- Bitcoin's price hovered above $97,700 on Monday after hitting a new all-time high of $99,588 on Friday.
- Ethereum's price is nearing its weekly resistance of $3,454; a close above this level indicates further gains.
- Ripple price finds support around the $1.40 level, suggesting a rally continuation.
Bitcoin (BTC) remains strong above $97,700 after reaching a record high of $99,588. At the same time, Ethereum (ETH) edges closer to breaking its weekly resistance, signaling potential gains. Ripple (XRP) holds steady at a critical support level, hinting at continued upward momentum.
Bitcoin bulls remain strong
Bitcoin price remains stable around the $97,000 level on Monday and is currently training above $97,600 after rallying more than 9% in the previous week. If BTC continues its upward momentum, it could extend the rally to retest the significant psychological level of $100,000.
However, the Relative Strength Index (RSI) momentum indicator stands at 77, signaling overbought conditions and suggesting an increasing risk of a correction. Traders should exercise caution when adding to their long positions, as the RSI’s move out of the overbought territory could provide a clear sign of a pullback.
BTC/USDT daily chart
If Bitcoin faces a pullback, it could decline to retest its key psychological level of $90,000.
Ethereum price is set for a rally if it closes above $3,454 level
Ethereum's price found support around the $3,000 level and rallied 9.27% last week. As of Monday, it trades around $3,336, approaching its weekly resistance at $3,454.
If ETH breaks and closes above $3,454, it could extend the rally by 16% to its psychologically important $4,000 level.
The RSI on the daily chart reads at 65, above its neutral level of 50, indicating that bullish momentum is gaining traction.
ETH/USDT daily chart
Conversely, if ETH fails to close above the $3,454 weekly resistance and closes below $3,330, it could face a pullback to retest its $3,000 support level.
Ripple price is poised for a rally as weekly support remains strong
Ripple price found support around the $1.40 weekly level on Monday and traded slightly above it, around $1.45, after rallying over 36% the previous week.
If the $1.40 weekly support holds, XRP could extend the rally to retest its three-year high of $1.96 (April 2021).
However, the RSI stands at 86, signaling overbought conditions and suggesting an increasing risk of a correction. Traders should exercise caution when adding to their long positions, as the RSI’s move out of the overbought territory could provide a clear sign of a pullback.
XRP/USDT daily chart
However, if XRP faces a pullback, it could decline to retest its key psychological level of $1.00.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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