Price Analysis

Attention Traders This Is Where The Top 3 Cryptocurrencies BTC, ETH, And XRP Are Heading Next!

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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May 7, 2022

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 With the crypto industry yet to show signs of moving back to normalcy. Folks from the industry have been rolling up their sleeves to bag some of the blue-chip coins. Wherefore the quest to decode the plausible price projections has been growing louder. This writeup will derive the feasible price analysis of BTC, ETH, and XRP amidst the market turbulence. 

Bitcoin (BTC): 

  BTC price at the time of press is changing hands at $35,984.89, with losses of 0.80%. The bland projections have brought no relief to the ails of intraday traders. Which have been persistent since the sell-offs recorded on Thursday, which withdrew gains totalling ~9.6%. The triangle formation is still valid for BTC, as the bottoms at $29k could still be on the horizon. 

If the bears manage to invalidate the triangle pattern, by dragging the price below $29,000. This is unlikely, as a number of institutional investments are banked on the levels. However, in such a case, the price of BTC could plummet to $25,836.10

Ethereum (ETH):

  The largest altcoin at the time of publication is changing hands at $2,684.54. The price has fallen back below the monthly trend line. ETH had invalidated the ending diagonal formulation when it had climbed to its target at $2,970. We can expect a rebound in the near future, as the RSI is presently inching closer to the oversold region at 36.26

The possibility of an uptrend could, however, get refuted, if the ETH price brushes its support levels at $2,541. In such a case, the digital asset could witness a surge in liquidations, which could drag the price to $2,454.

XRP: 

 XRP price at the time of writing is trading at $0.595. The digital asset has seen accumulations along its crucial support levels at $0.5963. When seen on the 4-D time frame, XRP’s price is hovering closer to its second half of the parallel descending channel. That said, the correction could turn impulsive if it closes below the parallel descending channel. 

With the RSI ranging at 42.7, XRP can be expected to range sideways. And the spike in volumes would most likely pause the downtrend. However, if the bears drag the price below $0.54, the possibility of an uptrend could get refuted. Continuity in the bearish trends could bring the price down to its multi-month low of $0.443

Summing up, the aforesaid primitive digital assets have been bearing the brunt to a greater extent. And would require an optimistic sentimental thrust, before these portray an uptrend. That said, these are at ideal bargains at the support levels. 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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