Top 3 Price Prediction: Bitcoin, Ethereum, Ripple –BTC stuck in range, ETH eyes $4,000 while XRP rebounds
- Bitcoin price has been consolidating within the $116,000 to $120,000 range for the last 13 days.
- Ethereum price closes above the daily resistance at $3,730, signaling potential upside toward the $4,000 mark.
- XRP rebounds after retesting its key level at $2.99, hinting at further recovery.
Bitcoin (BTC) has been trading sideways between $116,000 and $120,000 for the last 13 days, signaling indecision among traders. Ethereum (ETH) and Ripple (XRP) show signs of strength as ETH breaks above a key resistance level, while XRP finds support around its key level.
Bitcoin consolidates between $116,000 and $120,000 range
Bitcoin price has been consolidating in the $116,000 to $120,000 range for the last 13 days, following a new all-time high of $123,218 reached on June 14. At the time of writing on Monday, it trades around $119,400, nearing its upper consolidation boundary at $120,000.
If BTC closes above $120,000 on a daily basis, it could extend the recovery toward the fresh all-time high at $123,218.
The Relative Strength Index (RSI) indicator on the daily chart reads 64, which is above its neutral level of 50 and points upward toward its overbought level of 70, indicating bullish momentum. However, traders should still be cautious as the Moving Average Convergence Divergence (MACD) indicator showed a bearish crossover last week, signaling a sell and hinting at a downward trend.
BTC/USDT daily chart
On the other hand, if BTC falls below $116,000 on a daily basis, it could extend the decline to retest the 50-day Exponential Moving Average (EMA) at $112,350.
Ethereum bulls aim for $4,000 mark
Ethereum's price retested and found support around its daily level at $3,500 on Thursday, and it recovered nearly 8%, closing above the daily resistance at $3,730 on Sunday. At the time of writing on Monday, it continues to trade above $3,800.
If ETH continues its upward momentum, it could extend the rally toward the psychological $4,000 level.
The RSI on the daily chart reads 81 above its overbought level of 70, indicating strong bullish momentum. The MACD indicator displayed a bullish crossover in early July that still holds. However, traders should be cautious, as the green histogram bars are also falling, indicating a fading of bullish momentum.
ETH/USDT daily chart
However, if ETH faces a pullback, it could extend the decline to find support around its daily level of $3,730.
XRP rebounds after retesting its key level at $2.99
XRP price broke below the daily support level at $3.40 on Wednesday and declined by 11% the following day. However, it retested and found support around its 61.8% Fibonacci level at $2.99 on Friday, rebounding 3.43% during the weekend. At the time of writing on Monday, it hovers around $3.25.
If XRP continues its recovery, it could extend the rally toward its daily resistance level at $3.40.
The RSI indicator on the daily chart reads 64, above its neutral level of 50, indicating bullish momentum. However, traders should still be cautious as the MACD indicator showed a bearish crossover last week, signaling a sell and hinting at a downward trend.
XRP/USDT daily chart
However, if XRP closes below $2.99, it could extend the decline toward its next daily support level at $2.72.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
Author
Manish Chhetri
FXStreet
Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.
