0
📈 Price Predictions

TOP 3 Price Predictions: BTC, ETH, XRP — Consolidating Vital Support Levels or Going Down?

  • Denys Serhiichuk
    📈 Price Predictions

    Are buyers afraid of entering the market or have not all sellers left it? Let’s understand what is going on


TOP 3 Price Predictions: BTC, ETH, XRP — Consolidating Vital Support Levels or Going Down?

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.

Contents

Unfortunately, the crypto market could not fix after yesterday’s growth, and the rates of most coins have slightly declined. There may be a few reasons for that. One possible cause of the correction is the announcement of Max Keiser, who said that Tether was only 74% backed by fiat money, while FED was only 1% supported.

Bitcoin remains the only coin whose price has gone up over the past 24 hours while Ripple has lost the most of its rate – around 1.5%.

As it usually occurs, BTC’s domination rate is increasing while altcoins are stagnating, and now its dominance is 54.4%. The overall capitalization of the market has not changed so much since yesterday and is $175 billion.

Bitcoin domination rate by CoinMarketCap

BTC/USD

Fortunately, the price of the leading cryptocurrency has not declined as the rate of altcoins and remains at yesterday’s positions. Based on this, the community recognizes Bitcoin as the only store of value. Moreover, there are reasons for that, as the network keeps rising and developing. Our prediction made a few days ago came true, according to which BTC’s price would rise above $5,350 and consolidate there.

BTC/USD chart by TradingView

The technical analysis of the 4-hour chart indicates an attempt to form a reversal pattern.

The possible scenario is the growth of the asset and testing the $5,500 area, followed by a rebound and a movement to reduce. The test of the resistance line on the RSI indicator serves as an additional signal here.

👉MUST READ

Bitcoin Price Surges Above $5,400 While Broader Crypto Market Remains in Doldrums

Bitcoin Price Surges Above $5,400 While Broader Crypto Market Remains in Doldrums

The price of BTC is trading at $5,321 at the time of writing.

ETH/USD

Our Ethereum prediction for yesterday partially came true, as the asset reduced not to $167 but much less, to the $160 area.

ETH/USD chart by TradingView

If we look at the hourly chart for Ethereum, the coin has still not shown its full potential, as its price has rolled back to the positions of the beginning of April.

Applying the Fibonacci retracement to the graph, the quotes are trading in the green zone, which means that bulls are accumulating their efforts to push the price up. In this case, the rate at $160 (78.6%) will be achieved in the short term.

The price of ETH is trading at $158.58 at the time of writing.

XRP/USD

Although Ripple does not usually follow the market’s mood, it has already lost around 2% of its price, which is much more than most of the top altcoins.

XRP/USD chart by TradingView

Even though the rate of XRP has plummeted, our price analysis made yesterday remains relevant, as the support at $0.30 has not been broken.

Analyzing the 30-minute chart, the possible short-term scenario is reaching the level above $0.31 according to the Elliott Correction Wave pattern. However, before that happens, XRP should pass the support at $0.3070 to make sure bulls are ready for new highs.

👉MUST READ

XRP/USD Price Prediction — A Rally Against the News About Nasdaq or Any Other Reason?

XRP/USD Price Prediction — A Rally Against the News About Nasdaq or Any Other Reason?

The price of XRP is trading at $0.3036 at the time of writing.

Cover image via 123rf.com
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

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.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings