The cryptocurrency market has displayed massive price action this week with multiple cryptos achieving a new all-time high (ATH). Despite Bitcoin achieving a new high on 14th July of over the $123,000 mark, the market has displayed a shift toward the altcoin season, resulting in major tokens recording an upward trajectory.
However, as the week came toward an end, the market witnessed a significant correction, pushing the value of these tokens toward their key support levels.
Bitcoin Retests $115,000 Today
Bitcoin price declined to $115,000 on July 25 after reaching an all-time high above $123,000 earlier this month. Bitcoin’s dominance dropped to 60.74% with a market cap of $2.305 trillion. The market’s total capitalization fell as traders took profits and rotated between major cryptocurrencies.
The Relative Strength Index (RSI) has failed to breach the overbought range in the daily time frame, resulting in the trendline recording a sharp drop. However, the average line continues hovering around the upper range, suggesting a high chance of a bounceback shortly.
The BTC price may retest its immediate resistance level of $117,500 with a positive reversal. Maintaining the value above that trendline could set the stage for it to retest its upper target price of $120,000 next week.
Conversely, if the bearish sentiment intensifies, the Bitcoin crypto could plunge toward its low of $112,000 or its lower support zone around the $109,000.
Ethereum Price Displays Consolidated Action
Despite recording a correction of approximately 2% in the last 24 hours, the ETH price has held its value above the $3,600 mark. This shows a strong long-term bullish sentiment for the crypto. With its major support around the $3,550 mark, the Ethereum price may potentially record a retest in the upcoming week.
The Moving Average Convergence Divergence (MACD) indicator records a constant decline in the green histogram with its averages showing a potential bearish reversal in the daily time frame. Considering the press market sentiments, the largest altcoin may record increased trading activity.
If the bulls regain momentum, the ETH coin price may retest its key resistance level of $3,800. Sustained positive momentum could push the price toward its upper value of $4,000. However, a setback may pull the price to its low of $3,400.
XRP Coin Price Crashes To $3
Ripple’s XRP coin price has dropped over 5% in the last 24 hours with a trading volume of $9.31 billion and approximately 10% this week. After retesting its high of around the $3.6 mark, the XRP token has experienced significant correction over the last 48 hours.
With this, the price of XRP retested its $3 mark today, highlighting increasing selling pressure. This brings the market valuation on it to $180.31 billion with a dominance of 4.7517%.
The Bear Bull Power (BBP) shows a rising red histogram in the above chart, hinting at increasing selling pressure within the crypto space. With the histogram turning negative, the XRP price may continue recording a correction in the coming time.
The XRP crypto may retest its $3 mark if the bulls fail to regain momentum. A retest to $2.75 cannot be ignored in case of extreme volatility. However, a bullish reversal could push the price toward its upper targets of $3.25 or even $3.50 in the upcoming days.
Also Read: SBI and Franklin Templeton to Launch BTC, ETH, and XRP ETFs in Japan
