The crypto market has recorded a strong bullish action over the past few days by experiencing a massive inflow of digital assets. Moreover, with the global market cap surpassing the $2.10 Trillion mark, the price of Bitcoin is back around the $60,000 level.
Following this, top tokens such as Ethereum and Ripple have breached their important resistance levels and are on the verge of experiencing a potential break-out rally.
Wondering how will 3 of the oldest cryptocurrencies perform amid increased uncertainty in the crypto market? Fear not and hop on as this article might be the one for you!
With a jump of ~1% within the past day, the BTC price continues hovering around its resistance/support level of $60k. However, the star crypto has added 9.91% over the past week and 2.68% during the past month. This indicates a rising bullish sentiment for Bitcoin prices.
The Relative Strength Index (RSI) has recorded a stable price trend in the 1D time frame. However, the average trendline shows a bullish curve. This suggests a mixed price sentiment for the Bitcoin token.
If the market maintains the BTC price above its important level of $60k, the bulls will regain momentum and prepare to head toward its resistance level of $66k in the coming time. However, a bearish reversal could pull the price toward its low of $58,000.
Read our Bitcoin (BTC) Price Prediction to check if $100k is still possible in 2024!
Following in the footsteps of the market leader, the Ethereum price has held its value above the $2.4k mark despite recording a drop of 0.59% over the past day. However, the largest altcoin is on the verge of testing its resistance trendline in the 1D time frame.
The Moving Average Convergence Divergence (MACD) has displayed a constant rise in the green histogram with a bullish rise in its averages. This indicates a positive outlook for the Ethereum price during the upcoming week.
A break out from its resistance trendline of the triangle pattern could result in the ETH coin price preparing to test its resistance level of $2.5k. On the flip side, a rejection could result in its retesting its crucial support level of $2,175 this month.
With a jump of ~11% over the past week, the Ripple price has breached its important resistance zone of $0.56. However, it has failed to break out of its resistance trendline of the triangle pattern. This indicates a mixed price sentiment for the XRP crypto in the market.
The EMA 50/200-day has recorded a constant flatline in the 1D time frame. This highlights a weak buying-and-selling pressure for the altcoin in the crypto market. Further, the RSI indicator has experienced a bearish curve, suggesting increased volatility for the XRP crypto token.
If the bulls regain momentum, the Ripple price will break its resistance trendline and head toward its upper level of $0.630 this month. On the contrary, if the bears overpowered the bulls, the altcoin could plunge toward its low of $0.560.
Concerned about your XRP holdings? Read our XRP Price Prediction for future insights.
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