The cryptocurrency market records a strong bullish reversal this week, particularly over the weekend, with major tokens successfully breaking out of their key resistance trend levels. Moreover, with the border market gaining traction, investors are curious if the crypto-verse could continue trading under a positive influence during the upcoming week.
Notably, the crypto-space has recorded a liquidation of over $330 million over the past 24 hours. Ethereum crypto recorded the highest liquidations with $30.58 million in long positions and $93.35 million in short positions, followed by Bitcoin with $13.34 million in long and $23.64 million in short positions.
Considering the present market sentiments, will Bitcoin, Ethereum, & XRP cryptocurrencies maintain a bullish momentum or is a correction imminent? Let’s analyse.
Bitcoin Eyes $120,000 Next Week?
As the market turns positive, the Bitcoin (BTC) price reclaimed the $116k mark and recorded a 24 hour high of $117,689 today. BTC had formed a consolidating trend for a period, following which it revisited the $112,000 lower low. However, since then, the price is on a constant rise.
Moreover, with a market capitalization of $2.31 trillion, Bitcoin has maintained its dominance near 60% and is presently trading at a discount of only 5.72% ($6,871) from its ATH of $123,091.61—as per market data.
The Moving Average Convergence Divergence (MACD) indicator in the daily chart reveals a constant decline in the red histogram, suggesting an increase in the buying pressure. With its averages on the verge of a Golden Cross, the BTC price shows signs of a positive outlook.
By evaluating the press market sentiments, the Bitcoin price could retest its immediate resistance of $117,500 or $120,000, which is its upper target. Conversely, key support levels stand at $115,000 with its lower support trendline holding at $110,485—as shows in the chart above.
Ethereum Price Retests $4,000 Today
Just as marketers were losing hope on Ethereum, as it was on the verge of breaking the crucial support at $3,388 mark earlier this month, the largest altcoin seems to have made an impressive comeback today. Within just 6 trading days, the ETH coin price has added over 9% to its portfolio, making it one of the best trading weeks since early July.
At the time of writing, the ETH price was trading near $3,983 while marking a daily high of $4,011 during early U.S.-trading hours. With this, ETH’s market capitalization has increased to $478 billion.
The Relative Strength Index (RSI) is currently at 67.62, suggesting a rising positive trading activity in the market. Additionally, the volume indicator shows considerable volatility, supporting the bullish angle for the altcoin.
Suppose, the ETH price maintains its value near current levels, this could push it toward the immediate resistance of $4,042 while a sustained positive action may even push ETH to upper high of $4,350 in near timeframe. On the flip side, a bearish reversal may result in it testing low of $3,850 or $3,760 respectively.
XRP Price Soars Over 13% This Week!
The XRP price is back under the limelight with its bullish price action this week. After successfully breaking through the the $3 mark, XRP added over 10% to its valuation in just 72 hours. This has resulted in its market share rising to $191.135 billion with a dominance of 4.9779%.
The Bear Bull Power (BBP) is a key indicator and is widely used by traders to understand the market sentiments. Currently this indicator shows a steep rise in its latest candle, suggesting a strong inflow for the altcoin in the market. A continued trend may result in it retesting higher price targets in the coming time.
The XRP price could retest its $3.50 mark if the bulls maintain dominance in the market. On the downside, increased profit-booking may pull the price toward its support of $3.25 or $3 soon.
Also Read: XRP Ledger Ethereum Sidechain Targets Developer Growth: Ripple CTO
