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Will the Bulls return this week?
The cryptocurrency market has shown strong bearish price action over the past few days, indicating an increase in bearish price sentiment in the cryptocurrency sector. Furthermore, the best altcoins show a similar trend recording a negative trend in their valuations.
Additionally, major tokens have seen a significant correction in their respective portfolios, with market-leading tokens Bitcoin and Ethereum falling below their important support levels, highlighting a negative outlook for these tokens in the near future.
With increasing price volatility in the cryptocurrency market, will Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) tokens see a strong bullish bounce in their respective portfolios over the next week?
BTC price records bearish reversal:
Despite increased price volatility in the cryptocurrency market, Bitcoin price continues to trade in a closed range between $67,775 and $73,750, indicating weak price action. However, BTC has jumped 10.34% in the last 30 days and has a year-to-date return of 64.20%, indicating a long-term positive influence.
TradingView: BTC/USDT
The simple moving average (SMA) shows a high possibility of a bearish crossover in the 1D time frame, suggesting a greater negative influence for the BTC token in the crypto space.
The technical indicator, MACD, shows a steady flat line on the chart, indicating weak price action for the BTC price in the market. Furthermore, the averages show a neutral trend, highlighting mixed sentiment.
If the market holds the Bitcoin price above the $67,775 support level, the bulls will regain momentum and prepare to retest its all-time high. However, the bearish price action could push the BTC coin price towards the lower support level of $60,000 this month.
Ethereum price fails to maintain its value above $3.7K!
After holding its price above the important support level of $3,730 for about three weeks, the ETH price it has lost momentum due to growing bearish sentiment in the cryptocurrency sector and has seen a correction of 3.5% in the last day and 2.26% in the last seven days.
TradingView: ETH/USDT
The Relative Strength Index (RSI) fails to break out of the overbought range, registering a sharp drop towards the midpoint. Furthermore, the average shows a bearish curve, suggesting a negative outlook for the Ethereum price in the next future.
If the market pushes the ETH coin price above the $3,370 resistance level, the bulls will regain momentum and prepare to test its upper resistance level of $4,100 in the coming weeks. Conversely, if bears continue to dominate the market, it will test the $3,400 low this month.
Is the price of ripple on the verge of a major crash?
The Ripple token continues to show weak price action trading under bearish influence. THE XRP Price it recorded a correction of 4.28% in the last day and 3.71% in the last week. Furthermore, Ripple price has lost 4.12% over the past month and has a year-to-date return of -20.64%.
TradingView: XRP/USDT
The RSI shows a sharp decline towards the oversold range after failing to hold above the neutral point, highlighting increased selling pressure in the cryptocurrency sector. On the other hand, the average shows bearish convergence, suggesting a negative outlook for the XRP token in the near future.
If the bulls regained power, the Wavy price will prepare to retest its $0.5340 resistance level in the coming weeks. Negatively, if bears continue to dominate the market, the XRP coin price will plummet towards the crucial support level of $0.480.
Conclusion:
With increasing price fluctuations in the cryptocurrency space, top altcoins continue to see mixed feelings. However, the market is expected to show a strong bullish reversal in the coming weeks.
Furthermore, Bitcoin price is expected to make a strong comeback with a high potential to record a new all-time high (ATH) in the coming times. This could further lead Ethereum and XRP tokens to follow in their footsteps by experiencing similar price action and adding significant value to their respective portfolios.