was corrected by 11% to $0.4540 as a result of Bitcoin’s fall. ADA is currently trading around the price of $0.4700.



Solana has been in local consolidation for a long time. Its price range varies from $30.94 to $33.10. On September 5 - 6, the coin showed a downward movement of 8%, having made a false exit beyond the boundaries of consolidation to the price mark of $34.00. However, the fall of Bitcoin corrected the upward movement to the price of $30.34. This is where the price bounced back from and returned to the boundaries of the consolidation range. At the moment, SOL is at the upper border and trading around the price of $33.00


P.S. The content of this article should not be construed as investment advice. We ask you to do your own research.


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