Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are gradually regaining stability after a strong correction last week, as the prices of all three cryptocurrencies are currently fluctuating around important technical support levels. Bitcoin is making efforts to bounce back after closing below the important support level, while Ethereum and Ripple remain hesitant at key technical points – positions that could shape the next direction of the market.
Bitcoin could drop significantly if it closes below the 50-day EMA
Bitcoin closed the trading session on Thursday below the important support level of $106,406, before bouncing back after touching the 50-day exponential moving average (EMA) at $102,893 the next day. Throughout the weekend, the largest cryptocurrency in the market maintained a sideways state around the $105,000 region. As of now on (Monday), BTC is still accumulating around the $106,000 level – indicating that market sentiment remains quite cautious.
If Bitcoin cannot close above the resistance zone of $106,406 and continues to weaken, the downtrend may recur, causing the price to plunge back to test the key psychological level of $100,000.
! Daily BTC/USDT Chart | Source: TradingViewOn the daily timeframe, the RSI is hovering around the neutral 50 mark – reflecting the tug-of-war between the bulls and the bears. At the same time, the MACD has just appeared to cross the price, sending a clear sell signal and strengthening the possibility of forming a downtrend in the short term.
However, if the demand is strong enough to push the price above the $106.406 mark, the recovery trend may be triggered, opening up the opportunity to retest the next resistance area.
Ethereum may enter a downtrend if it breaks the 50-day EMA
Ethereum (ETH) has lost the important support level of $2.724 on Thursday, leading to a decline of 8.69% as of Saturday. However, selling pressure has temporarily slowed down as ETH holds steady around the lower boundary of the accumulation channel near the $2.461 mark the following day. As of Monday, this cryptocurrency remains above the aforementioned price level, indicating a certain defensive effort from the bulls.
However, if selling pressure continues to increase and causes ETH to close below the (EMA)50-day moving average at $2,429, the downtrend could be extended, with the next target being the strong support area around the $2,000 mark.
ETH/USDT Daily Chart | Source: TradingViewOn the daily timeframe, the RSI indicator is fluctuating around the neutral level of 50, reflecting the market's indecisiveness in the absence of clear momentum. At the same time, the MACD has formed a bearish crossover – a negative signal indicating that selling pressure is dominant.
However, if ETH continues to stay above the $2,461 level and bounces back, the resistance area of $2,724 may be the next target, marking the recovery of the short-term uptrend.
XRP faces the risk of decline if it cannot hold the 50-day EMA
XRP closed below the (EMA) 50-day moving average at $2.24 on Thursday, marking a nearly 6% drop as of Saturday. However, the next day, the coin bounced back slightly by 1.22%, indicating an effort to regain upward momentum. As of the time of writing, XRP is approaching the 50-day EMA at $2.24 – a key price level that could shape the next trend.
If rejected at the 50-day EMA, XRP is likely to extend its downtrend to retest the important support zone at $1.96.
! XRP/USDT Daily Chart | Source: TradingViewThe RSI indicator on the daily timeframe is currently at 45, below the neutral threshold and continuing the downtrend – a sign that selling pressure is still dominant. At the same time, the MACD has appeared a bearish crossover, sending a clear sell signal and reinforcing the negative outlook for XRP in the short term.
On the contrary, if XRP successfully rises above the 50-day EMA, this coin could open up a bounce back opportunity and retest the $2.25 mark in the upcoming sessions.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Price prediction for the top 3 cryptocurrencies: BTC, ETH, and XRP stable near an important support level.
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are gradually regaining stability after a strong correction last week, as the prices of all three cryptocurrencies are currently fluctuating around important technical support levels. Bitcoin is making efforts to bounce back after closing below the important support level, while Ethereum and Ripple remain hesitant at key technical points – positions that could shape the next direction of the market.
Bitcoin could drop significantly if it closes below the 50-day EMA
Bitcoin closed the trading session on Thursday below the important support level of $106,406, before bouncing back after touching the 50-day exponential moving average (EMA) at $102,893 the next day. Throughout the weekend, the largest cryptocurrency in the market maintained a sideways state around the $105,000 region. As of now on (Monday), BTC is still accumulating around the $106,000 level – indicating that market sentiment remains quite cautious.
If Bitcoin cannot close above the resistance zone of $106,406 and continues to weaken, the downtrend may recur, causing the price to plunge back to test the key psychological level of $100,000.
! Daily BTC/USDT Chart | Source: TradingViewOn the daily timeframe, the RSI is hovering around the neutral 50 mark – reflecting the tug-of-war between the bulls and the bears. At the same time, the MACD has just appeared to cross the price, sending a clear sell signal and strengthening the possibility of forming a downtrend in the short term.
However, if the demand is strong enough to push the price above the $106.406 mark, the recovery trend may be triggered, opening up the opportunity to retest the next resistance area.
Ethereum may enter a downtrend if it breaks the 50-day EMA
Ethereum (ETH) has lost the important support level of $2.724 on Thursday, leading to a decline of 8.69% as of Saturday. However, selling pressure has temporarily slowed down as ETH holds steady around the lower boundary of the accumulation channel near the $2.461 mark the following day. As of Monday, this cryptocurrency remains above the aforementioned price level, indicating a certain defensive effort from the bulls.
However, if selling pressure continues to increase and causes ETH to close below the (EMA)50-day moving average at $2,429, the downtrend could be extended, with the next target being the strong support area around the $2,000 mark.
However, if ETH continues to stay above the $2,461 level and bounces back, the resistance area of $2,724 may be the next target, marking the recovery of the short-term uptrend.
XRP faces the risk of decline if it cannot hold the 50-day EMA
XRP closed below the (EMA) 50-day moving average at $2.24 on Thursday, marking a nearly 6% drop as of Saturday. However, the next day, the coin bounced back slightly by 1.22%, indicating an effort to regain upward momentum. As of the time of writing, XRP is approaching the 50-day EMA at $2.24 – a key price level that could shape the next trend.
If rejected at the 50-day EMA, XRP is likely to extend its downtrend to retest the important support zone at $1.96.
! XRP/USDT Daily Chart | Source: TradingViewThe RSI indicator on the daily timeframe is currently at 45, below the neutral threshold and continuing the downtrend – a sign that selling pressure is still dominant. At the same time, the MACD has appeared a bearish crossover, sending a clear sell signal and reinforcing the negative outlook for XRP in the short term.
On the contrary, if XRP successfully rises above the 50-day EMA, this coin could open up a bounce back opportunity and retest the $2.25 mark in the upcoming sessions.
SN_Nour