The cryptocurrency industry continues to display a significant fluctuation in the chart, suggesting an increased price action in the market. Further, the market leader, Bitcoin price, has successfully claimed a new all-time high of over $73,000, highlighting a positive outlook for the market in the coming time.
On the other hand, the altcoin leader, the Ethereum token, had successfully crossed the $4,000 market during the previous week, following which it experienced a significant correction in valuation. Further, the XRP token has displayed a similar trend, indicating increased volatility in the crypto space.
Bitcoin (BTC):
The Bitcoin price traded in a closed range between $50,540 and $52,853 for a brief period. As the volatility in the market increased, the bulls jumped 24.53% within three days, following which the price faced rejection at $64,287. After trading sideways for a while, the bulls regained momentum and jumped 11.03% before facing rejection at $68,296.
The bulls then lost momentum and tested their low of $61,025, but the bulls quickly regained momentum and leveled all their losses. Following this, the bulls constantly traded under a bullish influence and recorded a new ATH of above $73,000. Since then, the price has been trading under a bearish influence.
The technical indicator, MACD, displays a decline in the red histogram, indicating a decrease in the bearish influence in the crypto space. Further, the averages show a high possibility of a bullish convergence, suggesting a bullish price action for the BTC price in the coming time.
If the market holds the price above the support level of $68,296, the bulls will regain momentum and prepare to test its upper resistance level of $73,844 during the coming week. Conversely, if the bulls fail to regain momentum, the price will lose momentum and fall to test its lower support level of $64,287.
Ethereum (ETH):
The ETH price traded in a closed range between $2,609 and $2,883 for over a week, after which the bulls gained enough momentum to break out of the resistance level, where the price displayed a neutral trend for the next few days. As the volatility increased, the Ethereum price jumped 16.25% within the next three days, following which the price displayed a neutral trend.
After testing its low of $3,369, the bulls reimagined momentum and recorded a jump of 17.42% before facing rejection at $3,956. Recently, the bulls recorded another jump and successfully reclaimed the $4,000 mark, where the price traded sideways for a while. Since then, the price has been trading under a bearish influence.
The Moving Average Convergence Divergence (MACD) displays a constant red histogram, indicating an increased bearish influence in the crypto space. Moreover, the averages show a flatline, suggesting uncertainty in the future price action of the coin in the market.
If the market pushes the price above the resistance level of $3,733, the bulls will regain momentum and prepare to test its upper resistance level of $4,200. Negatively, a trend reversal may pull the price toward its lower support level of $3,369 in the coming time.
Ripple (XRP):
The Ripple (XRP) token traded in a consolidated range between $0.530 and $0.578 for about two weeks, following which the bulls gained momentum, and the XRP price jumped 13.5% before facing rejection at $0.6015. After this, the price displayed a neutral trend by trading between $0.578 and $0.601 for a while.
As the market volatility grew, the bulls successfully broke out of the resistance level, where they traded between $0.6015 and $0.6625 for a brief period. Recently, the bulls jumped 21.52%, after which it faced rejection at $0.7310. Since then, the price has been displaying a negative trend in the chart.
The MACD displays a constant decline in the red histogram, highlighting a decrease in the selling pressure within the crypto industry. Further, the averages show a potential bullish curve, suggesting the price may undergo a bullish price action during the coming week.
If the market holds the price above the support level of $0.6290, the bulls will regain momentum and prepare to test its upper resistance level of $0.6930. Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its lower support level of $0.5780 in the upcoming week.