TOP 3 Price Prediction: BTC, ETH, XRP — Has the Market Gained Enough Fuel to Keep Rising?

Price Predictions
Mon, 05/11/2020 - 14:05
Denys Serhiichuk
Is the current rise of Bitcoin (BTC), Ethereum (ETH), and XRP a bear trap?
Cover image via www.tradingview.com

The new week has started positively for the market. However, the growth does not apply to all coins. Half of the cryptocurrencies from the top 10 list are in the red zone. The market lost about 15% of capitalization compared to the highs of May 8-9. Altcoins in pair with BTC fell to lows, and EOS even reached a new minimum.

Top 10 coins by Coinstats

The crucial data for Bitcoin (BTC), Ethereum ETH), and XRP is as follows.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$163 629 819 997

$8 905.25

$51 708 499 228

1.74%

Ethereum

ETH

$20 975 130 312

$189.17

$19 704 757 580

-0.64%

XRP

XRP

$8 741 811 016

$0.198169

$2 405 299 435

0.77%

BTC/USD 

Sunday became bloody for Bitcoin (BTC). The asset fell from $9,700 to $8,100, after which it stabilized above $8,500. A second attempt by the bears to go below $8,500 was bought back. At the moment, it is holding above $8,800.

BTC/USD chart by TradingView

On May 10, Bitcoin (BTC) broke through two support zones ($9,200 and $8,800), which were key for continued growth above $10,000. The $9,200 zone was considered critical and reversed the upward scenario. The main resistance levels are $8,890 and $9,267.

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If buyers manage to pass resistance at $8,890, growth is possible to $9,267. The breakdown of the $8,261 zone will bring the price out of the current range down to the $7,785- $7,942 levels.

Bitcoin is trading at $8,895 at press time.

ETH/USD 

Ethereum (ETH), like most of the altcoins, is falling against BTC and even in correlation to the US Dollar. The price decrease of the leading altcoin has amounted to almost 1% since yesterday.

ETH/USD chart by TradingView

On the 4H time frame, Ethereum is consolidating in a range between $185-$192 after a recent sharp fall. In terms of the nearest scenario, a further decline prevails over the growth as there is no buyer power to buy back from current levels. Moreover, the lines of the Bollinger Bands indicator are going down, confirming the ongoing decline. If Ethereum (ETH) can get to $192 and hold above it, only then could it avoid the bearish scenario.

Ethereum is trading at $186.55 at press time.

XRP/USD 

XRP is facing almost the same decline as Ethereum (ETH). The decrease has constituted 1.94%. Over the past week, the third most popular crypto has lost 8.91%.

XRP/USD chart by TradingView

The decline that started a few days ago is just the beginning of a more profound price decrease. Trading volume is low, which is not a good sign in terms of further growth. Moreover, the MA 50 is going down, which is a bearish sign. In this regard, the first stop of the upcoming decline is $0.1880, where most of the liquidity is concentrated.

XRP is trading at $0.1961 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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