The crypto market continues recording a bearish price action this month. This has resulted in the top cryptocurrency tokens plunging below their important support levels within a short period. Notably, market leaders, Bitcoin, Ethereum, and Ripple coins have experienced a similar price action, highlighting increased bearish sentiment.
By evaluating the present market trends, top investors and institutions are closely monitoring the price action of these crypto tokens and fear another potential crash. Are you planning on investing in these tokens but concerned about their short-term prediction? Read now to find out the possibilities!
The price of Bitcoin has lost ~1% in 24 hours with a trading volume of $34.188 billion. However, it has added 3.38% to its portfolio in seven days and has jumped 3.89% this year. With a market cap of $1.923 Trillion, it has a market dominance of 60.81%.
The Moving Average Convergence Divergence (MACD) shows a stable red histogram with its averages displaying a constant decline. Moreover, the EMA 50/200-day displays a similar trend in the Bitcoin price chart.
If the bulls maintain the price of Bitcoin above the $96k mark, it will prepare to head toward its upper high of $100,000 in the coming time. On the contrary, a negative price action could end in it plunging toward its crucial low of $92,000.
Planning on investing in BTC tokens but are confused with questions like, “How high will Bitcoin go?” Read our latest Bitcoin Price Prediction to uncover the long-term mysteries!
Despite recording a jump of over 5% in seven days, the Ethereum price has lost 18.56% in the last 30 days and has a Year-to-Date (YTD) return of -20.87%. This displays an increase in the bearish price action for the ETH coin price in the crypto space.
The Relative Strength Index (RSI) continues hovering around its oversold range in the 1D time frame. Furthermore, the SMA indicator constantly acts as a resistance in the Ethereum price chart. This hints at an increase in the negative sentiment.
Suppose, a bullish trend reversal occurs, in that case, the ETH price could retest its upper high of $2,870. On the flip side, if the bears maintain dominance, this could pull the price toward its important support level of $2,530.
Are you one of many who are wondering whether the ETH price will achieve a new high during the altcoin season this year? Read Ethereum Price Prediction today!
The Ripple price has lost 4.11% in 24 hours with a volume of $5.342 billion, a change of +34.15%. However, it has jumped 6.98% in the last seven days and has a YTD return of +15.21%. With a market cap of $138.416 billion, it has secured the 04th position in the market.
The EMA 50-day displays a bearish crossover in the daily time frame. On the other hand, the MACD indicator witnesses a constant decline in the red histogram with its averages experiencing a similar trend. This highlights a rising bearish sentiment.
If the bulls regain momentum, the price of XRP crypto token could retest its upper resistance level of $3.00. Conversely, a sustained bearish action could pull the price toward its low of $2.00 in the upcoming time.
To understand the possibilities of this altcoin achieving a new ATH this year, Read XRP Price Prediction!
Amid rising uncertainty in the global markets, the Bitcoin price today has dropped by ~1%.
With rising selling pressure, liquidations, reduced trading volume, and bearish investor sentiment are considered to be the prime reasons for the ongoing Ethereum price crash.
Considering the present market sentiments and circulating supply of Ripple tokens, it is highly unlikely for this altcoin to achieve this target price.
Amid the ongoing market turmoil, the price of XRP token has dropped over 4% overnight.
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