Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC leads $100 billion market capitalization recovery


  • Bitcoin price saw a 10% rebound from its low at $50,931 and the entire market had a significant recovery.
  • Ethereum price is closer to all-time highs and has outperformed BTC.
  • XRP is fighting to stay above a critical resistance level on the daily chart.  

The total cryptocurrency market capitalization had a steep drop on April 17 from $2.27 trillion to a low of $1.9 trillion, losing more than $300 billion in just 24 hours. Bitcoin has lost some of its market dominance in the last week but continues to influence the entire sector.

Bitcoin price to trigger significant leg down if key level breaks

On the daily chart, Bitcoin is trading inside an ascending wedge pattern and it is close to losing the lower trend line support level at $55,400. 

A daily candlestick close below $55,400 would confirm a breakdown that has a long-term price target of $42,000. 

btc price

BTC/USD daily chart

The initial price target of the bears would be the psychological level at $50,000 and then the 100     SMA support on the daily chart located at $49,000. 

However, if the bulls can hold the lower boundary support, BTC could quickly jump toward the upper trend line at $66,120, which would be a new all-time high. A breakout of this point has a long-term price target of $83,000. 

The percentage of BTC coins inside exchanges has sharply dropped in the last week despite a significant correction

btc price

BTC Supply on Exchanges

Since April 14, this percentage dropped by 0.52%, which is significant and the lowest value since June 2019. This indicates that investors are not interested in selling despite prices dropping, adding credence to the bullish outlook

Ethereum price remains on the path to $3,000

On the daily chart, Ethereum had a breakout from an ascending wedge pattern on April 13 and successfully defended the previous resistance trend line.

The digital asset is now bouncing toward the pattern’s long-term price target at $2,850, with some resistance at $2,550. 

eth price

ETH/USD daily chart

On the other hand, the In/Out of the Money Around Price (IOMAP) chart shows only one crucial support area between $2,200 and $2,258 where 421,000 addresses purchased over 11 million ETH.

Losing this critical point would be a notable bearish breakdown and can easily drive Ethereum price down to $2,000 and even as low as $1,900.

eth price

ETH IOMAP chart

XRP price losing its bullish momentum

The digital asset is trying to remain above a crucial support level on the 4-hour chart. The 100 SMA at $1.31 must hold, otherwise, XRP can quickly fall down to $1.24 at the 50% Fibonacci retracement level. 

xrp price

XRP/USD 4-hour chart

XRP could also drop toward $1.07 at the 38.2% Fibonacci level, $0.92 which is the 200 SMA, and $0.86 at the 23.6% level. 

On the other hand, successfully defending the 100 SMA should push Ripple toward the 61.8% Fibonacci level at $1.41 and even to $1.55 at the 50 SMA.

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


Latest Crypto News & Analysis

Editors’ Picks

Ethereum Classic bides time before the next upswing kicks in

ETC price is stuck in a tight range between two key Fibo levels on the 12H chart. Overbought conditions warrant caution but the coin defends key support so far. The 61.8% Fibonacci level of this month's surge at $127.20 is limiting any upside attempt in the spot. Ethereum classic awaits fresh impetus for the next direction.

More Ethereum Classic News

DOGE’s bullish potential appears limited amid overbought conditions

DOGE/USD eyes $0.80 amid a descending triangle breakout on the 4H chart. Overbought RSI remains a cause for concern for the DOGE bulls. Elon Musk’s Saturday Night Live appearance waited for fresh impetus.

More Dogecoin News

Ripple epitomizes relative strength, portends higher prices

XRP price confidence weakens slightly as breakout from bullish base falters. XRP/BTC pair has gained over 300% in the last eight weeks. Ongoing SEC case and the documentation production battles cast a wide shadow.

More Ripple News

Litecoin price enjoys steady uptrend, but beware of LTC warning signs

Litecoin price closes with a Doji candlestick, indicating an interruption in the trend. Significant Fibonacci level restraining rally from reaching the all-time high. Litecoin price on pace to close with fourth-largest weekly gain since September 2020 low.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP