Which cryptocurrencies can repeat the sharp rise of Bitcoin (BTC) and XRP?
|Monday has started with an ongoing bullish trend on the cryptocurrency market. Most of the top 10 coins are in the green zone, except for Litecoin (LTC) whose rate has gone down by 0.5%.
Top 10 coins by CoinMarketCap
BTC/USD
On Saturday morning, buyers formed a strong bullish momentum that broke through the $60,000 resistance and set the April high at $61,222. Buyers tried to gain a foothold above the key level of $60,000 but, in the afternoon, the bears pushed the price below $59,000 and tested the two-hour EMA55.
BTC/USD chart by TradingView
Today, Bitcoin (BTC) is trading above the $60,000 mark. If the volume of purchases manages to increase, then the bulls will continue to rise above the April high and try to renew the absolute record set at around $61,700.
On the other hand, bears may resume large sell-offs and pull the pair back to the support area of $57,000.
Bitcoin is trading at $60,080 at press time.
ETH/USD
The Ethereum (ETH) price over the weekend renewed its absolute maximum around $2,200 and settled in a narrow sideways range above the level of the two-hour moving average EMA55.
ETH/USD chart by TradingView
By the beginning of this week, trading volumes have decreased and buyers' efforts to continue to rise to a new high are limited by resistance at $2,160. If this resistance is broken, then a new all-time record will be located in the area of $2,250. Otherwise, sellers will try to pull back the Ether price, but one hopes that the support of the upward trendline will stop the decline.
Ethereum is trading at $2,133 at press time.
XRP/USD
Last weekend, the XRP price continued its bullish dynamics and broke through the resistance of $1.20. The growth continued until bulls were able to set an annual high around the $1.50 mark.
XRP/USD chart by TradingView
Since the beginning of April, XRP has seen growth of over 170%. The asset returned to the CoinMarketCap's top five rating in terms of capitalization and now occupies the fourth line on this list. By the beginning of this week, the XRP/USD pair rolled back to the $1.30 area and, if the selling pressure increases, the price might return to the level of $1.20. Support at this level may provide continued growth to the $1.60 area.
XRP is trading at $1.353 at press time.
BNB/USD
Binance Coin (BNB) is the biggest gainer today. The rate of the native exchange token has rocketed by more than 20% over the last day.
BNB/USD chart by TradingView
On the daily chart, Binance Coin (BNB) is already oversold, which means that a slight correction may happen soon. In this case, one might expect a decline to the nearest level around $536 shortly.
Binance Coin is trading at $575 at press time.
ADA/USD
Cardano (ADA) is not an exception to the rule as the rate of the altcoin has gone up by 4%.
ADA/USD chart by TradingView
Cardano (ADA) may have accumulated enough power to continue the growth as the trading volume is slightly increasing. All in all, the nearest target is located around the mark of $1.46.
Cardano is trading at $1.28 at press time.
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