- Bitcoin price extends its recovery and nears the $100K mark on Friday after facing a healthy correction this week.
- Ethereum price closed above the weekly resistance of $3,454, suggesting a rally ahead.
- Ripple price found support around its $1.40 level, indicating a rally on the horizon.
Bitcoin (BTC) price extends its recovery and nears the $100K mark on Friday after facing a healthy correction this week. Ethereum (ETH) and Ripple (XRP) closed above their key resistance levels, indicating a rally in the upcoming days.
Bitcoin recovers and approaches its $100K milestone
Bitcoin price reached a new all-time high (ATH) of $99,588 last week and started declining. BTC declined 7%, falling to a low of $90,791 on Tuesday. However, it recovered slightly on Wednesday. At the time of writing on Friday, it continues to recover and trades around $96,200.
If BTC continues to recover, it could rally to reach its ATH level of $99,588. The daily chart's Relative Strength Index (RSI) indicator reads 67, above its neutral level of 50, indicating bullish momentum. However, traders should be cautious as the Moving Average Convergence Divergence (MACD) indicator showed a bearish crossover on Tuesday, signaling sell signals.
BTC/USDT daily chart
If BTC fails to recover and the pullback continues, it could extend the decline to retest its important psychological level of $90,000.
Ethereum price eyes the $4,000 mark as it closes above its weekly resistance
Ethereum price rallied 9.8% and closed above the weekly resistance of $3,454 on Wednesday. At the time of writing on Friday, it trades slightly down around $3,560.
If the $3,454 holds as support, ETH could rally to retest the psychologically important $4,000 level.
The RSI on the daily chart reads at 66, above its neutral level of 50, indicating that bullish momentum is gaining traction well below overbought conditions.
ETH/USDT daily chart
However, if ETH declines and closes below the $3,454 level, it could face a pullback to retest the $3,000 support level.
Ripple is poised for a rally following a retest of the support level of $1.40
Ripple price closed above the weekly resistance of $1.40 last week but faced a pullback. On Tuesday, it found support around this level and rallied 10.6% until Thursday. At the time of writing on Friday, it continues to trade higher, around $1.54.
If the $1.40 continues to hold as support, XRP could continue its rally to retest its three-year high of $1.96 (April 2021)
However, the RSI stands at 85, signaling overbought conditions and suggesting an increasing risk of a correction. The RSI’s move out of overbought territory could signify a pullback.
XRP/USDT daily chart
If XRP breaks and closes below $1.40, it could extend the decline to retest the 50% price retracement level (drawn from its April 2021 high of $1.96 to its June 2022 low of $0.28) at $1.12.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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