Despite recording increased price volatility over the past few days, the top tokens have displayed a neutral return over the past week. Reportedly, Bitcoin, Ethereum, & XRP tokens have each recorded a variation of less than 2% during this period, raising concerns about the price action of these cryptos for this month.
However, the on-chain data such as active wallet addresses and whale activities have been on a constant rise, whereas the exchange reserve is constantly declining. This suggests an increase in the accumulation of these crypto tokens in the market, further highlighting a potential bullish reversal.
By evaluating the current market statistics, investors are actively watching and analyzing the short-term price prospects of the top 3 cryptocurrencies by market capitalization. Planning on investing in these projects but are concerned about their price aspects? Read our latest weekly price prediction to uncover the possible mysteries.
Bitcoin Price Records Consolidated Price Action
Bitcoin price today has recorded a correction of approximately 1% in value with a trading volume of $40.3 billion, a change of -17.97% over the past day. Moreover, the largest cryptocurrency by market cap has displayed a neutral trend over the past week, resulting in it entering into a consolidated phase. With a market cap of $2.04 trillion, its dominance has decreased to 62.53%.
The Moving Average Convergence Divergence (MACD) displays a constant rise in the red histogram with its averages witnessing a similar price action. Adding to this, the SMA indicator records a similar price action by witnessing a negative crossover. This hints at a rising negative influence for the Bitcoin price next week.
Suppose, the cryptocurrency market experiences increased bullish sentiment, this could result in the price of Bitcoin surpassing its important resistance level of $105,000 mark soon. However, if the market experiences increased liquidation, the BTC price could slit toward its low of $100,000.
Ethereum Price on the Verge of Major Breakdown?
Over the past 24 hours, the ETH coin price has lost approximately 5% in its valuation. With this, its market valuation has dropped below the $300 billion mark, indicating an increase in the bearish outlook. However, Ethereum’s latest Pectra upgrade and increased inflow of Ethereum ETF could help the value of this altcoin regain momentum.
The Simple Moving Average (SMA) has witnessed negative crossover in the 1D time frame. Moreover, the RSI indicator has dropped below the overbought range and has recorded a bearish convergence. Considering the present market sentiments, the Ethereum price may continue losing value next week.
Maintaining the value above the support level of $2,430 could set the stage for ETH coin price to retest its high of $2,750 during the upcoming days. On the flip side, if the bears outrun the bulls, this could result in the largest altcoin plunging toward its lower support zone of $2,100.
XRP Price Witnesses Increased Volatility
The XRP price continues hovering between the $2.30 mark and $2.40 mark this week, suggesting a cool-off in the price action. Moreover, with a market capitalization of $137.55 billion, the market dominance of this altcoin stands at 4.202%.
The Relative Strength Index (RSI) displays a bearish convergence in the daily time frame. On the other hand, the cross EMA 50/200-day records a neutral price action. This indicates an increase in the selling-over-buying pressure for the 2nd largest altcoin in the cryptocurrency market.
If the bulls regain momentum, this could result in the price of XRP could breach its immediate resistance of $2.50 and head toward its upper price target of $3.00 in the upcoming time. Conversely, increased bearish action could result in it plunging toward its important support of $2.00.
Also Read: XRP Price Eyes $5 as CME Group’s XRP Futures Launch Nears
