As a seasoned researcher with over a decade of experience in the crypto market, I have witnessed numerous bull and bear runs, and I must say, the current state of Bitcoin, Ethereum, and XRP prices is intriguing.
The ongoing horizontal trend in Bitcoin‘s (BTC) value suggests a decline in overall market enthusiasm, which in turn affects the prices of significant altcoins like Ethereum (ETH) and XRP. The future trajectory of the market will be shaped by the result of the current power struggle between bullish and bearish tendencies.
Bitcoin Price Scouting The Next Move
Currently, Bitcoin’s price is hovering under the three significant bullish markers: the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs). For the upward trend beyond $60,000 to be confirmed, Bitcoin needs to close the day above its previous opening price of roughly $58,425 or around the short-term support at $58,000.
According to the Moving Average Convergence Divergence (MACD), there’s a strong probability of a downward trend for Bitcoin prices. Given that the MACD continues to indicate a selling signal within short-term price ranges, traders are likely to concentrate on strategies involving the sale of BTC.
Looking back, the rise in inflation figures significantly boosted the possibility of the Federal Reserve implementing the initial rate reduction for the year in September. The investment community is anticipating that Bitcoin’s price forecast will accelerate post-cut. If Bitcoin manages to sustain an upward trend above $62,000, it would pave the way towards $66,000, thus reducing the difference between its value and $70,000.
Ethereum Price Set To Edge Lower
The price of Ethereum is facing growing stress from overhead pressure since it was turned down at approximately $2,775 last week due to resistance indicated by the 20-day Exponential Moving Average in its daily range. Two Death Cross patterns suggest a continued slide below the short-term support at around $2,500 towards the heavily liquid $2,400 region.
As an analyst, I’ve been observing some intriguing trends in the Ethereum futures market. While the volume is escalating, the open interest is declining, a pattern that often reflects growing uncertainty among traders. This indecision could lead to a bearish outlook, potentially pushing ETH prices back towards $2,400.
On the opposite side of the barrier, a buy signal indicated by MACD supports the short-term bullish prediction. But for the bulls to successfully execute a significant trend reversal, they need to retake the short-term challenge at $2,600. After that, $2,800 will be the upcoming target, followed by $3,000, as per the Ethereum price forecast.
XRP Signals Stay Green
As a researcher, I’m observing that the XRP price is maintaining its position above a crucial trend line support, in addition to the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs). This stability comes after traders seized the bullish momentum during the Asian trading session on Monday.
The MACD signal boosted Ripple‘s potential to surpass the resistance at $0.6, but the upward momentum slowed down due to a general market sluggishness. If Ripple manages to close daily above $0.58, it could confirm the anticipated reversal and face challenges at $0.64 and $0.7.
On the flip side, the technical setup of XRP‘s price doesn’t exclude the chance of a dip down to approximately $0.55. This is particularly relevant considering that many cryptocurrencies are seeing decreased trading activity. As a result, it would be prudent for investors to be ready for various outcomes, such as a prolonged downturn that could take XRP back to around $0.5.
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2024-08-19 19:22