Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – Bulls take control, aiming for $130K BTC, $5K ETH and $3.40 XRP
- Bitcoin price trades in the green on Monday after hitting a new all-time high of $125,708.
- Ethereum price finds support around the daily level at $4,488, the next target is $5,000 mark.
- XRP breaks above the falling wedge pattern, with the next bullish target set at $3.40.
Bitcoin (BTC) price is trading in the green, currently above $123,800 at the time of writing on Monday, after reaching a new all-time high of $125,708 the previous day. Ethereum (ETH) and Ripple (XRP) prices hold above their key support levels, with bulls aiming for $5,000 ETH and $3.40 XRP.
Bitcoin price hits a new all-time high of $125,708
Bitcoin price soared more than 10% last week, reaching a new all-time high of $125,708 on Sunday. At the time of writing on Monday, it trades at around $123,800.
If BTC continues its upward trend, it could extend the rally toward the key psychological level at $130,000.
The Relative Strength Index (RSI) on the daily chart reads 71, above the overbought conditions and pointing upward, suggesting strong bullish momentum. Moreover, the Moving Average Convergence Divergence (MACD) also showed a bullish crossover last week. Additionally, the rising green histogram bars above the neutral level further indicate a bullish momentum and continuation of an upward trend.
BTC/USDT daily chart
However, if BTC faces a correction, it could extend the decline toward the key support at $120,000.
Ethereum bulls aiming for $5,000 mark
Ethereum price broke above the daily resistance at $4,232, rallied by nearly 9% last week and closed above the next key resistance at $4,488. At the time of writing on Monday, ETH finds support around the daily level at $4,488.
If the $4,488 continues to hold as support, ETH could extend the rally toward the all-time high at $4,956.
The RSI on the daily chart reads 58, which is above the neutral level of 50, indicating that bullish momentum is gaining traction. Like BTC, Ethereum’s MACD also supports the bullish view.
ETH/USDT daily chart
On the other hand, if ETH faces a correction, it could extend the decline to find support around the daily level at $4,232.
XRP validates the falling wedge pattern
Ripple price breaks above the falling wedge pattern (drawn by joining multiple lows and highs with two trendlines since mid-July) on Thursday. A breakout of this pattern generally favours the bulls. However, XRP retested and found support around the upper trendline boundary in the next three days. At the time of writing on Monday, XRP trades at around $2.98.
If XRP continues its upward trend, it could extend the rally toward the next daily resistance at $3.40.
Like Ethereum, XRP’s RSI and MACD indicators on the daily chart support a bullish outlook.
XRP/USDT daily chart
However, if XRP faces a correction, it could extend the decline toward the daily support 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.
