- Bitcoin steadies above $50,000 but to continue with the uptrend, higher support at $54,000 must be established.
- Ethereum cup and handle breakout eyes new highs above $2,000.
- Ripple stuck in a range running from $0.45 to $0.5, ignoring the fallout with MoneyGram.
The cryptocurrency market is back in the green after a period of consolidation. Bitcoin has settled above $50,000 and is looking toward $60,000. Ethereum is holding above $1,800 amid the push for gains above $2,000. However, XRP is dancing in the range between $0.45 and $0.5.
Some selected altcoins are performing incredibly well, recording double-digit gains. For instance, Binance Coin is up 14.5%, Terra up 31%FTX Token up 14%, and the Graph up 15% over the last 24 hours.
Bitcoin needs higher support to sustain the uptrend
The flagship cryptocurrency broke above an ascending triangle pattern, as analyzed earlier. The pattern had a 17% target of $60,975. However, BTC seems to have stalled roughly above $54,000, thus delaying the uptrend.
The Moving Average Convergence Divergence (MACD) has a bullish impulse, implying that the least resistance path is upwards. Support above $54,000 will allow buyers to focus on higher price levels, at $58,000 and $60,000, respectively.
BTC/USD 4-hour chart
Ethereum begins key technical breakout
Ethereum is trading at $1,800 after breaking above a cup and handle pattern. This is a bullish pattern in technical analysis. A break above the horizontal resistance usually culminates in a massive upswing. Cup and handle patterns have exact breakout targets; for instance, Ether eyes a 21% rise to $2,045.
A comprehensive look at the MACD reinforces the bullish outlook. The MACD cross above the signal line signifies that bulls have control over the price. As long as the MACD continues to move higher within the positive region, we can expect the ongoing uptrend to continue in the near-term.
Holding above $1,800 will also play a key role in keeping the bears at bay. This support will also keep the bulls’ focus on higher levels, preferably beyond $2,000.
ETH/USD 4-hour chart
Ripple bears remain unshaken at $0.5
XRP is trading at $0.47 after another rejection at $0.5. Besides, the 200 SMA is also limiting movement north. Consolidation between $0.45 and $0.5 will likely continue in the short-term.
The MACD has settled above the midline but is moving horizontally with no bullish or bearish bias. Ripple’s short-term technical analysis confirms the Bollinger Band consolidation as observed on the 4-hour chart. On the downside, the cross-border token also rests on top of the support provided at a confluence formed by the Bollinger Bands’ middle boundary and the 100 SMA.
XRP/USD 4-hour chart
Despite the sluggish price action, XRP holders have calmly taken in the news of Ripple parting ways with MoneyGram. Moreover, Ripple continues to fight the lawsuit battle in a US court following the Securities and Exchange Commission (DEC) filing in December.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.