Top 3 Price Prediction Bitcoin, Ether, Ripple: Exaggerated neurotic fear? Price doesn't lie


  • Current levels do not justify negative market sentiment.
  • The panic created by Covid-19 could underpin the mass adoption of Blockchain technology.
  • The main moving averages provide key support levels after the sharp rises from the December levels.

We have arrived at the mid-week with the crypto market accelerating on the downside, with the top 3 assets moving directly to the next support level.

As the price of cryptocurrencies decreases, the adoption of blockchain technology continues to grow. 

Let's take a look at the latest developments in this regard:

- MoneyGram Expands Ripple Partnership With $11.3 Million. The MoneyGram money transfer network has earned over $11 million from the chain payment company Ripple Labs. 

- The current health crisis caused by the Covid-19 could accelerate the launch of the first digital state currencies or DCEP. ZHU Youping, blocking chain economist and deputy director of China's Economic Information Network under the State Information Center, revealed his views on this issue. He said:

“the coronavirus will accelerate the development of online business. Just like atypical pneumonia in 2003 that has proven to be a catalyst for 20-year prosperity for e-commerce. We all know that the coronavirus can be alive for 24 hours in paper materials, which gives us a strong reason to push for the development of DCEP.”

The market sentiment, according to the alternative.me website, has reached the 41 mark, deepening the level of fear felt by people investing in cryptocurrencies.

 

ETH/BTC Daily Chart

ETH/BTC is currently trading at the price level of 0.0258, where price congestion support offers the first opportunity to stop price declines. At the moment, this is not the case and the price pierces this support level easily.

Above the current price, the first resistance level is at 0.027, then the second at 0.0278 and the third one at 0.029.

Below the current price, the first support level is at 0.025, then the second at 0.023 and the third one at 0.022.

The MACD on the daily chart accelerates the bearish trend and suggests that with the current profile, a bearish phase could continue for several days and head towards the 0.023 support level.

The DMI on the daily chart shows that the bears are now reacting to the bullish trend and are threatening the bearish domination of the ETH/BTC pair.

 

BTC/USD Daily Chart

BTC/USD is currently trading at the price level of $9154 and is losing the support of the EMA50. The SMA200 at the $8800 level is the next target for the bearish trend.

Above the current price, the first resistance level is at $9400, then the second at $9600 and the third one at $10400.

Below the current price, the first support level is at $8800, then the second at $8400 and the third one at $8280.

The MACD on the daily chart increases the bearish profile and also the width between the lines. The current setup, being so close to the neutral level of the indicator, worsens the short-term forecast.

The DMI on the daily chart shows that the bears are taking control. If the sell-side manages to move above the ADX line, it will confirm the medium-term time range for the current bearish momentum.


ETH/USD Daily Chart

ETH/USD is currently trading at the price level of $236.2 and is looking for support in the lower consolidation range. Moving averages continue to be far out and there is no such support up to the $215 price level.

Above the current price, the first resistance level is at $250, then the second at $260 and the third one at $290.

Below the current price, the first level of support is at $238, then the second at $230 and the third one at $223.

The MACD on the daily chart increases the bearish trend, as the downward slope and the distance between the lines increases. 

The DMI on the daily chart shows how the two sides of the market will meet in the next few hours, a meeting that will define the price movement in the short term.


XRP/USD Daily Chart

The XRP/USD pair trades at the price level of $0.241 and rebounds after reaching the SMA200 level at $0.234. The XRP price should not fall below this level if you want to avoid a return to a bearish scenario in the short term.

Above the current price, the first resistance level is at $0.253, then the second at $0.27 and the third one at $0.282.

Below the current price, the first support level is at $0.233, then the second at $0.23 and the third one at $0.22.

The MACD on the daily chart shows a clear bearish profile that faces the support provided by the 0 levels of the indicator. 

The DMI on the daily chart shows that the bears are taking control of the pair, although they are not yet above the ADX line. 


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD may hit $8,000 soon if SMA50 daily gives way

BTC/USD hit the intraday high at $7,460 and retreated to $7,270 by press time. Despite the downside correction, the coin is moving within a short-term upside trend amid low volatility.

More Bitcoin News

Ripple Price Analysis: XRP/USD breaks above $0.19, bulls aims for $0.20 next

XRP/USD bulls are well and truly in control as the price has risen from $0.1794 to $0.1955, going past crucial psychological levels at $0.18 and $0.19. To continue this upward momentum, the bulls must go ...

More Ripple News

Ethereum Price Analysis: ETH/USD skyrockets above $170.00, next target $200.00

ETH/USD jumped above $176.00 during early Asian hours as the bullish momentum increased after the coin broke above the psychological $150.00.

More Ethereum News

EOS Price Analysis: EOS/USD bulls aim to take the price above $2.80

EOS/USD had a hugely Monday as the price jumped from $2.35 to $2.76. The price has increased a little more to $2.794 in the early hours of Tuesday. The bulls also managed to break past ...

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast

BTC

ETH

XRP