- Bitcoin price confirming a range close below $29,872 could fuel continuation to $27,500. Holding support makes $31,500 the level of interest.
- Ethereum price could shatter $1,959 during the next uptrend if bulls capitalize on the 50-EMA support.
- Ripple price eyes 5% gains to $0.823 as XRP bulls display adequate momentum for a fresh breakout.
Bitcoin (BTC) price continues to consolidate, although it appears bulls are now giving in as the flagship crypto tests the lower boundary. Ethereum (ETH) price is equally in limbo after sliding below a crucial support, but all is not lost with prospects of a fresh increase if bulls bring their A-game. Ripple (XRP) price remains committed, resisting a slump as token holders still enjoying proceeds from the partial win against the US Securities and Exchange Commission (SEC).
Also Read: Bitcoin Bollinger Bands echo move that ended in 40% January gains.
Bitcoin price possible game plan
Bitcoin (BTC) price is testing the lower boundary of the range after breaking below the critical support at $29,872. Notably, however, the breakdown is not decisive, and investors should wait for confirmation. Volatility appears to be heading back to the lowest levels seen over the past six months, a move that is often associated with an imminent reversal.
BTC historical volatility
Nevertheless, if Bitcoin price confirms a break of the range low at $29,872, the most likely outcome would be a continuation southbound move, potentially breaching the $28,000 to tag $27,500. Such a move would constitute a 7% downswing from the current level.
Using momentum indicators to support this claim, the Relative Strength Index (RSI) and the Awesome Oscillators (AO) histograms are headed south. This points to falling momentum, therefore, favors the downside.
BTC/USDT 1-Day Chart
Conversely, if Bitcoin price manages to hold the support at $29,872, then the key hurdle to break will be the $31,500 resistance level, which has kept BTC capped for months. A decisive flip of this supplier congestion zone into support would pave the way for a rally toward $35,260.
Also Read: Bitcoin Weekly Forecast: Could Spot ETF Trigger BTC Rally to $50,000?
Ethereum price is at crossroads
Ethereum (ETH) price is at a crossroads after breaking below the support the uptrend line provides. While this slump is scary for bulls, not all is lost, as the 50-day Exponential Moving Average (EMA) at $1,872 remains in control since April 21.
An increase in buying pressure above the 50-EMA could fuel a fresh increase that could see Ethereum price breach the $1,959 resistance level. In a highly bullish case, ETH could leap into the $2,000 range and tag $2,120 soon. Such a move, constituting a 10% ascent, could see ETH reclaim the mid-April highs.
ETH/USDT 1-Day Chart
However, if the Ethereum price makes a strong move below the 50-EMA, the 100-day EMA at $1,836 could fail to help, leaving a clear path to the June 30 lows around $1,824.
Also Read: Alt season likely in Q3 with declining Bitcoin dominance, July emerges as altcoin month.
Ripple price has enough strength for a fresh increase
Ripple (XRP) price remains bullish even after profit-taking from the July 13 rally. The ensuing selling pressure sent XRP down 20% on July 14, but bulls have since recovered lost ground, and now the remittance token’s value is $0.781, 65% above the monthly lows.
The 50-, 100-, and 200-day EMA pointing north at $0.568, $0.521, and $0.484, respectively, suggest this is the path with the least resistance. In the same way, the RSI at 69 shows price strength bolstered by the AO indicator showing strong bullish pressure. With the right amount of buying pressure, the payments token could break above the $0.823 level and extend north.
XRP/USDT 1-Day Chart
Notwithstanding, it is imperative to note that Ripple price has just confirmed Welles Wilder’s interpretation of an overbought asset. The RSI crossing below the 70 level shows that XRP is overbought and holders should sell, increasing the chances of a pullback.
A correction could see Ripple price break below the $0.697 support level, denoting a 10% dropdown from current levels.
Also Read: Ripple Europe Chief chases UK license after partial win in SEC vs. Ripple lawsuit.
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