The crypto market has displayed a strong price action over the past few days. This has resulted in the Bitcoin price achieving a new all-time high (ATH) yesterday. Following this, the altcoin market is expected to pick up pace and head toward a new high. This has resulted in Ethereum & XRP tokens coming under the limelight of the market.
Considering the present market sentiments, are you one of many who are planning on entering the crypto world? In this article, we will explore the market analysis and technical sentiment of the top 3 cryptocurrencies by valuation and their possible weekly price predictions.
Bitcoin Retests Its $110,000 Mark!
As the volatility in the market increases, the price of Bitcoin is back below the $110,000 mark. With an intraday trading volume of $65.89 billion, the largest crypto token has dropped by -1.28%. Withthis, it has a market capitalization of $2.18 trillion.
The Moving Average Convergence Divergence (MACD) records a constant green histogram. Moreover, its SMA indicator constantly supports the Bitcoin price chart in the daily time frame. This suggests a rising bullish action 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 $112,000 mark and heading toward its upper price target of $115,000. Conversely, a strong bearish pullback may slit the price toward its low of $105,000 during the upcoming week.
ETH Price Displays A Constant Sideways Trend!
The Ethereum price today continues hovering above the $2,500 mark with an intraday trading volume of $29.48 billion. Following this, top investors and institutes are raising concerns about the future prospects of this project. Notably, with a valuation of $311.24 billion, it has a market dominance of 8.97%.
The Relative Strength Index (RSI) continues hovering around the overbought zone in the Ethereum price chart. However, the average trendline acts as a strong resistance. Adding to this, the EMA 200-day records a major support to the ETH price trend. This highlights an increase in the buying-and-selling pressure.
If the bulls regain momentum, the Ethereum price could retest its multi-month high of $2,800 soon. However, if the crypto market experiences unexpected liquidity, this could pull the ETH token toward its lower support trendline of $2,430 in the upcoming time.
XRP Coin Price Struggles To Breach The $2.5 Mark!
The XRP price has displayed a neutral price action over the past week. However, considering the longer time frame, this altcoin has added approximately 7% to its valuation in a duration of 30 days. With a listing value of $2.37, the Ripple token has a market dominance of 4.03% with a valuation of $139.51 billion.
While the EMA 50-days acts as a major support to the price chart, the 200-day EMA acts as a strong barrier around the $2 mark. Conversely, the MACD indicator records a negative 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 this month.
Also Read: Bitcoin Price Drops Below $109K: What could be the Reason?
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