The cryptocurrency market has witnessed a constant uptrend this week, pushing its total market cap to a massive $3.88 trillion mark. With the daily trading volume surpassing the $235 billion mark, traders are actively taking part in the market, resulting in major tokens heading toward a new multi-high.
Considering the present market sentiments, will BTC, ETH, and XRP continue maintaining its upward trajectory during the upcoming week?
BTC Price Forms A Bullish Pattern
The Bitcoin price is still trading a bit above the key support of $118,000, indicating a strong bullish sentiment in the market. Moreover, it is currently listed at $119,103 with a change of -0.06% and a 24-hour trading volume of $54.019 billion.
However, there was a short wick occurring above 120K and sellers have immediately appeared, which means that this might be one supply zone. On the other hand, a rising flag is shown on the price structure and at the top of the index indicator, suggesting a potential reversal.
The MACD indicator creates a bit of a bullish situation. The MACD line (blue) is above the signal line (orange) but the histogram shows a decrease in bullish momentum. This suggests a consolidation ahead in the shorter time frame.
In the event that bulls regain momentum and hit $120,000, then the upper bullish targets are going to be at the levels of $123,000 and $125,500, respectively. The important support areas that will be observed are at $117,500 and at $115,000. If it falls below the support of the flag pattern, it may intensify a pullback to the $112,000 and even to the $109,100 in case of extreme bearish action.
ETH Price Breaks Its Multi-month High
In the past 24 hours, Ethereum (ETH) price has gone up 4.77%, and is exchanging hands at $3,642.61. Moreover, it has breached the major resistance level of $3,418, suggesting a major shift toward a bullish stance.
Moreover, the volume has increased to 738,791, supporting the breakout. Additionally, the Relative Strength Index (RSI) broke above the overbought region and is at 85.86. However it can be a red flag in case of short-term angle as a minor correction can be expected.
The ETH crypto may rise to the next resistance at the psychological price of $4,042 by breaking $3,760. Conversely, its immediate level is at $3,418 and above at $3,013 which have been a consolidation area in the past.
XRP Price Breaks $3.5 Mark for the First Time Since 2018
The XRP price has continued trading under a positive influence with the price currently at $3.51. The token has significantly gained upwards by almost 70% this month, resulting in increased volume of transactions, which is currently 443.39 million.
As XRP has passed the resistance point of 3.50, the new focus is now on $3.75 and $4.00. A prolonged near current price above $3.75 might indicate a new total all-time high. On the contrary, short-term traders must be cautious of a possible cooldown, as their support is strong at $3.25 and $3.00 respectively.
Also Read: Bitcoin, Ethereum, XRP Price Prediction: Crypto Bull Run to Continue?
