The crypto industry successfully concluded this week on a bullish note by recording five out of seven green days. Further, the top token has displayed a significant uptrend during the week, highlighting a positive increase in the market sentiments.
With the BTC, ETH, and XRP price successfully achieving their $50,000, $2,700, and $0.550 mark this week, investors are curious about next week’s performance of top tokens. Dive in as we decode the future perspectives of these tokens.
Bitcoin (BTC) Price Analysis:
The Bitcoin price displayed a neutral trend for a period, following which the market lost momentum. The bulls held the price above the level of $38,848, after which it traded sideways for four days. After multiple attempts, the bulls regained momentum and recorded a jump of 5.18%.
Following this, the price traded between $42,019 and $43,376 for the next twelve days. As the market volatility grew, Bitcoin started trading under a bullish influence and jumped over 13% before facing rejection at $48,663.
The BTC price displayed significant volatility for the next few days, during which it added approximately 10%. Since then, the price has been trading in a narrow space between $51,517 and $52,468.
The MACD displays a constant red histogram, indicating a weak price action for the coin in the market. Further, the averages show a constant decline, suggesting a rise in the bearish influence.
If the bulls hold the price above its support level, it will attempt to test its upper limit of $53,510 during the upcoming week. Conversely, if the bears overpowered the bulls, the BTC price would lose momentum and fall to test its support level of $50,337 in the coming time.
Ethereum (ETH) Price Analysis:
The ETH price followed in the footsteps of the market leader and traded sideways for a brief period, following which the market lost momentum and recorded a loss of 11.72%. After trading sideways for a while, the bulls regained momentum and jumped 3.5%.
Following this, the price displayed a neutral trend and traded sideways for the next eleven days. As the market regained momentum, the Ethereum price started trading under a bullish influence and jumped 9% before facing rejection at $2,539.
After multiple attempts, the bulls gained power and recorded a jump of 10% over the next three days. Since then, the price has been trading sideways, and displaying a weak price action.
The technical indicator, MACD, displays a rising red histogram, indicating an increase in the bearish influence in the market. Moreover, the averages show a constant decline, highlighting a negative price sentiment for this altcoin.
If the market holds the price above the support level of $2,775, it will prepare to test its resistance level of $2,850 in the coming week. Negatively, if a trend reversal occurs, the ETH price will lose momentum and prepare to test its lower limit of $2,700.
Ripple (XRP) Price Analysis:
After displaying a neutral trend for a while, The XRP price lost 9.5% in valuation. Following this, the price traded in a consolidated range between $0.5026 and $0.5250 for a period. As the market volatility grew, the price jumped 5.68%, after which it traded sideways for the next few days.
The bears overpowered the bulls, resulting in the price losing 8.65%, but the bulls quickly regained momentum and recorded a bounce back in the chart. The XRP price traded in a consolidated range between $0.5141 and $0.5385 for a period.
After this, the bulls regained momentum and recorded a jump of 7.309% before facing rejection under $0.5836. Since then, the price has been trading under a bearish influence.
The MACD displays a bearish convergence in the chart, highlighting a bear power in the market. On the other hand, the Cross EMA 50/200-day shows a Golden Cross, suggesting a mixed sentiment in the crypto space.
If the bulls regain momentum, the XRP price will attempt to test its upper limit of $0.5836 in the upcoming week. Conversely, if the bears gain control over the market, the Ripple price will prepare to test its lower limit of $0.50.
Conclusion:
Overall, the cryptocurrency industry continues to trade under a strong bullish influence with major tokens displaying a significant uptrend in their respective portfolios. Further, the market is expected to continue gaining momentum in the upcoming time before possibly experiencing a correction in value.
