Amid intensified bearish sentiment in the cryptocurrency market, the price of Bitcoin broke down its important support trendline of $58,000. Furthermore, with the shares of Nvidia bleeding, Artificial Intelligence (AI) has experienced a major blow.
On the other hand, top altcoins continue struggling to hold the values above their crucial support levels.
In this write-up, we have highlighted various technical and social sentiments of the top 3 cryptocurrencies along with their possible short-term price targets.
Bitcoin Price Tests Its Crucial Lower Zone
The BTC price has dropped 4.09% within the past day with a trading volume of $33.404 Billion with the rising volatility in the market. Moreover, it has plunged 5.51% over the past week. This has resulted in it hovering close to its support zone around the $56,500 level.
The EMA 50/200-day has recorded a constant downtrend in the 1D time frame. Furthermore, it highlights a high possibility of a Death Cross, indicating a strong bearish sentiment in the crypto market.
Maintaining the price above its crucial support level could result in it retesting its $60,000 mark during the upcoming weeks. However, if the bears continue to dominate the market, the Bitcoin price could plunge toward its low of $53,500.
Read our Bitcoin Price Prediction for long-term targets
Ethereum Price Experiences Increased Bearish Action
With a drop of approximately 5% within the past day, the second-largest cryptocurrency by market cap has plunged below its important support level of $2,500. Moreover, it has plunged 17.96% over the past month, highlighting a long-term bearish influence.
The Moving Average Convergence Divergence (MACD) has displayed a rising red histogram with a negative convergence in its 1D time frame. Further, with a bearish SMA, the ETH price may continue losing value this week.
If the bulls regain momentum, the Ethereum price will head toward its resistance level of $2,530. However, with a bearish action, the altcoin leader may retest its crucial support level of $2,175.
Ripple Price Hovers Close To Its Important Support
Despite recording a long-term bullish sentiment, the XRP price has dropped 3.12% within the past day and 5.16% over the past week. Moreover, the Ripple crypto is on the verge of testing its crucial support, the outcome of which is uncertain.
The Relative Strength Index (RSI) has failed to breach its neutral point. This has resulted in it recording a sharp bearish reversal. Further, the EMA 50/200-day shows a negative trend. This indicates a bearish outlook for the XRP price this week.
If the market regains momentum, the Ripple price will breach its support zone and prepare to test its $0.60 level. On the flip side, if the bears overpowered the bulls, the XRP coin price would bleed toward its lower support level of $0.4880.
Concerned about XRP’s future? Read our Ripple (XRP) Price Prediction for future insights!
Credit: Source link