TOP 3 Price Analysis: BTC, ETH, XRP — Has the Sideways Trend Moved Towards a Bearish One?

Price Predictions
Sun, 06/28/2020 - 18:00
Denys Serhiichuk
Which of the Top 3 cryptocurrencies (Bitcoin (BTC), Ethereum (ETH), and XRP) will return to its resistance level first?
TOP 3 Price Analysis: BTC, ETH, XRP — Has the Sideways Trend Moved Towards a Bearish One?
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.

The last day of the week is about end on a bearish note. Yet, the top coins are trying to bounce back. Bitcoin SV (BSV) has suffered the most since yesterday's drop, as the rate for the altcoin lost 6.32%.

Top 10 coins by Coinstats
Top 10 Coins by Coinstats

Below is the vital information on Bitcoin (BTC), Ethereum (ETH), and XRP:

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$166,788,323,026

$9,056.22

$16,713,559,699

0.01%

Ethereum

ETH

$24,959,565,363

$223.78

$7,277,625,925

-1.75%

XRP

XRP

$7,914,955,821

$0.178838

$1,261,500,844

-0.99%

BTC/USD 

Bitcoin (BTC) continues to consolidate in the $9,000-$10,00 range despite yesterday's drop to $8,900. The rate is unlikely to go below $9,000 as the level of trading volume is low.

BTC/BTC chart by TradingView
BTC/USD Chart by TradingView

Looking at the daily time frame, the leading crypto has made the far rates of the $9,000 mark. Applying the Fibonacci retracement to the chart from its local peak to bottom, Bitcoin (BTC) is about to return to the 38.2% level, which corresponds to the $9,445 mark. Here, liquidity level is quite high, which a prerequisite for an upward movement.

At press time, Bitcoin was trading at $9,045.

ETH/USD 

Ethereum (ETH) has dropped more than Bitcoin (BTC); however, it might still come back to its resistance levels. The rate of the main altcoin has declined by 3.16% from the previous week.

ETH/USD chart by TradingView
ETH/USD Chart by TradingView

The trading volume was low during yesterday's decline. This means that the bears are unlikely to move towards $210 and below. The bulls are currently trying to return to their previous levels around the $230 mark. The more likely price action for Ethereum (ETH) may be a retest of the 50-Day Moving Average ($232). If buyers manage to break the mark, then one might consider a growth continuation towards $250 in July.

At press time, Ethereum was trading at $222.85.

XRP/USD 

XRP has shown significantly better price dynamics than Ethereum (ETH). The price of the coin has dropped by 0.81% as compared to the previous 24 hours.

XRP/USD chart by TradingView
XRP/USD Chart by TradingView

XRP found its local bottom at $0.1730, followed by a bounce off. As with the case of Ethereum (ETH), a continuing decline is unlikely to occur as the bears have run out of fuel. This is based on the trading volume. However, there is a reason for a growth continuation as there is a bullish divergence on the Relative Strength Index (RSI). Respectively, the growth might near its resistance level at $0.1870.

At press time, XRP was trading at $0.1778.

 
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.