The cryptocurrency market experienced a significant bearish trend overnight, leading to a drop in the prices of top crypto tokens below crucial support levels. Bitcoin, Ethereum, and Ripple, the top cryptocurrencies, all recorded similar price actions, signaling a surge in bearish sentiment among investors.
In light of these market dynamics, prominent investors and institutions are closely monitoring the price movements of these cryptocurrencies. Are you considering investing in these tokens but uncertain about their short-term outlook? Read on to explore the possibilities!
Bitcoin (BTC)
Bitcoin’s price declined by 2.77% over the past 24 hours, with a trading volume of $37.231 billion. The cryptocurrency also saw a 5.38% drop in the last seven days. Despite these fluctuations, Bitcoin maintains a market cap of $1.962 trillion, with a market dominance of 57.68%.
The Moving Average Convergence Divergence (MACD) indicator shows a rising red histogram, accompanied by a negative crossover in its averages. However, the 50-day Exponential Moving Average (EMA) provides support to Bitcoin’s price chart, suggesting a mixed sentiment in the market.
If the bulls manage to keep Bitcoin’s price above $100,000, the cryptocurrency could aim for a high of $108,000 in the near future. Conversely, a bearish scenario may push the price down to $92,000. For those considering investing in Bitcoin, questions like "How high will Bitcoin go?" can be addressed by reading the latest Bitcoin Price Prediction.
Ethereum (ETH)
Ethereum’s price also experienced a bearish trend, dropping by 4.49% in the last 24 hours and 6.52% over the past week. The altcoin has seen a 10.35% decline in the last month and a year-to-date return of -7.08%.
The Relative Strength Index (RSI) indicates a sharp decline towards the oversold range in the daily timeframe. Additionally, the Simple Moving Average (SMA) indicator reflects a similar price action in Ethereum’s chart, signaling an increase in negative market sentiment.
If the bulls regain control, Ethereum’s price could retest the $3,300 resistance level. Conversely, if bears dominate, the price may fall to the $3,000 support level. For those wondering about Ethereum’s potential for achieving new highs during the altcoin season, the Ethereum Price Prediction offers insights into long-term possibilities.
Ripple (XRP)
Ripple’s price dropped by 10.51% in the last 24 hours and approximately 2% over the past week. However, the altcoin has surged by 17.79% in the last 30 days, with a year-to-date return of +36.79%, suggesting a bullish outlook for the long term.
The Exponential Moving Averages (EMA) of 50/200 days show a consistent uptrend in the daily timeframe. Conversely, the MACD indicator depicts a continuous decline in the red histogram, indicating a growing bearish sentiment for the third-largest cryptocurrency in the market.
If the bulls regain momentum, the price of XRP could test the $3.50 resistance level. On the other hand, intensified bearish pressure could push the price down to $2.50 this week. For investors looking to accumulate more XRP tokens but are concerned about long-term prospects, the XRP Price Prediction provides valuable insights.
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