Week In Crypto: Bitcoin, Ethereum, Ripple Analysis
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This week in crypto performed better than the previous week, the market was pushed out of the consolidation phase to increase trading activity.
Bitcoin passed the sentimental $65000 mark, Ethereum has notable growth and Ripple surpassed both of them by growing above 40%, until yesterday’s drop.
Memecoins and altcoins contributed equally in loading positive sentiments, trailing next week with a bullish approach.
Bitcoin (BTC)
Bitcoin price today performed against global challenges and surpassed $65000, a very strong psychological support.
The crypto invalidated negative sentiments amid the global IT outage and moved from $64,3900 to a 7-day rise of 14.8% to $66,599 at the time of writing.
This price movement today has printed the validation of the highly anticipated breakout of BTC from an ascending broadening wedge pattern.
The breakout point stands at $70K and a breakout above the level will push BTC beyond the All-time high of $73K.
Also, there happens to be a strong support level formed near $66,100 and $65000. Bears will need high selling pressure to breach these levels, but the market sentiments remain bullish.
Ethereum (ETH)
Ethereum price made steady growth this week, by moving 11.7% from the $3100 level to surpassing $3500 today.
ETH flipped the long-term resistance level of $3500 into support and invalidated the speculations of following a downward trajectory after the coin faced significant resistance at this level.
However, this could also be a restest but the Buying pressure is still higher compared to the selling one. A slight correction and a rebound is anticipated.
Currently trading at $3503, ETH will need a push above $3700 to continue the rally. The RSI at 60 indicates a growing bullish sentiment and not in an overbought condition. There is still room for buyers to acquire and watch the price movement.
Ethereum is anticipated to restest and rebound to the $3500 level and continue a sideways movement.
XRP
Ripple, XRP surpassed both BTC and ETH in the weekly gains, rising 18% in 7 days.
It was only on Friday there was a fall in price below the upward support line, but the bulls managed to rebound XRP today back in the upward trajectory.
This happened after the news break of the Securities and Exchange Commission (SEC) canceling settlement talks with Ripple.
Currently trading at $0.610 with impressive 24-hour growth of 8.59%, The RSI at 61 indicates the bullish sentiments remain strong above the support zone.
However, the MACD levels show traders on the verge of releasing the horses if the price falls below $0.60.
The recovery of XRP after the drop yesterday is tuned sentiments to green, the asset needs to hold the rally above $0.62 support to invalidate any bearish attempts and continue the week in an upward trajectory.