With Bitcoin Halving around the corner, the cryptocurrency industry has regained momentum and displayed significant price action over the past few weeks, highlighting an increased number of, buyers and HODLers in the crypto market.
All the top categories in the industry have witnessed a massive bounce back in the chart. The market is recording a bullish price action from elite crypto tokens to low-cap altcoins. Will the top tokens of the industry, which are Bitcoin, Ethereum, and XRP achieve their major targets by the end of Q2?
The BTC token continues to display a consolidated price action after achieving a new ATH during March, indicating increased bullish influence for the market leader in the cryptocurrency industry. Moreover, the Bitcoin price has added approximately 7% within the past seven days.
At the time of writing, the price of one BTC token was $70,704 and its Year-to-Date (YTD) returns stood at 68.45%. Positively, the Cross EMA 50/200-day acts as a support, indicating a bullish outlook for the token during the upcoming weeks.
The technical indicator, MACD, shows a constant decline in the chart, suggesting a strong bullish sentiment in the market. Moreover, the averages display a bullish convergence, highlighting increased buying-over-selling pressure for the Bitcoin price in the crypto industry.
After recording a yearly high of $4,094, the Ethereum price continues to display a neutral trend by trading between $3,149 and $3,697. Positively, the leader of altcoins, ETH tokens has given its investors a return of 58.24% this year, indicating increased bullish influence for the altcoin in the cryptocurrency industry.
With a trading price of $3,577 and a market cap of $432,006,702,193, the Ethereum token is predicted to hit a new all-time high (ATH) with its price possibly achieving the $5,000 mark for the first time.
The Moving Average Convergence Divergence (MACD) shows a rising green histogram, highlighting an increase in the bullish influence in the market. Furthermore, the averages display a bullish convergence, highlighting a positive price action for this month’s ETH price.
Despite the increased market volatility in the crypto industry, Ripple’s XRP price has displayed a neutral trend for most of the year, indicating a rise in disinterest among investors in this altcoin.
The XRP token repeatedly failed to breach its important resistance level at $0.67, highlighting a strong liquidation point for the Ripple price at that level in the market.
However, the altcoin is predicted to record major price movements post-halving, highlighting a high possibility of the XRP token breaking out of its major resistance level this month.
The MACD displays a flatline in the chart, indicating weak buying and selling pressure in the cryptocurrency industry. However, the averages show a strong bullish sentiment in the market for the XRP price, suggesting the price will continue gaining value in the coming time.
The Halving month prepares the industry to record significant fluctuations in their respective portfolios. Further, the Bitcoin, Ethereum, and XRP price is projected to hit a new high this year, indicating a rising adoption of this technology in the financial world.
Note: Make sure to DYOR before investing in any digital asset as the market sentiments of the cryptocurrency industry are currently too high.
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