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BTC, ETH, XRP Price Prediction — The Correction Is Interrupted, but Is It Over?

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  • Denys Serhiichuk
    📈 Price Predictions

    The crypto market almost did not notice yesterday’s fall. Can we consider it a buying opportunity or do we need to wait for one more correction?

BTC, ETH, XRP Price Prediction — The Correction Is Interrupted, but Is It Over?
Cover image via 123rf.com

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.

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Fortunately, yesterday’s price decline of the whole cryptocurrency market has stopped or at least postponed; all top 10 coins are in the green zone. The top gainer is Bitcoin Cash, whose rate has increased by around 3%, while the price of XRP has grown by only 0.9%.

Against all this, the BTC market share has risen and now constitutes 57%.

However, it is too early to get rid of altcoins, as they are expected to show good growth. According to Binance Research, a comparison with the previous year and the volume of 24-hour quotes this year shows the growing popularity of altcoins and stablecoins.

Cryptocurrency market research by Binance

As a result, BTC pairs lost almost 40% of their market share. The reason for this is the introduction of several pairs of stablecoins with new assets.

What is more, the number of views on websites related to Bitcoin is growing. Over the past 90 days, popular cryptocurrency sites have had significantly more visitors.

Coinbase and Binance user statistics by Kevin Rooke

Leading cryptocurrency exchange Binance is in 911th place in the world, which is 233 places higher than three months ago. Coinbase, a major US cryptocurrency exchange, has risen by 288 positions and now ranks the 1,236th website.

Now, let’s switch to technical analysis.

BTC/USD

Our Bitcoin prediction made earlier is coming true, and the scenario of reaching $8,000 and above until the end of May remains relevant.

BTC/USD chart by TradingView

On the hourly graph, Bitcoin is looking positive, and there are no vivid reasons for a further decline below $7,500. The asset may still decrease to $7,700; however, the $8,100 resistance level is supposed to be attained in the end. The bullish MACD indicator supports such a course of events.

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The price of BTC is trading at $7,830 at the time of writing.

ETH/USD

Ethereum is trying to keep up with Bitcoin; however, it is losing around 1% in correlation to BTC. Even the positive news background could not push the price of a leading altcoin to $250.  

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

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

Cryptocurrency asset manager Grayscale Investments received the listing of the securities of its Ethereum trust (ETHE) in the over-the-counter trading system of OTC Markets.

ETH/USD chart by TradingView

Regarding the technical forecast, Ethereum is following our price prediction, and reaching $250 is just a matter of time. Despite being traded sideways for around a week, a further price dump is not noticed on the chart. Both MACD and RSI show positive sentiments, and Ethereum holders might see the price at $260 till May 31.

The price of ETH is trading at $244.36 at the time of writing.

XRP/USD

Ripple is looking the worst out the top 3 coins – its rate has increased only by about 1% overnight. The quotes are moving in the opposite direction compared to Bitcoin and Ethereum.

XRP/USD chart by TradingView

Even though Ripple is located in the green zone now, the short-term forecast is not promising. The decreasing trading volume, along with the bearish MACD indicator, may push the price down to the support level at $0.3650 shortly.

The price of XRP is trading at $0.3742 at the time of writing.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout

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  • Alex Dovbnya
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    Bitcoin could witness a bullish breakout if its looming diamond pattern gets confirmed

Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout
Cover image via u.today

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.

ByBit

The Bitcoin price is on the verge of forming a diamond bottom, which represents two juxtaposed symmetrical triangles. This a major bullish pattern that could be the bellwether of substantial price gains. 

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Top Bitcoin Trader on BitMEX Says He's "Long and Strong" as BTC Price Struggles to Hold $8,000

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According to cryptocurrency trader "The Moon," Bitcoin has a 70 percent chance of a bullish breakout if the aforementioned pattern gets confirmed.   

That said, Bitcoin would need a huge buying volume for this scenario to translate into fruition. 

Trading vet Peter Brandt noticed that the XRP/BTC pair was about to complete a diamond bottom. However, Ripple's native token failed to rally even before the much-awaited SWELL event that took place on Nov. 7-Nov. 8.     

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Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

As reported by U.Today, BTC dropped to the low-$8,000 level due to lack of enthusiasm on the buyer's side who failed to step in to reclaim $9,000. At press time, the coin that started it all is changing hands at $8,165 after being rejected at $8,200. 

Given that Bitcoin has trimmed all of its recent gains, market sentiment is now predominantly bearish. It remains to be seen how long it will be able to hold the crucial $8,000 support.      

Bitcoin Price
image by coinstats.app

Earlier, market analyst Willy Woo claimed that BTC's bearish price action ahead of the halvening event could mean that it might not witness another bull market. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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