The crypto market has successfully regained momentum with the top tokens continuing to retest their upper price levels. With this, the market capitalization of the crypto industry has increased to $3.03 trillion, a change of +0.58% over the last 24 hours.
Reportedly, the Bitcoin price has sustained its value above the $96,000 mark, highlighting an increase in the bullish presence. Moreover, its dominance has now increased to 63.98%, suggesting an ongoing Bitcoin season in the crypto space.
Following in the footsteps, the altcoin market has displayed a positive action with the Ethereum price reclaiming its $1,800 mark. While XRP price struggles around the $2.20 mark, Solana price continues juggling around the $150 level.
Are you planning on entering the ocean of crypto? In this write-up, we will understand the market analysis and technical sentiment of the top 3 cryptocurrencies by valuation (excluding stablecoins) and their weekly price predictions.
Bitcoin Price Holds Above The $96,000 Mark
As the volatility in the market increases, the price of Bitcoin is back above the $96,000 mark. With an intraday trading volume of $23.16 billion, it has recorded a change of -0.78%. With a circulating supply of 19.85 million, it has a market capitalization of $1.907 trillion.
The Moving Average Convergence Divergence (MACD) records a constant decline in the green histogram. However, its SMA indicator constantly supports the Bitcoin price chart in the daily time frame. This suggests a rising uncertainty for the largest crypto token in the market.
If the bullish sentiment in the market sustains, this could result in the price of Bitcoin smashing its $100,000 mark and heading toward its upper price target of $105,000. Conversely, a strong bearish pullback may slit the price toward its low of $90,000 during the upcoming week.
Ethereum Price Sustains Above $1,800 Mark
The Ethereum price today continues hovering above the $1,800 mark with an intraday trading volume of $10.336 billion. Marketers are raising concerns about the future prospects of this project as it has recorded a variation of less than 2% over the past 30 days.
The Relative Strength Index (RSI) continues hovering above the neutral point in the Ethereum price chart. Furthermore, the average trendline acts as a strong support. On the other hand, the EMA 50-day records a major resistance above the ETH price action. This highlights an increase in the buying-and-selling pressure for the largest altcoin in the market.
Suppose, the bulls regain momentum, in that case, the Ethereum price could retest its multi-month high of $2,100 this month. However, if the crypto market experiences unexpected liquidity, this could pull the ETH token toward its low of $1,500.
XRP Price Records Consolidated Price Action
The XRP price has entered into a consolidated phase over the past week. With this, altcoin has displayed a neutral action in the last 7 days. However, considering the longer time frame, this altcoin has added approximately 10% to its valuation in 30 days. The Ripple token has a market dominance of 4.27% with a valuation of $128.63 billion.
While the EMA 50-days displays a bullish convergence, the 200-day EMA acts as a strong support around the $2,000 mark. Adding to this, the MACD indicator records a neutral trend in the 1D time frame. This indicates a mixed price action for the 2nd largest altcoin by market capitalization.
If the crypto market witnesses an increase in the accumulation of XRP, the coin’s price may regain momentum and head toward its important resistance level of $2.50. On the contrary, a negative action could result in it plunging toward its low of $2.00 soon.
Also Read: XRP Could Hit $2.10 in May, Say 82% of Polymarket Bettors
