News
The best tokens to retest their crucial support?
The cryptocurrency market has been consistently trading in bearish sentiment for a short time, indicating increased selling pressure within the cryptocurrency sector. Furthermore, the market leader, BTC price, failed to maintain its value above the $65,000 mark.
Following in its footsteps, the altcoin leader, the Ethereum token has seen consolidated price action over the past week. Furthermore, Ripple’s XRP coin price also failed to maintain its value above its important $0.50 support trendline.
With growing bearish sentiment among major cryptocurrencies, will market leaders make a comeback over the next week or plummet towards their crucial support levels?
Bitcoin (BTC):
THE BTC price continues to show weak price action recording a correction of around 1% in the last day with a change of -61.28% in its trading volume. Furthermore, it has fallen 2.48% in the last seven days and 7.22% in the last 30 days.
TradingView: BTC/USDT
The 50-day EMA consistently acts as a resistance to the Bitcoin price chart on the 1D time frame, suggesting weak price action for the cryptocurrency in the market.
The technical indicator, MACD, has been steadily declining in the red histogram. However, its averages continue to show a downward trend, suggesting mixed price sentiment.
If the market regains momentum, the BTC coin price will test its resistance level of $67,775 again in the coming times. Conversely, if the bears continue to dominate the market, Bitcoin price will plummet towards its important support level of $60,819.50.
Ethereum (ETH):
After showing one side for over a week, the ETH price it formed a symmetric triangular pattern in the 1D time frame. Furthermore, with a 1% drop in valuation over the past 24 hours, the altcoin is on the verge of testing its support trendline with an unpredictable outcome.
TradingView: ETH/USDT
The simple moving average (SMA) showed a bearish trend in Ethereum price chart, highlighting weak bullish sentiment in the crypto space.
Furthermore, the RSI indicator continues to show a steady decline with its average falling below the midpoint. This indicates a growing investor disinterest in this altcoin.
If the bulls regain control over the bears, the Ethereum cryptocurrency will soon head towards its $3,730 resistance level. However, if bears dominate the market, ETH price would break its support trend line and plummet towards the $3,000 low.
Ripple (XRP):
From mid-April, the XRP coin price showed weak price action, trading in a closed range between $0.480 and $0.5340. Furthermore, the altcoin has moved less than 1% over the past seven days, with a 24-hour trading volume of $425.82 million, a decline of -60.63%.
TradingView: XRP/USDT
The Moving Average Convergence Divergence (MACD) showed a steady flat line in its price chart, indicating weak buying and selling pressure for the XRP token in the cryptocurrency market. Furthermore, the averages show a neutral trend, suggesting uncertainty in future price action.
If the market holds the Wavy price Above the crucial support level of $0.480, the bulls will regain momentum and prepare to test its important resistance level of $0.5340. On the other hand, if the bulls fail to regain momentum, the XRP cryptocurrency would lose ground towards the $0.420 low in the coming weeks.