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TOP 3 Price Predictions: BTC, ETH, XRP — Resistance Is Reachable but a Rollback May Also Occur

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Mon, 6/05/2019 - 7:32
TOP 3 Price Predictions: BTC, ETH, XRP — Resistance Is Reachable but a Rollback May Also Occur
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The previous week was remarkable for Bitcoin and the whole crypto market in general. The leading cryptocurrency reached the highest value ($5,886.89) on Saturday, May 4th, rising in price by about 10%. It is also worth mentioning that there was a significant increase in Bitcoin’s hash rate last week. Since the beginning of 2019, the index has increased by almost 40%, and on May 2, it was at around 58,000. 

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Bitcoin hashrate data by Blockchain.com

At the same time, BTC’s capitalization rose above $103 billion, and the dominance index approached 56%.

Bitcoin Cash impressed the most over the past week. The rate of BCH jumped by more than 11%, at some point exceeding the $300 mark.

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What’s more, no one could expect the entry of Cosmos token into the top 15 ratings by CoinMarketCap. The reason for such growth is its listing on the Binance exchange.

BTC/USD

Usually the crypto market “relaxes” over the weekend, but the previous week was the exception from the rule. On Saturday, BTC’s rate could rise above $5,800; however, then a fast correction happened to the $5,600-$5,700 zones, as we predicted a few days ago.

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BTC/USD chart by TradingView

Taking into consideration the current situation, new support and resistance levels have been settled at $5,500 and $5,800 respectively. On the other hand, the number of total shorts prevails over longs, analyzing the data from BitMEX and Bitfinex.

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Although the price of BTC is being corrected now, no further decline is foreseen. Such a scenario is backed by the RSI indicator which is not overbought. Moreover, one can even expect a rise to the psychological mark at $6,000. Such a prediction is possible until the end of the current week.

The price of BTC is trading at $5,656 at the time of writing.

ETH/USD

The most popular altcoin has not taken advantage of the market growth, as its price remains at the positions of Friday, May 3. However, the $168 mark was reached, but then it rolled back to $165 and even more in-depth, as we wrote in our Ethereum price prediction,

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ETH/USD chart by TradingView

On the hourly chart, the Head and Shoulders pattern was formed, as well as the new level at $164. In this regard, the quotes are supposed to be located between the $160 and $164 zones.

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Unfortunately, there is no chance to reach $170 in the short term due to the relatively low trading volumes and lack of interest from buyers.

The price of ETH is trading at $158.30 at the time of writing.

XRP/USD

Ripple is the weakest coin out of the top 3, as its rate is falling faster than those of BTC or ETH. XRP has lost almost 2% over the last 24 hours, and the price is moving according to our prediction made a few days ago where the last point of a decline was $0.2890.

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XRP/USD chart by TradingView

Analyzing the 30-minute graph, XRP is located in the descending channel from May 4, and there are no signs of the price going up. Moreover, the trading volumes have reduced by around $500 million over the last 3 days. In the short-term perspective, a decline to $0.2890 is confirmed if the asset manages to break the $0.2950 support level.

The price of XRP is trading at $0.2974 at the time of writing.

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