TOP 3 Price Analysis: BTC, ETH, XRP — How Will Yesterday's Dump Affect Further Growth?

Price Predictions
Wed, 06/03/2020 - 13:49
Denys Serhiichuk
How will Bitcoin (BTC), Ethereum (ETH), and XRP react to yesterday's market dump?
Cover image via www.tradingview.com

After yesterday's dump, most of the top 10 coins are in the red zone except for Cardano (ADA), whose rate has risen by 2.6% over the past 24 hours.

Top 10 coins by Coinstats

The main data for Bitcoin (BTC), Ethereum ETH), and XRP is below.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$176 855 622 424

$9,615.39

$33 863 738 582

-5.32%

Ethereum

ETH

$26 680 308 665

$239.94

$12 598 010 140

-5.24%

XRP

XRP

$8 977 367 876

$0.203509

$1 620 780 138

-4.96%

BTC/USD 

Yesterday in the morning, the price of Bitcoin (BTC) held above the psychological mark of $10,000. A powerful bearish impulse broke through this support level and the price has held at least around $9,135. The rate immediately bounced from the low point to the area of ​​support at $9,441 and is now consolidating in a narrow lateral range.

BTC/USD chart by TradingView

If yesterday's bearish impulse did not shake the confidence of buyers in the continuation of the bull race, then the bears can arrange a few more sales. But in this case, the nearest support levels will be below the level of $8,851 in the zone of $8,700 or $8,400. Today, consolidation above the level of $9,441 may continue, and confidence on the part of market participants will help return the BTC price to the area of ​​the June maximum to continue the bull run.

Bitcoin is trading at $9,606 at press time.

ETH/USD 

Yesterday, the price of Ethereum (ETH), after a short pullback, tried to continue to grow and set a new maximum near the $253 mark. However, a strong bearish impulse forced the pair to mark the daily low at $225.

ETH/USD chart by TradingView

The price of Ethereum (ETH) instantly rebounded above the two-hour EMA55, and this morning consolidated in the field of average prices, in the lateral range.

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If the moving average EMA55 provides support for the pair, then growth may continue in the area of ​​the lilac resistance zone of $265 - $275. If bears repeat the attack, then the rate may drop below the absolute level of $222.98.

Ethereum is trading at $239.40 at press time.

XRP/USD 

Yesterday, buyers were unable to continue the recovery of the XRP price and gain a foothold in the consolidation above $0.213. A powerful wave of sales drove the price below the $0.20 support, setting a weekly low at $0.196.

XRP/USD chart by TradingView

After a rebound in the region of average prices, the XRP/USD pair consolidated in the lateral range, above the psychological level of $0.20. If bears sell this support today, the price may fall even deeper, to the upper border of the descending purple channel. In case bulls recover above the two-hour EMA55, then the rate will return to support at the level of $0.213.

XRP is trading at $0.2033 at press time.

 

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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 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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