- 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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.