BTC, ETH, XRP Price Prediction — Bears Are Back Again: Nothing to Worry About or a Deep Correction?

  • Denys Serhiichuk
    📈 Price Predictions

    Bears have come back on the crypto market. How long are they gonna stay here? Our price prediction helps you to make a decision


BTC, ETH, XRP Price Prediction — Bears Are Back Again: Nothing to Worry About or a Deep Correction?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

May 23 has started with a general dump on the cryptocurrency market, as the prices of all coins are going down. As it usually happens, when the rate of BTC decreases, altcoins decline even deeper. Today’s example is not the exception from the rule. The biggest loser out of the top 10 coins is Cardano; its rate has dropped by almost 9%.

However, there is also positive news against the overall market correction. May has been the most successful month for Bitcoin futures. A record trade volume of 33,677 contracts ($1.3 bln in BTC) was recorded on May 13 at the Chicago Mercantile Exchange (CME).

Bitcoin futures statistics by CME Group

What is more, yesterday the crypto community celebrated Bitcoin Pizza Day for the 9th time. In 2010, the programmer Laszlo Hanyecz paid 10,000 BTC for two pizzas. Now they would cost more than $80 mln.

In terms of the technical analysis, the situation on the market looks the following way.

BTC/USD

Our BTC forecast made a few days ago is coming true, as the coin is moving to an expected $7,575.

However, there are no fundamental reasons for today’s market dump; traders just fix their profits.

BTC/USD chart by TradingView

On the hourly chart, it is noticed that the quotes are located in the descending channel from May 20. Currently, the leading crypto is trading between the support level at $7,500 and resistance at $8,000. We can expect a decline up to $7,500 in a few days, as the trading volume keeps stagnating. Hopefully, BTC should not go below $7,500, because the RSI indicator is near the oversold zone.

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The price of BTC is trading at $7,599 at the time of writing.

ETH/USD

Even the positive news background could not keep Ethereum from falling; at the time of writing, its rate has reduced by more than 7% against the US dollar. The quotes are trading according to our scenario predicted a few days ago.

ETH/USD chart by TradingView

The leading altcoin on the hourly chart has almost touched its bottom at the $230 mark. One can expect a rollback from this point to the green zone ($250-$265) within a few days. The end of the correction is also supported by the RSI indicator, which is located on the verge of the oversold area.

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ETH/USD Price Prediction — Are Bulls Switching from Bitcoin to Ethereum?

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The price of ETH is trading at $236.81 at the time of writing.

XRP/USD

Against the top 3 coins, Ripple is falling the most: its rate has reduced by 7.5% overnight. However, the coin is not going to capitulate, due to the relatively high trading volume.

XRP/USD chart by TradingView

On the 1-hour chart, Ripple is looking similar to Ethereum and has almost reached the support at $0.36. This is confirmed by the RSI indicator and Fibonacci Retracement. In this regard, one can expect a bounce back to $0.3979 (78.6%) shortly.

The price of XRP is trading at $0.3671 at the time of writing.

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About the author

Being a passionate blockchain enthusiast Denys has a vast experience in сryptocurrency market analysis, as well as blockchain related projects. All this is backed up by his working at W12 platform, Platinum Listing & ICO Advisory company, Export.Online and many others.

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BTC, ETH, XRP Price Analysis — Bitcoin Is Below $11,000. Can the Top Coins Update Their Maximums?

  • Denys Serhiichuk
    📈 Price Predictions

    The market is fixing its gained positions after a recent bull run. Our price analysis explains what levels to expect in the near future


BTC, ETH, XRP Price Analysis — Bitcoin Is Below $11,000. Can the Top Coins Update Their Maximums?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

The events of last week may be the last argument in favor of the statement that the bottom levels are in the past. Thus, Bitcoin made an impressive leap up, the culmination of which was Saturday’s capture of the bar, first at $10,000 and then at $11,000. At the same time, at the beginning of the week, the first cryptocurrency was trading at levels just below $9,000.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

Bitcoin has set growth as has the rest of the market, the cumulative capitalization of which now exceeds $324 bln.

Among the most popular altcoins, Monero has stood out from the crowd, which has risen in price by more than 18% and is now trading at around $114.5. The same situation may be applied to Ethereum, which managed to overcome the psychological barrier of $300. Also the previous week, Binance Coin rose to record levels against the US dollar, retarding growth in the close approaches to $40, while XRP came closer to $0.50.

BTC/USD

After a strong rally, BTC was below $11,000 and $10,800. However, the level of $10,400 acted as decent support, and the minimum level was formed at the zone of $10,363.

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The price is currently moving higher, and BTC is trading at around $10,700. It is above the Fibonacci retracement level of 23.6% of the recent correction, from a maximum of $11,234 to a minimum of $10,363. However, it seems that levels of $10,800 and $10,950 are currently the obstacles.

BTC/USD chart by TradingView

On the 4-hour chart of the BTC/USD pair, a key bullish trend line is being formed with support around $10,550. If Bitcoin falls below the trend line, it can return to support levels of $10,200 and $10,000.

The price of BTC is trading at $10,727 at the time of writing.

ETH/USD

If $10,000 is the critical level for Bitcoin, then $300 is the psychological point for Ethereum. Our earlier ETH price prediction came true, and the top altcoin could lift above the $300 mark.

ETH/USD chart by TradingView

Even the recent news about the upcoming transition to the Proof-of-Stake (PoS) consensus mechanism could not stop the price from falling.

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On the hourly chart, Ethereum is facing a slight rollback after a bull run since June 20. The correction may continue until the quotes reach $290, as the asset needs to fill this gap before the price goes higher. The MACD indicator supports such a scenario, located in the descending channel.

The price of ETH is trading at $304.66 at the time of writing.

XRP/USD

Ripple followed the scenario outlined in our recent forecast, as the $0.46 mark was reached. Even though the price of XRP is falling now by around 2%, it has shown an enormous 13% growth over the last 7 days.

XRP/USD chart by TradingView

XRP is looking much stronger than Ethereum or Bitcoin on the 1-hour chart. After breaking the level of $0.40, Ripple quickly achieved $0.45 and could even surpass this mark. According to the technical indicators, the uptrend continues until the rate reaches $0.50, which may happen until the end of June. The lines of RSI are looking downwards, suggesting that the asset is located closer to the oversold area rather than to the overbought one.

The price of XRP is trading at $0.4597 at the time of writing.

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About the author

Being a passionate blockchain enthusiast Denys has a vast experience in сryptocurrency market analysis, as well as blockchain related projects. All this is backed up by his working at W12 platform, Platinum Listing & ICO Advisory company, Export.Online and many others.

👓 Recommended articles

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