Top 3 Price Predictions: BTC, ETH, and XRP
After a strong gain the week before, Bitcoin (BTC) seemed to lose steam midweek as it settled around $108,500 on Wednesday. Near important support levels that may determine their future movements, Ethereum (ETH) and Ripple (XRP) are trailing Bitcoin’s lead.
Top 3 Price Predictions
There are indications that Bitcoin may be running low.
The price of bitcoin fell 3.92% on Friday after hitting a new all-time high (ATH) of $111,980 on Thursday. Nevertheless, it recovered during the following three days after finding support on Saturday at the $106,406 daily level. On Tuesday, Bitcoin had a slight correction. It is currently trading for about $108,700.
Early warning indications of possible exhaustion are being flashed by bitcoin momentum indicators. After being rejected from its overbought level of 70, the Relative Strength Index (RSI) on the daily chart now stands at 64, showing waning bullish momentum. Furthermore, on Sunday, the Moving Average Convergence Divergence (MACD) indicator displayed a bearish crossover, indicating a downward trend and offering sell signals.
Bitcoin may extend the fall to retest its daily support level around $106,406 if it has a retreat. The fall might continue to reach its psychologically significant level of $100,000 if it were to close successfully below this level.
However, if BTC continues to recover and closes above its all-time high, it could extend the rally toward the key psychological level of $120,000.
If Ethereum is rejected close to the $2,700 resistance, it may fall.
The price of Ethereum regained 5% on Tuesday after retesting and finding support around its 200-day Exponential Moving Average (EMA) at $2,451 on Sunday. It is currently trading at about $2,640 as of this writing on Wednesday, getting close to its crucial resistance level of $2,724.
ETH may continue to fall and retest its next support level at $2,247, its 50-day EMA, if it is rejected from its daily level at $2,724 and closes below its 200-day EMA.
After being rejected from its overbought level of 70, the daily chart’s RSI now reads 66 and is heading lower, suggesting that the bullish momentum is waning. Additionally, the MACD indicator showed a bearish crossover, highlighting the momentum’s weakness and suggesting a possible downward trend.
In contrast, ETH may continue the advance to retest its psychologically significant barrier at $3,000 if it breaks and closes above its $2,724 resistance daily.
If XRP closes below its 50-day EMA, it may experience a decline.
Since Saturday, the price of XRP has been settling around its 50-day EMA at $2.30. It is still hovering around this level as of Wednesday, the day of writing.
XRP may extend the fall to retest its next support level at $1.96 if it closes below the $2.23 support level and breaks below the 50-day EMA.
With an RSI of 48 on the daily chart, below its neutral level of 50 and pointing downward, negative momentum is evident. Additionally, the MACD indicator showed a bearish crossover, highlighting the momentum’s weakness and suggesting a possible downward trend.
XRP/USDT daily chart
Conversely, if the 50-day EMA continues to hold as support, XRP could extend the recovery to retest its next resistance level at $2.72.
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