With the increased price volatility in the cryptocurrency market, top tokens continue to record significant price swings in their respective portfolios. However, with positive inflows from BitcoinETF for the eighth consecutive day, the Bitcoin price has shown bullish action over the past few days.
On the other hand, top altcoins such as Ethereum and Ripple tokens have shown a similar price action by adding significant valuation to their portfolios within a short period of time. With the increased bullish sentiment, is the crypto market on the verge of a bull run?
Dive in because in this article we have covered the detailed market sentiments, price analysis and short-term price targets for Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP).
BTC price records boost bullish action:
Following the completion of the sale of the seized Bitcoin (BTC) held by the German government, the market leader, Bitcoin price reclaimed the $62,500 mark. Notably, the BTC price jumped 4.53% to its portfolio in the past day with a trading volume of $25.317 billion.
The moving average convergence divergence (MACD) displays a rising green histogram, indicating an increase in the buying-over-selling pressure. Moreover, the averages recorded a bullish convergence in the 1D timeframe, suggesting a positive outlook for the BTC price this week.
Furthermore, the SMA indicator recorded a positive crossover in the Bitcoin price chart, highlighting an increase in the bullish influence within the crypto space.
If the bulls keep the BTC price above its important support level of $61,000, the star crypto will move towards its upper resistance level of $67,775 this month. Conversely, if the bears have overwhelmed the bulls, the BTC token will retest its low of $60,819 in the coming time.
Ethereum Price on the Verge of a Major Breakthrough:
After roughly two months of trading under a descending channel pattern, the ETH price recorded 8/10 positive trading days. This resulted in the altcoin leader successfully testing its important support trend line. Furthermore, it has shown a sharp rise and is about to break out of its resistance trend line.
With a jump of 4.73% over the last 24 hours and a change of 23.63% in its trading volume to $12.051 billion, the Ethereum price successfully crossed the $3,300 mark. On a positive note, the ETH price has added 14.81% in appreciation over the past week totaling its YTD return to +46.61%.
The technical indicator, RSI, successfully retested its oversold range, resulting in it recording a sharp rise in its price chart and passing the halfway mark. Furthermore, the 200-day EMA is about to record a bullish convergence, suggesting rising bullish sentiment.
With the potential listing of the EthereumETF this month, the ETH coin price could record a significant price action and test its upper resistance level of $3,730. On the downside, a delay could see the altcoin leader move near its $3,000 level in the coming days.
Ripple Price Shows Massive Price Rise For First Time Since March:
Amid increased price volatility in the crypto space, the XRP price rose 1.66% in the past day with a trading volume of $1.469 billion. Moreover, it has risen by 26.19% in the past seven days and more than 11.39% in the past month, suggesting a greater bullish influence for the Ripple token.
The MACD indicator showed a sharp rise in the green histogram, highlighting increased buying pressure within the crypto space. Furthermore, the averages are recording a bullish convergence, suggesting that the XRP coin price will continue to gain value this week.
The Relative Strength Index (RSI) is showing a massive uptrend to its overbought range from the oversold level. Moreover, the average trend line recorded a strong bullish curve, suggesting a positive outlook for the Ripple price.
If the market holds the value of the XRP token above its important level of $0.50, the bulls will continue to gain momentum and prepare to test its upper resistance level of $0.630. However, a trend reversal could pull the Ripple token to its low of $0.4880.
Closure:
With the rising bullish sentiment in the cryptocurrency market, top tokens have recorded increased buying pressure, highlighting an increase in the bullish price action. Furthermore, with the price of Bitcoin reclaiming the $62K mark, the crypto space is poised to experience a new phase of the bull market.
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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