Amid ongoing bullish recovery, the Bitcoin price is only a few dollars away from achieving a new ATH! Following this, the market has experienced a parabolic price action with major projects heading toward a new high.
With BTC price achieving a new all-time high, will Ethereum and the Ripple crypto tokens slingshot toward a new ATH in the coming time? Investors have entered into a FOMO-like situation again about the short-term perspective of the market sentiments due to its increased volatility.
Bitcoin (BTC)
Despite recording a drop of ~1% in the past 24 hours, the BTC price has maintained its value above the $72,000 level with a 24-hour trading volume of $48.216 billion. Moreover, the star crypto is currently trading at a discount of 2.39% from its ATH, highlighting a strong bullish influence.
The Relative Strength Index (RSI) continues hovering close to the overbought range in the 1D time frame. This highlights increased buying pressure for the BTC token in the crypto space.
Maintaining the bullish sentiment could result in the Bitcoin price achieving a new all-time high during the upcoming hours. However, a bearish action could pull the price toward its low of $71,000.
Wondering if the Satoshi-era crypto token will achieve the $100k mark this year? Read our Bitcoin (BTC) Price Prediction now!
Ethereum (ETH)
Following in the footsteps of Bitcoin, the Ethereum price has recorded a similar price action by adding 7.13% to its portfolio over the past seven days. Moreover, with 5 consecutive days of inflow, the altcoin leader is currently heading toward its important resistance of $2.8k.
The Moving Average Convergence Divergence (MACD) has displayed a constant decline in the red histogram with its averages showing a potential bullish convergence in the Ethereum price chart. This highlights a positive outlook.
If the bulls continue giving value, this could result in the ETH coin price surpassing its $2.8k barrier and heading toward its $3,000 level. On the flip side, a negative action could result in it retesting its support level of $2,500.
Ripple (XRP)
Following the SEC vs Ripple lawsuit, its native token XRP price has continued its struggle to stabilize its value. However, with the ongoing bullish recovery, the Ripple price has maintained its value above the $0.52 level. This indicates a positive outlook during the upcoming time.
The Simple Moving Average (SMA) has experienced a bullish crossover in its Ripple price chart in the 1D time frame. This indicates that the altcoin may continue gaining value in the upcoming time.
If the bullish momentum sustains, the XRP coin price will breach its $0.560 level and head toward its upper psychological resistance level of $0.630. Conversely, a trend reversal could pull the price toward its important support level of $0.4880.
Credit: Source link