The crypto market has added over $100 Billion to its valuation over the past day. This has resulted in major crypto tokens successfully breaking out of their respective resistance levels.
Moreover, top tokens such as Bitcoin, Ethereum, Binance, Solana, and Ripple have displayed similar price actions by breaching their crucial levels. With a potential bull market on the horizon, is this the last chance to invest in these crypto tokens at a discounted price?
Dive in as, in this article, we have covered the market sentiments, price action, and possible short-lived price targets of the top 5 cryptocurrencies by market capitalization.
Bitcoin Price Breaks Out Of Its Important Resistance Level:
Amid a bullish recovery, the price of Bitcoin today has recorded a jump of 5.32% within the past day with a trading volume of $43.219 Billion. Moreover, the market leader has added approximately 9% in the past week and has a market cap of $1.270 Trillion with a trading price of $64,233.31.
The MACD indicator has displayed a constant rise in the green histogram. This indicates increased buying pressure for the BTC price in the crypto market. Moreover, the SMA supports the price chart in the 1D time frame, suggesting a positive outlook for it in the future.
If the market continues trading under a bullish sentiment, the Bitcoin price will prepare to test its resistance level of $66,725 during the upcoming week. Conversely, with a bearish reversal, Bitcoin could conclude the month with a potential low of $60,000.
ETH Price On The Path Of Testing It’s $3,000 Mark?
With a jump of 3.89% over the past 24 hours, the Ethereum price has successfully retested its important support zone in the 1D time frame. Further, the ETH price is on the verge of testing its crucial resistance level of $2,800, the outcome of which is uncertain.
The Simple Moving Average (SMA) has recorded a bullish convergence in the Ethereum price chart. Further, the MACD indicator has recorded a constant uptrend with its averages showing a rising trend. This suggests that the ETH coin price will continue gaining value.
Maintaining a bullish sentiment could result in the altcoin leader heading toward its upper resistance level of $3,000. However, if the bears regain momentum, the ETH price will retest its important support level of $2,500 during the upcoming week.
Binance Price Fails To Test Its Crucial Resistance Zone:
The BNB coin price has recorded a neutral price action by adding less than 1% to its portfolio in the past day. However, it has surged 11.28% in the past week and 85.48% this year. This highlights a long-term bullish sentiment for the altcoin in the market.
The Relative Strength Index (RSI) has displayed a significant rise toward the overbought range in the 1D time frame. Further, the EMA 50/200-day shows a bullish pattern. This highlights increased bullish sentiment for the altcoin in the cryptocurrency market.
If the bulls breach its important resistance zone, the Binance price will prepare to retest its All-time High (ATH) of $720.6 in the coming time. Negatively, a bearish action could pull the price of BNB toward its support level of $543 this month.
SOL Coin Price Records Increased Bullish Action:
After trading under a bearish influence for a brief period. The Solana crypto price has regained momentum by adding 6.51% in the past day and 10.97% over the past week. Notably, it is on the path of retesting its important resistance zone above the $155 level, indicating increased price action.
The Moving Average Convergence Divergence (MACD) has displayed a rising green histogram with a positive crossover in its Solana price chart. Further, the SMA has acted as a support in the 1D time frame. This indicates a positive outlook for this altcoin in the coming time.
If the bulls push the SOL coin price above its resistance level of $155, it will prepare to head toward its upper resistance level of $181.50 during the upcoming week. On the flip side, if the bears dominate the crypto market, the Solana token will retest its low of $127.
XRP Price On The Verge Of A Major Break Out?
With a jump of approximately 2%, the XRP price has reclaimed its $0.60 level. Furthermore, it has jumped over 8% in the past 7 days, highlighting a rising inflow of digital assets. Positively, the Ripple price is on the verge of a massive breakout.
The technical indicator RSI continues hovering above its mid-point, highlighting increased bullish sentiment for the altcoin. Further, the EMA 50/200-day shows a Golden Cross, suggesting that the XRP coin price will continue gaining value during the upcoming weeks.
If the market breaks out of its resistance trendline, the Ripple price will prepare to test its upper resistance level of $0.690. On the contrary, if the bears overpower the bulls, the altcoin will retest its support level of $0.560 this month.
