Amid increased price volatility in the cryptocurrency market, top tokens continue recording a mixed price sentiment. Moreover, limelight tokens such as Bitcoin, Ethereum, and XRP are currently hovering close to critical ranges.
Further, with a bearish start to “Uptober”, will these tokens make a comeback in the near future? To uncover such a mystery, let us understand the market sentiments and potential price targets of these tokens.
With repeated rejection at its resistance trendline, the Bitcoin price has continued trading within the falling channel pattern since March. Moreover, failing to hold its value above $66k, it has dropped ~6% in 7 days.
The EMA 50/200-day shows a high possibility of a Death Cross in the 1D time frame, highlighting a weak bullish sentiment for the market leader in the crypto space.
Further, the Relative Strength Index (RSI) continues hovering close to its neutral point with its average trendline recording a constant decline. This suggests a negative outlook for the Bitcoin price this week.
If the bullish momentum resurfaces, this could result in the BTC crypto price heading toward its resistance level of $66,000. On the flip side, a bearish action could pull the price toward its low of $60k.
Amid ongoing market turmoil, the Ethereum price dropped ~10% over the past seven days. Notably, the ETH price records its 5th failed attempt to break out of its major resistance level.
With the second-largest crypto token recording a consolidated action, the technical indicators have turned neutral. This highlights uncertainty in the future price action of the Ethereum token.
Suppose, a bullish reversal occurs, in that case, the ETH coin price could retest its $2.8k level. Conversely, if the bears dominate the crypto space, the price could drop toward a new yearly low.
With a bullish rebound, the XRP price has held its value above the $0.50 mark. However, with the Ripple vs SEC lawsuit gaining momentum, the 7th largest cryptocurrency hints at a mixed price sentiment.
The EMA 50/200-day shows a potential Death Cross in the 1D time frame with the RSI indicator hovering close to its oversold range. This highlights a weak bullish action in the market.
If the XRP token reclaims the $0.56 mark, it could potentially retest its yearly high of $0.72 during the upcoming weeks. However, if the situation favors the SEC, the Ripple token could plunge to $0.42 this year.
Concerned about your XRP holdings? Read our Ripple (XRP) Price Prediction for potential price targets!
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