- Bitcoin hovers around $101,700 on Wednesday after declining for four consecutive days since Saturday.
- Ethereum price closes below its 200-day EMA at $3,135, hinting at a correction ahead.
- Ripple price is sliding toward its ascending trendline support; a close below would lead to a decline.
Bitcoin (BTC) price hovers around $101,700 on Wednesday after declining for four consecutive days since Saturday. Ethereum (ETH) price follows BTC’s footsteps, closing below its key level, hinting at a correction ahead. Ripple (XRP) is sliding toward its ascending trendline support; a close below would lead to a decline.
Bitcoin price is poised for a downleg if it closes below the 50-day EMA
Bitcoin price dipped but recovered its fall after retesting its 50-day Exponential Moving Average (EMA) at $98,223 and closed above $102,000 on Monday. However, it declined slightly on Tuesday. At the time of writing on Wednesday, it hovers around $101,700 level.
If BTC breaks below $100,000 and closes below the 50-day EMA on a daily basis, it could extend the decline to test its next key support around $90,000.
The Relative Strength Index (RSI) indicator on the daily chart reads 52, above its neutral level of 50 on Monday, but points downwards, indicating a weakness in bullish momentum. Moreover, the Moving Average Convergence Divergence (MACD) indicator flips a bearish crossover on Tuesday, giving a sell signal and suggesting a downtrend ahead.
BTC/USDT daily chart
However, if BTC continues recovering, it could retest its January 20 all-time high of $109,588.
Ethereum price is set for a downturn as it closed below its 200-day EMA
Ethereum price declined 7.3% since Sunday and closed below its 200-day Exponential Moving Average (EMA) at $3,135 on Tuesday. At the time of writing on Wednesday, it trades slightly above retesting its 200-day EMA at $3,135.
If the 200-day EMA holds as resistance, ETH would extend the decline to test its psychological importance level of $3,000. A successful close below this level would extend an additional decline to test its next daily support at 2,810.
The RSI indicator on the daily chart reads 41, below its neutral level of 50, pointing downwards, indicating bearish momentum. The MACD indicator also shows a bearish crossover on Sunday, indicating a downward trend.
ETH/USDT daily chart
Conversely, if ETH breaks above the $3,135 EMA holds as support, it could extend the recovery to test its daily resistance level at $3,730.
Ripple price is primed for a correction if it closes below its ascending trendline
Ripple price faced resistance around the $3.40 level last week. On Monday, XRP bounced off its ascending trendline (drawn by connecting multiple low levels since early January) around $2.72. At the time of writing on Wednesday, it hovers around $3.08.
If Ripple breaks below the ascending trendline and closes below $2.72, it could extend the decline to test its next daily support at $1.96.
The RSI indicator reads 61, above its neutral value of 50 and points downwards after rejection from its overbought level of 70 on January 18, indicating weakness in bullish momentum. Additionally, the MACD flipped a bearish crossover on Sunday, giving sell signals and suggesting a downtrend.
XRP/USDT daily chart
On the other hand, if XRP continues its upward momentum, it could extend the rally to test its $3.40 resistance level.
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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