The cryptocurrency has wiped out ~80 billion from its valuation this week. This highlights a strong selling pressure within the crypto space. Following this, top tokens such as Bitcoin, Ethereum, and Ripple have recorded a notable correction in their respective portfolios.
Will the top cryptocurrencies regain momentum with the U.S. elections only days away? Further, will these tokens head toward a new high during the most bullish month of the year? Or will the crypto market experience a major correction due to numerous external factors?
Bitcoin (BTC)
Despite recording a drop of ~1% in the past day and 4.65% in the past 3 days, the BTC price has maintained its value above the $70,000 level. Moreover, it has jumped 3.11% over the past week and 13.68% during the past 30 days.
The technical indicators SMA and MACD have recorded a significant increase in their respective price chart in the 1D time frame. This indicates increased buying-and-selling pressure for the Bitcoin price in the market.
If the bulls regain power over the bears, this could result in the BTC price potentially breaching its upper high of $73,750.07 and achieving a new high. On the other hand, a negative action could pull the price toward its $66,000 range.
Also, read Bitcoin (BTC) Price Prediction!
Ethereum (ETH)
Following in the footsteps of Bitcoin, the largest altcoin by market cap, Ethereum price has recorded a similar price action by recording a negative price action this week. However, it has a YTD return of +11.63%, highlighting a long-term bullish action.
The RSI indicator has successfully retested its neutral point in the 1D time frame. Moreover, with a bullish crossover in the EMA 50-day, this altcoin hints at a potential bullish reversal in the coming time.
Maintaining the price above its support level of $2,530 could set the stage for the ETH coin price to test its resistance level of $2.8k in the upcoming time. On the contrary, if the bears gain momentum, it could retest its low of $2,200.
Ripple (XRP)
Amid rising uncertainty in the market, the Ripple price has added 2.26% to its valuation in the past 24 hours with a trading volume of $1.250 billion. Moreover, it has maintained its value above the $0.52 level for a brief period, indicating a strong buying point at that level.
The Moving Average Convergence Divergence (MACD) has displayed a neutral price trend in its XRP price chart with its averages showing a similar price action. This suggests a weak price action for the altcoin in the cryptocurrency market.
If the bullish sentiment intensifies, the Ripple token could breach its important resistance zone and head toward its upper high of $0.560. On the negative side, a bearish action could result in it plunging toward its low of $0.480.
Also, read Ripple (XRP) Price Prediction!
