news-image
Headlines

A Bullish Rebound This Week?

After recording a bloodbath in the cross-border markets, the cryptocurrency industry has displayed a sign of relief by adding more than $230 Billion in its valuation within the past four days, indicating an increase in the inflow within the crypto space.

Furthermore, top altcoins have displayed a successful bullish reversal in their respective portfolios by adding significant value since the week started. With the rising bullish sentiments, will the crypto industry make a comeback this week?

BTC Price On The Verge Of A Breakout!

Despite increased price volatility in the crypto industry, the crypto market leader, Bitcoin price, continues to trade under a falling channel pattern in the 1D time frame, indicating a long-term bearish influence for the BTC token.

TradingView: BTC/USDT

Positively, the BTC price has added 10% within the past day and approximately 3% over the past week. Moreover, at the time of writing, its YTD stood at 52.16%, highlighting a strong possibility of bullish price action during the upcoming months.

The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating increased buying-over-selling pressure in the crypto space. Moreover, the averages show a bullish convergence, suggesting the price will continue gaining value in the coming time.

If the market pushes the BTC price above the resistance zone, the bulls will regain momentum and prepare to test the upper resistance level of $68,000 during the upcoming week. However, if the bears overpowered the bulls, the price would lose momentum and fall to test its low of $60,000.

Ethereum Price Displays A Bearish Pattern:

The second largest cryptocurrency by market capitalization, the Ethereum price, follows in the footsteps of the market leader and displays a similar trend by successfully forming and trading in a falling channel pattern in the 1D time frame.

Ethereum Price Analysis
TradingView: ETH/USDT

However, the Simple Moving Average (SMA) displays a high possibility of a bullish convergence over the weekend, highlighting a potential bullish price action during the upcoming week.

The Relative Strength Index (RSI) continues to hover close to its mid-point, indicating a weak price action for the altcoin. On the other hand, the averages show a bullish convergence in the 1D time frame, highlighting a strong bullish influence for the Ethereum token in the cryptocurrency industry.

If the bulls break out of the falling channel pattern, the ETH price will regain momentum and test its upper resistance level of $3,400 this week. Conversely, if the bears gain control over the market, the price will test its support level of $3,000.

XRP Price Records A Bullish Sentiment:

The Ripple token continues its struggle to surpass the resistance level of $0.5340, indicating a strong liquidation point at that level. However, the XRP price has formed a symmetric triangle pattern and is on the verge of testing its resistance trendline, the outcome of which is unpredictable.

XRP Price Analysis
TradingView: XRP/USDT

The technical indicator, MACD, shows a constant rise in the green histogram, highlighting increased positive sentiment in the crypto space. Furthermore, the averages show a bullish pattern, indicating the price may continue gaining value in the coming time.

If the XRP bulls break out of their important resistance level, the price will prepare to test its upper resistance level of $0.60 during the upcoming week. Negatively, a bearish sentiment could result in the Ripple token falling toward its support trendline.

Conclusion:

The cryptocurrency industry is predicted to make a comeback during the upcoming week as top tokens display a strong bullish influence, highlighting an increase in the buying sentiment. Moreover, top tokens such as Bitcoin, Ethereum, and XRP tokens are on the verge of a major breakout, indicating increased price action in the market.

Related posts

Stagnant Prices On BNB And XRP Turn Investors’ Attention To Rebel Satoshi ($RBLZ)

EdaFace Admin

Ethereum Hits $4K: Over-optimism Signals Shift to Bitbot Crypto Presale

EdaFace Admin

EdaFace Hit 9-Month High: Top Reason Why BTC Price Surged Above $27K

EdaFace Admin

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More