Altcoins
Will Altcoins Launch the Bull Rally?
The crypto market saw significant volatility during this week amid the impending approval of the ETH ETF by the SEC. Additionally, major tokens saw massive price movements this week, indicating an increase in price action in the crypto space.
Furthermore, market leader Bitcoin price managed to maintain its price above the $68,000 mark, highlighting a growing bullish sentiment in the crypto space. Additionally, ETH price continues to hover near its $3,750 level, indicating a strong possibility of bullish price action soon.
With the approval of the Ethereum ETF, will market leaders Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) spark a new bull rally in the crypto market?
Bitcoin price hints at positive price action:
The market leader, BTC Price, displayed a consolidated trend in the 1D timeframe, which allowed it to form a channel pattern in the chart. Positively, the symmetrical triangle pattern’s support trendline is recording a steady uptrend, suggesting long-term bullish sentiment in the crypto space.
Trading view: BTC/USDT
The SMA technical indicator supports the price chart on the 1D timeframe, suggesting strong bullish sentiment in the crypto space. However, the MACD shows a steady decline on the histogram, with its averages registering a potentially bearish curve, suggesting mixed sentiment.
If the market regains strength, the Bitcoin Price will prepare to retest its resistance trendline over the weekend. Sustaining the price at this level will set the stage for Bitcoin price to test its previous ATH at $73,750.07 and potentially reach a new all-time high.
However, an increase in selling pressure could cause the market leader to fall towards its support trendline in the coming period.
ETC price forms a bull flag pattern!
Following the hype around the approval of the Ethereum spot ETF, the ETH Price added around 21% this week, highlighting the altcoin’s increased bullish influence.
Positively, altcoin leader ETH Price formed a bullish flag in its price chart, highlighting a growing bullish influence in the crypto market. Additionally, Ethereum price is consistently holding its price above the $3,727 support level, which suggests a bullish outlook for the altcoin.
TradingView: ETH/USDT
Additionally, the 50/200-day Cross EMA shows a bullish curve in the price chart, suggesting an increase in buying-on-selling pressure for the market. Ethereum Price on the market.
On the other hand, the Relative Strength Index (RSI) continues to hover near its overbought range, with its average showing a significant uptrend in the chart.
If the bulls break out of the flagging pattern, Ethereum price will prepare to test its upper resistance level of $4,094.75 in the coming week. Conversely, bearish price action could pull the ETH token towards its lower support level of $3,400 this month.
Ripple’s XRP token on the verge of a major breakthrough:
Despite the increased price volatility in the crypto space, the XRP Price has shown a neutral trend adding around 3% over the past day and 1.98% over the past seven days. Additionally, the Ripple token has a cumulative yield of 13.08%, indicating mixed sentiment.
Trading view: XRP/USDT
The XRP token has formed a symmetrical triangular pattern during the 1D timeframe and is near its resistance trendline. Additionally, the 50-day EMA acts as resistance to the price chart, highlighting mixed sentiment in the crypto market.
Additionally, the Moving Average Convergence Divergence (MACD) has been exhibiting a consistent green histogram since mid-April, indicating a positive influence on the Ripple Price in the crypto space.
If the market breaks out of the resistance trendline, the bulls will prepare to retest its important resistance zone in the coming times. Negatively, a trend reversal could pull XRP price towards its support trendline this month.
Conclusion:
With the SEC’s approval of the Ethereum spot ETF, the cryptocurrency market has entered a new bull cycle, highlighting strong potential for another rally over the coming weeks.
Additionally, major altcoins displayed a strong uptrend in their respective charts, indicating a strong possibility of an AltSeason that could lead the crypto market to record a new all-time high (ATH).