Ethereum
Will the bulls make a comeback in July?
The cryptocurrency market has shown weak price action since the start of the month, indicating an increase in selling pressure within the crypto space. Additionally, the global cryptocurrency market capitalization recorded a 10.27% decline in valuation from $2.53 trillion on June 1 to $2.27 billion on June 30.
Additionally, elite cryptocurrencies continue to hover near their crucial support levels, highlighting increased bearish sentiment in the cryptocurrency market.
With the increasing volatility in the cryptocurrency market, will the top three tokens register a bullish reversal in July or plunge to their new lows? Dive in because, in this article, we have covered the price analysis and targets of Bitcoin, Ethereum, and XRP for the week ahead.
BTC price forms a channel pattern:
Bitcoin (BTC) price has formed a parallel channel pattern in the 1D time frame, suggesting weak price action for the market star crypto. Furthermore, the BTC Price is hovering near its crucial support level of $60,819.50, the outcome of which is unpredictable.
Trading view: BTC/USDT
The Simple Moving Average (SMA) is about to register a bullish crossover in its price chart. This highlights an increase in buying over selling pressure and a strong possibility of a bullish reversal for the Bitcoin Price in the cryptocurrency space.
On the other hand, the RSI technical indicator successfully retested its oversold range. This allowed the BTC token to experience a positive convergence.
If the market sustains the Bitcoin crypto price above its crucial support level of $6,819.50, the bulls will head towards its resistance level of $67,775. Conversely, if the bears continue to dominate the market, BTC price will plunge towards its lower support trendline.
ETH coin price shows increased bearish action:
In a context of continued correction of the cross-border market, the Ethereum Price has formed a descending channel pattern and has been trading within it since the beginning of June. Moreover, the altcoin leader has lost 3.37% over the past seven days and 9.40% over the past 30 days.
TradingView: ETH/USDT
The 50-day EMA constantly acts as resistance to ETH Price chart in the 1D timeframe, suggesting little bullish price action in the crypto market.
Additionally, the Moving Average Convergence Divergence (MACD) showed a steady decline in the red histogram. Additionally, the averages display a strong possibility of bullish convergence, suggesting a potential positive reversal in the times to come.
If the bulls regain momentum, ETH price will break out from its resistance trendline and prepare to test its $3,730 resistance level in the coming week. However, if the bears regain control, the Ethereum cryptocurrency will plunge towards its lower support level of $3,000.
Ripple price is about to test its crucial support:
THE XRP Price formed a symmetrical triangle pattern during the 1D time frame and has continued to trade in it since mid-April. Moreover, with a decline of around 3% over the last seven days, the altcoin has dipped near its crucial support trendline.
TradingView: XRP/USDT
The MACD technical indicator displays a consistent flat line in its price chart, suggesting low buying and selling pressure in the crypto space. Additionally, the averages show a neutral trend, highlighting the uncertainty over the future price action of the XRP crypto.
If the market recovers, the Ripple Price will prepare to retest its symmetrical triangle pattern resistance trendline over the coming week. Negatively, bearish price action could pull the XRP coin price towards its low of $0.420 in the coming times.