The crypto industry successfully ended this week on a bullish note by recording five out of seven green days. Furthermore, the upper sign showed a significant upward trend during the week, highlighting a positive increase in the market sentiments.
With BTC, ETH and XRP price successfully reaching their $50,000, $2,700 and $0,550 mark this week, investors are curious about next week’s performance of top tokens. Dive in as we decode the future perspectives of these signs.
Bitcoin (BTC) Price Analysis:
The Bitcoin price displayed a neutral trend for a period of time, after which the market lost momentum. The bulls held the price above the $38,848 level, after which it traded sideways for four days. After several attempts, the bulls regained momentum and recorded a jump of 5.18%.
After this, the price traded between $42,019 and $43,376 for the next twelve days. As market volatility increased, Bitcoin began trading under a bullish influence, jumping over 13% before facing rejection at $48,663.
The BTC price showed significant volatility for the next few days, during which it added around 10%. Since then, the price has been trading in a narrow space between $51,517 and $52,468.
The MACD displays a constant red histogram, indicating weak price action for the coin in the market. Furthermore, the averages show a constant decrease, suggesting an increase in the bearish influence.
If the bulls keep the price above its support level, they will try to test its upper limit of $53,510 during the coming week. Conversely, if the bears overwhelm the bulls, the BTC price will lose momentum and fall to test its $50,337 support level in the near term.
Ethereum (ETH) Price Analysis:
The ETH price followed in the footsteps of the market leader and traded sideways for a short period, after which the market lost momentum and recorded a loss of 11.72%. After trading sideways for a while, the bulls regained momentum and jumped 3.5%.
After this, the price showed a neutral trend and traded sideways for the next eleven days. As the market regained momentum, the Ethereum price began trading under a bullish influence, jumping 9% before facing rejection at $2,539.
After several attempts, the bulls gained strength and recorded a 10% jump over the next three days. Since then, the price has been trading sideways and showing weak price action.
The technical indicator, MACD, displays a rising red histogram, indicating an increase in bearish influence in the market. Moreover, the averages show a constant decline, highlighting a negative price sentiment for this altcoin.
If the market holds the price above the $2,775 support level, it will prepare to test its $2,850 resistance level in the coming week. On the downside, if a trend reversal occurs, the ETH price will lose momentum and prepare to test its lower limit of $2,700.
Ripple (XRP) Price Analysis:
After showing a neutral trend for a while, the XRP price lost 9.5% in valuation. After this, the price traded in a consolidated range between $0.5026 and $0.5250 for a period. As the market volatility grew, the price jumped 5.68%, after which it traded sideways for the next few days.
The bears overwhelmed the bulls, causing the price to lose 8.65%, but the bulls quickly regained momentum and recorded a bounce in the chart. The XRP price traded in a consolidated range between $0.5141 and $0.5385 for a period of time.
After this, the bulls regained momentum and recorded a jump of 7.309% before facing rejection below $0.5836. Since then, the price has been trading under a bearish influence.
The MACD is showing a bearish convergence in the chart, highlighting a bearish force in the market. On the other hand, the Cross EMA 50/200 day shows a Golden Cross, which suggests a mixed sentiment in the crypto space.
If the bulls regain momentum, the XRP price will try to test its upper limit of $0.5836 in the coming week. Conversely, if the bears gain control of the market, the Ripple price will prepare to test its lower limit of $0.50.
Closure:
Overall, the cryptocurrency industry continues to trade under a strong bullish influence with major signs displaying a significant upward trend in their respective portfolios. Furthermore, it is expected that the market will continue to gain momentum in the coming time before possibly experiencing a correction in value.
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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