Bitcoin
Top Tokens to Retest Their Crucial Support?
The crypto market consistently traded under bearish sentiment for a brief period, indicating an increase in selling pressure within the crypto space. Furthermore, the market leader BTC price was unable to maintain its value above the $65,000 mark.
Following in its footsteps, the leading altcoin, the Ethereum token saw consolidated price action last week. Furthermore, the price of Ripple’s XRP coin has also failed to maintain its value above its important support trendline of $0.50.
With growing bearish sentiment among major cryptocurrencies, will the market leaders return over the next week or dive towards their respective crucial support levels?
Bitcoin (BTC):
O BTC Price continues to exhibit weak price action, registering a correction of approximately 1% in the last day, with a change of -61.28% in its trading volume. Furthermore, it is down 2.48% in the last seven days and 7.22% in the last 30 days.
TradingView: BTC/USDT
The 50-day EMA constantly acts as a resistance to the Bitcoin Price chart on the 1D timeframe, suggesting weak price action for the star crypto in the market.
The MACD technical indicator recorded a steady decline in the red histogram. However, their averages continue to trend downward, suggesting mixed price sentiment.
If the market regains momentum, BTC coin price will retest its $67,775 resistance level in the coming time. On the other hand, if bears continue to dominate the market, Bitcoin price will fall towards its important support level of $60,819.50.
Ethereum (ETH):
After displaying one side for more than a week, the Ethereum Price formed a symmetrical triangle pattern in the 1D period. Furthermore, with a 1% drop in valuation over the last 24 hours, the altcoin is about to test its trendline support with an unpredictable outcome.
TradingView: ETH/USDT
The Simple Moving Average (SMA) showed a downtrend on the Ethereum Price chart, highlighting weak bullish sentiment in the crypto space.
Furthermore, the RSI indicator continues to show a steady decline, with its average falling below the midpoint. This indicates a growing lack of interest among investors in this altcoin.
If the bulls regain control over the bears, the Ethereum crypto will soon head towards its resistance level of $3,730. However, if bears dominate the market, ETH price will break its support trendline and plunge towards the $3,000 low.
Ripple (XRP):
Since mid-April, the XRP coin price displayed weak price action while trading in a tight range between $0.480 and $0.5340. Furthermore, the altcoin has seen a change of less than 1% over the past seven days, with a 24-hour trading volume of $425.82 million, a drop of -60.63%.
TradingView: XRP/USDT
The Moving Average Convergence Divergence (MACD) displayed a steady flat line on its price chart, indicating weak buying and selling pressure for the XRP token in the cryptocurrency market. Furthermore, the averages show a neutral trend, suggesting uncertainty in future price developments.
If the market maintains the Ripple Price above its crucial support level of $0.480, the bulls will regain momentum and prepare to test its important resistance level of $0.5340. On the other hand, if the bulls fail to regain momentum, the XRP crypto will bleed towards its low of $0.420 during the next few weeks.