Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Expect full correction of weekend upside
|- Bitcoin price has failed to convince traders that bulls have the upper hand.
- Ethereum price risks a 5% retracement if ETH fails to breach the $1,935 resistance level.
- Ripple price to scream to single digital Dollars if the bullish outlook persists.
Bitcoin (BTC) price is facing an uphill task after the weekend rally that saw BTC rise almost 10%. Despite looking bullish at face value, the earlier bearish prediction still holds. Like BTC, Ethereum (ETH) price is also caught in a difficult situation, but Ripple (XRP) price continues to print gains that could see investors reap big.
Also Read: Bitcoin whales could prevent BTC price first monthly loss of 2023 through this move
Bitcoin price would need stronger momentum
Bitcoin (BTC) price is correcting from Sunday’s breakout, having lost almost half of the gains made during the weekend rally. While the outlook looks bullish, the odds still favor the downside, and BTC could retrace.
As BTC continues to move diagonally along the downtrend line, and if it retraces Bitcoin price could break below support from the 50-day Exponential Moving Average (EMA) at $27,435. Further downside pressure could suppress BTC toward the 100-day EMA at $26,475 or, in the dire case, a break below $25,923 and fall into the $25K range may occur before BTC tag’s the 200-day EMA at $25,098.
The Relative Strength Index (RSI) is also in a downtrend, indicating waning momentum among BTC bulls. Its inclination toward the midline suggested bears may be closing in fast, and Bitcoin price could drop further unless buyer momentum reinvigorates.
BTC/USDT 1-day chart
Conversely, if late investors reenter the market, Bitcoin price could break above the downtrend line, clearing the path for a continuation rally. Such a move could ship BTC into the $30K range, with the most optimistic target being the $30,801 resistance level, denoting a 10% rise.
Also Read: Bitcoin sees capital inflow as Biden, McCarthy agree to raise US debt ceiling
Ethereum price must decisively break above $1,395, lest…
Ethereum (ETH) price is trading with a bullish bias, but all could prove useless unless ETH breaks above the May 28 high at $1,930. Investors should wait for confirmation around the $1,935 level.
Meanwhile, the PoS token is facing resistance due to the downtrend line achieved by connecting the lower highs Ethereum price has recorded since mid-April. Unless ETH breaches this suppression, investors should expect more losses, potentially flipping supports due to the $50-and 100-day EMA at $1,841 and $1,783, respectively, before a leg down to tag the $1,700 support level.
ETH/USDT 1-Day Chart
On the other hand, hope continues to abound for Ethereum price, considering both the RSI and MACD indicators favor the upside. The Relative Strength Index at 63 suggested more room north before the largest altcoin becomes overbought. Similarly, the histograms are positive, indicating that bulls have the front-row seats.
Therefore, an increase in buyer momentum could see Ethereum price break above the descending trendline and shatter the $1,930 hurdle before a 5% climb to the $2,000 level.
Also Read: Ethereum nears Visa in processed transaction volume, what this means
Ripple price under threat as XRP goes overbought
Ripple (XRP) price is trading with a bullish bias across all timeframes after a bullish breakout during the second week of May. A strong bullish resurgence counteracted efforts by bears to recover the market as sidelined investors joined the bandwagon around May 25. If this group of buyers increases their momentum, XRP could hit single-digit values sooner rather than later.
XRP/USDT 1-day chart
Meanwhile, Ripple price is overbought, according to the RSI position at 72. The impulsive move north could indicate market manipulation as investors come into the market with a strong conviction to move the price higher.
The RSI above 70 indicates a potential correction, possibly as market makers collect profits. The ensuing selling pressure could see Ripple price drop below the immediate support at $0.49 or revisit the range between $0.45 and $0.40 in a dire case.
Also Read: Pro-XRP attorney predicts the altcoin’s rally to $2 ahead of SEC vs. Ripple verdict
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.