The digital currency industry continues to exhibit significant changes in the landscape, suggesting increased price action in the market. Furthermore, the market leader, Bitcoin, has already secured a new all-time high of over $73,000, highlighting a positive outlook for the market in the upcoming period.
On the other hand, the altcoin leader, Ethereum, had surpassed the $4,000 mark during the previous week, following which it experienced a significant correction in valuation. Additionally, the XRP token has shown a similar pattern, indicating increased volatility in the crypto space.
Bitcoin (BTC):
The Bitcoin price traded within a closed range between $50,540 and $52,853 for a short period. As volatility in the market increased, the bulls surged 24.53% in just three days, after which the price faced rejection at $64,287. After trading sideways for a while, the bulls regained momentum and surged 11.03% before facing rejection at $68,296.
Subsequently, the bulls lost momentum and tested their low of $61,025, but quickly regained momentum and recovered all of their losses. Following this, the bulls consistently traded under a bullish influence and recorded another all-time high of above $73,000. Since then, the price has been trading under a negative influence.
The technical indicator, MACD, shows a decrease in the red histogram, indicating a reduction in the negative influence in the crypto space. Furthermore, the averages suggest a high probability of a bullish consolidation, implying bullish price action for the BTC price in the upcoming period.
If the market maintains the price above the support level of $68,296, the bulls will regain momentum and aim to test its upper resistance level of $73,844 during the upcoming week. Conversely, if the bulls fail to regain momentum, the price will lose momentum and fall to test its lower support level of $64,287.
Ethereum (ETH):
The ETH price traded within a closed range between $2,609 and $2,883 for over a week, after which the bulls gained enough momentum to break out of the resistance level, where the price exhibited a neutral trend for the next few days. As volatility increased, the Ethereum price surged 16.25% within the next three days, after which the price showed a neutral direction.
After testing its low of $3,369, the bulls reconsidered momentum and recorded a surge of 17.42% before facing rejection at $3,956. Recently, the bulls recorded another surge and successfully reclaimed the $4,000 mark, where the price traded sideways for a while. Since then, the price has been trading under a negative influence.
The Moving Average Convergence Divergence (MACD) shows a steady red histogram, indicating an increased negative influence in the crypto space. Moreover, the averages indicate a flatline, suggesting uncertainty in the future price action of the coin in the market.
If the market pushes the price above the resistance level of $3,733, the bulls will regain momentum and aim to test its upper resistance level of $4,200. Conversely, a trend reversal could pull the price towards its lower support level of $3,369 in the upcoming period.
Ripple (XRP):
The Ripple (XRP) token traded in a consolidated range between $0.530 and $0.578 for approximately two weeks, after which the bulls gained momentum, and the XRP price surged 13.5% before facing rejection at $0.6015. Subsequently, the price exhibited a neutral trend by trading between $0.578 and $0.601 for a while.
As market volatility grew, the bulls successfully broke out of the resistance level, where they traded between $0.6015 and $0.6625 for a short period. Recently, the bulls surged 21.52%, after which they faced rejection at $0.7310. Since then, the price has been displaying a negative trend on the chart.
The MACD shows a consistent decrease in the red histogram, highlighting a reduction in selling pressure within the crypto industry. Furthermore, the averages suggest a potential bullish curve, indicating the price may undergo a bullish price action during the upcoming week.
If the market holds the price above the support level of $0.6290, the bulls will regain momentum and aim to test its upper resistance level of $0.6930. Alternatively, if the bears overpower the bulls, the price will lose momentum and fall to test its lower support level of $0.5780 in the impending week.
By Andrej Kovacevic
Updated on 23rd April 2024