The cryptocurrency industry continues to exhibit significant volatility in the chart, suggesting increased price action in the market. Furthermore, market leader Bitcoin price successfully claimed a new all-time high above $73,000, highlighting a positive outlook for the market in the coming time.
On the other hand, the altcoin leader, the Ethereum token, successfully crossed the $4,000 mark during the previous week, after which it experienced a significant correction in valuation. Furthermore, the XRP token displayed a similar trend, indicating greater volatility in the crypto space.
Bitcoin (BTC):
The Bitcoin price briefly traded in a closed range between $50,540 and $52,853. As volatility increased in the market, the bulls jumped 24.53% in three days, after which the price faced rejection at $64,287. After trading sideways for a while, the bulls regained momentum and jumped 11.03% before facing rejection at $68,296.
The bulls then lost momentum and tested their low of $61,025, but the bulls quickly regained momentum and pared all their losses. After this, the bulls continuously traded under a bullish influence and recorded a new ATH above $73,000. Since then, the price has been trading under a bearish influence.
The technical indicator, MACD, is showing a decline in the red histogram, indicating a decline in the bearish influence in the crypto space. Furthermore, the averages show a high possibility of a bullish convergence, suggesting a bullish price action for the BTC price in the coming time.
If the market holds the price above the $68,296 support level, the bulls will regain momentum and prepare to test its upper resistance level of $73,844 during the coming week. Conversely, if the bulls do not regain momentum, the price will lose momentum and decline to test its lower support level of $64,287.
Ethereum (ETH):
The ETH price traded in a closed range between $2,609 and $2,883 for over a week, after which the bulls gained enough momentum to break out of the resistance level, where the price has a neutral trend for the next few days displayed. As the volatility increased, the Ethereum price jumped 16.25% within the next three days, after which the price showed a neutral trend.
After testing its low of $3,369, the bulls resumed momentum and recorded a 17.42% jump before facing rejection at $3,956. Recently, the bulls recorded another surge and successfully reclaimed the $4,000 mark, where the price traded sideways for a while. Since then, the price has been trading under a bearish influence.
The moving average convergence divergence (MACD) displays a constant red histogram, indicating an increased bearish influence in the crypto space. Moreover, the averages show a flat line, which suggests uncertainty in the future price action of the coin in the market.
If the market pushes the price above the resistance level of $3,733, the bulls will regain momentum and prepare to test its upper resistance level of $4,200. On the downside, a trend reversal could pull the price to its lower support level of $3,369 in the near term.
Ripple (XRP):
The Ripple (XRP) token traded in a consolidated range between $0.530 and $0.578 for about two weeks, after which the bulls gained momentum, and the XRP price jumped 13.5% before entering rejection at $0.6015 faced. After this, the price displayed a neutral trend, trading between $0.578 and $0.601 for a while.
As the market volatility grew, the bulls successfully broke out of the resistance level, where they briefly traded between $0.6015 and $0.6625. Recently, the bulls jumped 21.52%, after which it faced rejection at $0.7310. Since then, the price has shown a negative trend in the chart.
The MACD displays a constant decline in the red histogram, highlighting a decrease in selling pressure within the crypto industry. Furthermore, the averages show a potential bullish curve, suggesting that the price may undergo bullish price action during the coming week.
If the market holds the price above the $0.6290 support level, the bulls will regain momentum and prepare to test its upper resistance level of $0.6930. Conversely, if the bears overwhelm the bulls, the price will lose momentum and drop to test its lower support level of $0.5780 in the coming week.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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