TOP 3 Price Analysis: BTC, ETH, XRP — Another Attempt at Growth or Capitulation Before an Upcoming Drop?

Price Predictions
Sun, 06/14/2020 - 15:44
Denys Serhiichuk
Will Bitcoin (BTC), Ethereum (ETH), or XRP bounce off their support levels?
Cover image via www.tradingview.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.

Sunday is about to finish out the week with domination from the bears Out of the Top 10 coins, only Binance Coin (BNB) is in the green. The rate of the trading platform's native exchange token has gone up by 1.01% since yesterday.

Top 10 Coins by Coinstats

Below is the crucial information for Bitcoin (BTC), Ethereum (ETH), and XRP:

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$173,370,927,155

$9,420.09

$16,607,728,719

-0.41%

Ethereum

ETH

$26,293,634,654

$236.14

$7,111,597,176

-0.42%

XRP

XRP

$8,479,432,414

$0.192221

$987,545,866

-0.49%

BTC/USD 

Bitcoin (BTC) is still showing signs of growth; however, it is not as strong as it was when it retested the $10,400 mark a few weeks ago. Since last week, the decline has constituted a drop of 1.60%.

BTC/USD Chart by TradingView

Looking at the daily time frame, the leading crypto touched the 50-Day Moving Average (MA 50), which was then followed by a fast bounce off to $9,500. However, the bears continue pushing Bitcoin (BTC) back towards the $9,000 zone. What is more, the price decrease is supported by a falling trading volume. If the MA 50 is broken, then the first crypto move might be towards the $8,200 support zone, which corresponds to the 200-Day Moving Average (MA 200).

At press time, Bitcoin was trading at $9,389.

ETH/USD 

Ethereum (ETH) has an almost identical trading pattern to Bitcoin (BTC). The decline since yesterday is around 0.14%, just as the top crypto.

ETH/USD Chart by TradingView

The chief altcoin is about to finish its long-term bullish trend that started in March 2020. Even though the trading volume is not going down as fast, the liquidity level suggests that  there are no interested buyers. Moreover, long bearish candles have appeared, which are signals of a powerful sell at the $250 level. Respectively, Ethereum (ETH) might retest the $225 support mark before growth continues. In case bears break this level, the long-term outlook will be cancelled.

At press time, Ethereum was trading at $234.99.

XRP/USD 

XRP is the biggest loser from our list. The coin has lost significantly more than Bitcoin (BTC) and Ethereum (ETH) since yesterday, with a decline of 4.81% since last week.

XRP/USD Chart by TradingView

XRP has been falling since April 30th, which was when the crypto made a false breakout at the $0.3250 level. Since then, the trading volume has continued to decline sharply as well as the rate of XRP. In this particular case, there is a high probability of seeing the coin at the $0.18 support next week, which is where a high concentration of liquidity is focused.

At press time, XRP was trading at $0.1908. 

 

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 makes 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, can be contacted at denys.serhiichuk@u.today.


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