As the news broke out of lower-than-expected U.S. inflation data, the cryptocurrency market experienced a positive action as most tokens traded on a higher note today. Considering the historic market sentiments, whenever the US CPI cools, the possibility of Federal Reserve (FED) cutting rates is relatively higher.
With this, the market is currently valued at $3.47 trillion with an intraday trading volume of $135.14 billion. Moreover, top tokens such as Bitcoin, Ethereum, and XRP witnessed a short jump in their respective valuations. While Bitcoin retested the $110,000 mark, Ethereum price reclaimed the $2,800, and XRP maintained its $2.30 mark.
Additionally, top altcoins such as KAIA, FARTCOIN, JTO, SPX, & VIRTUAL recorded a jump of over 10% each, suggesting increasing bullish action in the cryptocurrency market.
Bitcoin Price Retests $110,000 Mark
The Bitcoin price is on the path of achieving a new ATH as it has successfully retested its $110,000 today with a 24-hour high of $110,384.22. Despite recording a drop of 10.41% in its trading volume to $52.11 billion, it has maintained its dominance at 62.91% with a market cap of $2.16 trillion.
The Bitcoin price trades above all the Exponential Moving Average (EMA) trendlines in the 1D time frame. The 20-day average acts as a support around the $106,332 mark (highest) whereas the 200-day EMA hovers around the $92,300 mark (lowest). This sentiment suggests that the BTC price may continue gaining value this week.
The MACD indicator forms a bullish pattern in the BTC price chart as it witnesses a rising green histogram along with its 12 & 26-day EMA experiencing a positive convergence.
If the Bitcoin price crosses the $110,000 mark again, it could possibly head toward its ATH of $111,970 shortly. Conversely, a weak buying pressure could lead the largest crypto token in retesting its immediate support levels of $107,218 & $106,332, respectively.
Ethereum Price Reclaims $2,800 for the First Time Since February
For the first time since 24th of February, the ETH price has surpassed the $2,800 mark, suggesting increased bullish action in the crypto-verse. With a listing price of $2,868, this altcoin has a market capitalization of $341.47 billion which totals to 9.89%. Notably, this figure has increased by 0.88% from 9.01% over the last 30 days.
The Relative Strength Index (RSI) has displayed a constant rise after testing its neutral point (50), is currently valued at 68.98 and about to test its oversold range (70). By evaluating the above trend, the largest altcoin is bound for a higher price target.
The Cross EMA 50-day has witnessed a rising trend whereas its 200-day EMA displays a steady action around the $2,471 mark. Further, this trajectory highlights a high possibility of a Golden Cross, suggesting a sustained bullish action in the upcoming time.
If the market continues favoring the bulls, this could result in the ETH coin price reclaiming its immediate resistance level of $3,000. However, a bearish trend reversal may pull the price toward its lower support levels of $2,602 and $2,471, respectively.
XRP Price Records Waves
The XRP coin price has witnessed a variation of approximately 3% today that is between $2.28 and $2.34. However, with a daily trading volume of $3.003 billion, it is exchanging hands at $2.3165. Adding to this, with a market capitalization of $135.232 billion, it has a hold of 3.9391%.
The Simple Moving Average (SMA) records a bullish crossover and acts as a support to the price chart. On the other hand, the Stoch RSI has breached the overbought range for the first time since May and is valued at 97.12 & 93.18 (extremely bullish).
If the bullish sentiments build, the upper test levels for XRP price is $2.57 & $2.94. On the contrary, the support zone for XRP token stays strong around the $2.14, making it a crucial watch point.
Also Read: XRP Ledger Welcomes Ondo Finance’s $693M Tokenized US Treasury
