The cryptocurrency market has displayed a bullish recovery after trading under a bearish sentiment for four consecutive days. Moreover, the market leader BTC price has recorded a jump of 4.38% within the past day with a trading volume of $36.70 Billion, a change of -27.89%.
Following this, the altcoin leader, Ethereum Price, has recorded a similar trend by successfully reclaiming the $3,000 mark by adding 4.27% within the past 24 hours. On the other hand, Ripple’s XRP price has jumped 7.92%, indicating an increase in the buying pressure.
With the rising price volatility in the cryptocurrency market, are top tokens on the verge of a major bullish reversal? Dive in as, in this article, we have covered the in-depth market sentiments and price analysis of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) for the upcoming week.
The Bitcoin price has recorded a correction of over 16.5% this week, making it the biggest single-week drop since June 2022. Moreover, the market leader has failed to breach its resistance trendline, resulting in it dropping close to its support trendline of the channel pattern.
Furthermore, the BTC price is on the verge of testing its crucial low, the outcome of which is unpredictable.
The Moving Average Convergence Divergence (MACD) displays a constant rise in the red histogram, indicating increased selling-over-buying pressure within the crypto space. Moreover, the averages show an increase in the bearish sentiment, suggesting a negative outlook over the weekend.
The SMA indicator has constantly acted as resistance to the BTC price chart since the start of June, highlighting a long-term bearish sentiment for the star crypto in the market.
If the bulls hold the Bitcoin price above the support trendline of the channel pattern, it will prepare to head toward its resistance level of $60,819.50 in the coming time. Conversely, bearish price action could result in the BTC crypto plunging below its crucial support level of $55,000 this month.
Despite recording a jump of approximately 5% over the past day, the Ethereum price has lost 11.17% within the past week and 21.77% over the past 30 days, indicating a long-term bearish sentiment for the ETH token in the crypto space.
Moreover, the Ethereum price has continued to trade within a descending channel pattern since mid-May, indicating a strong bearish sentiment in the crypto market. Further, the ETH coin price is hovering close to its support trendline and is on the verge of testing it, the outcome of which is uncertain.
The Relative Strength Index (RSI) has displayed a bullish curve below the oversold range, highlighting increased price action for the Ethereum crypto in the market. However, the average shows a constant decline, suggesting the altcoin leader will continue losing momentum.
If the market holds the ETH price above its crucial support level of $3,020, the bulls will regain momentum and prepare to test its upper resistance level of $3,400 in the coming time. Negatively, if the bears continue to dominate the market, it will plunge toward its low of $2,625 during the upcoming weeks.
With the ongoing cross-border market correction, the Ripple price has recorded a 13-month low of $0.3977. Moreover, despite recording a jump of 8%, the altcoins have lost 8.83% within the past seven days and 17.29% over the past month.
The EMA 50-day constantly acts as a resistance to the price chart in the 1D time frame, indicating a strong bear influence in the cryptocurrency market. Moreover, the XRP price has continued to trade within its channel pattern since mid-April, highlighting a weak bullish sentiment.
The technical indicator, MACD, has recorded a significant rise in the red histogram with its averages displaying a sharp downtrend. This highlights increased uncertainty in the future price action of the XRP token.
If the market experiences an increase in the bullish sentiment, the Ripple price will head toward its resistance level of $0.480. However, if the bears continue to dominate the market, the XRP coin price will plunge toward its low of $0.360.
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