Bitcoin Weekly Forecast: BTC unchanged, but bullish recovery is still on the cards
Bitcoin price outlook on the weekly chart has not changed much. BTC is still trying to find a stable support level for a recovery rally, but things could get worse if sellers overwhelm the next accumulation zone.
Bitcoin price has yielded nearly a 90% gain for holders in the 2023 rally, but it continues to retain its bullish outlook. On the weekly chart, BTC is stuck between a Bearish Breaker, extending from $29,247 to $41,273, and the Fair Value Gap (FVG), stretching from $22,591 to $26,591. Interestingly, the FVG has two stable support levels at $24,300 and $25,205, which will serve as an accumulation zone for sidelined buyers.
Cronos price is proof of a breakdown in correlation as another 10% pullback looms
Cronos (CRO) price has broken its steep decline that started in early May by breaking through the red descending trendline. Unfortunately, no real rally was formed then, while in the meantime US equities have been advancing substantially. A fresh nine-month high for the S&P 500 was even formed on Thursday. This paints a gloomy picture for altcoins as clearly the tailwinds from the equity market only has limited influence on CRO’s price action.
Cronos price is going nowhere as bulls have burned all their energy to break through that red descending trendline that has been dictating price action for the better part of May. A few false breaks add to the mix, and it has become clear that bulls are really heading nowhere. More downside is thus at hand as that sideways action has helped the Relative Strength Index (RSI) to move away from oversold territory and is now showing room again to head lower.
XRP price rally gains momentum with massive spike in XRP Ledger activity
XRP Ledger, Ripple’s decentralized blockchain, noted an increase in activity over the past quarter. The quarter-on-quarter (QoQ) increase in daily active addresses and daily transactions is in the double digits, indicative of growth in adoption and utility. The growth in XRPL’s utility has fueled a bullish thesis for native token XRP.
Based on data from crypto intelligence tracker Messari’s latest report on XRP Ledger’s QoQ growth, there is a notable increase in daily active addresses and transactions. While daily active addresses on the XRPL blockchain climbed 13.9%, there was a 10.7% QoQ increase in transactions on the ledger.
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