TOP 3 Price Prediction for BTC, ETH, XRP: Time for Correction Against Overbought Market

📈 Price Predictions
Sun, 02/09/2020 - 17:57
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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.

Bitcoin (BTC) and other coins are not going to stop the ongoing bull run. As reported earlier, Bitcoin SV (BSV) was the top gainer for a long period of time. Today, Tezos (XTZ) has replaced it as its rate has increased by 13.16% since yesterday.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

Below is the main data for Bitcoin (BTC), Ethereum (ETH), and XRP.

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$184,369,212,117

$10,125.70

$35,834,108,783

3.16%

Ethereum

ETH

$25,135,111,876

$229.28

$15,007,629,260

1.06%

XRP

XRP

$12,336,973,188

$0.282322

$2,276,675,877

0.91%

BTC/USD 

Bitcoin (BTC) has broken the psychological $10,000 mark. Yet, the dominance rate for the main crypto continues to decline, and currently makes up 63.72%.

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

Despite the ongoing rise, Bitcoin is about to face a correction very soon. The coin is overbought on almost all of the time frames.

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From a technical perspective, the decline might start between the range of $10,250-$10,300, which is a crucial zone for the bulls. If they do not manage to break it, then a rollback will be a up to the liquidity zone around $9,500.

At press time, Bitcoin was trading at $10,142.

ETH/USD

If Ethereum (ETH) a few days ago was growing faster than Bitcoin, then the situation is vice versa for today.

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

Ethereum is looking even more bearish than Bitcoin. The trading volume continues to decline against the rising rate of the coin. What is more, the Moving Average Convergence/Divergence (MACD) indicator has slightly changed to the red, confirming the upcoming pressure from the bears. All in all, the nearest support zone at $200 might be achieved soon.

At press time, Ethereum was trading at $228.70.

XRP/USD

Even though XRP has risen by 1.61% from the previous day, it is likely to face a correction sooner than Bitcoin and Ethereum.

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

XRP is losing its bullish impulse as the trading volume index continues to move downwards. What is more, the $0.27 level has not been re-tested so far. It serves as an important reason for a correction, which is about to happen during the first days of the next week.

At press time, XRP was trading at $0.2843.

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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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