Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto market recovery in jeopardy

  • Bitcoin rebounds from support at $13,000 and the 50 SMA but struggles to sustain the uptrend.
  • Ethereum's recovery to $420 in the offing, but substantial obstacles lie ahead.
  • Ripple is in grave danger of sliding back to $0.24, especially if it closes below the 200 SMA.

The cryptocurrency market is mixed red and green as the week grinds to a halt. Bitcoin and Ethereum are among the few assets that have accrued minor gains over the last 24 hours. ABBC Coin incurred a substantial loss in the same period, amounting to 15%. Altcoins, particularly the decentralized finance (DeFi) tokens, continue with sluggish price action, ignoring Bitcoin's recent surge.

A minor change can be observed in the total capitalization for the crypto market. From $409 billion posted on Wednesday, the market cap has declined to $406 billion at the time of writing. The dip is reminiscent of the drab trading across the board and Bitcoin's slump to $13,000.

Crypto market cap

Crypto market cap chart

Bitcoin struggles with sustaining the uptrend

As reported, the flagship cryptocurrency recently hit new yearly highs after spiking past $13,000 and closing in on the June 2019's high. However, the remarkable momentum lost steam, leaving a gap that has been extensively explored by the bears.

Bitcoin embarked on a retreat as discussed but embraced support at $13,000 aided by the 50 Simple Moving Average. Meanwhile, BTC/USD is exchanging hands at $13,266 amid a struggle to nurture the uptrend.

The Relative Strength Index (RSI) sharp dive from overbought territory places BTC slightly in bears' hands. However, the immediate correction above the midline suggests that buyers are not ready to give up.

BTC/USD price chart

BTC/USD 4-hour chart

On the other hand, it is essential to realize that selling pressure will intensify if the price action fails to pick momentum towards $13,500. The bellwether cryptocurrency may then retest the 50 SMA support. If push comes to shove, and a dip under $13,000 occurs, losses targeting the 100 SMA will likely come into the picture.

Ethereum recovery faces challenges

The smart contract token caved into the bearish pressure below the critical $400 level. The lower leg extended to the crucial support at $380 before a shallow recovery came into the picture. In the meantime, the crypto has stepped above the 100 SMA in the 4-hour timeframe to trade at $391.

Ethereum is also sitting on the x-axis of the ascending triangle established in the early October days. The RSI shows the bulls' return, but the stalling under the midline reveals lack of buying pressure to push ETH/USD beyond $400. If Ethereum closes the day above the 50 SMA, recovery to $420 will begin.

ETH/USD price chart

ETH/USD 4-hour chart

It is worth mentioning that a reversal below the x-axis and closing beneath the 100 SMA will call for more sell orders. Thus, Ether could revisit support at $380 and the 200 SMA (marginally above $370).

Ripple bulls losing the tug of war

Ripple refreshed support at $0.246, as predicted on Wednesday. The down leg came after the cross-border token hit a wall slightly above $0.26. Moreover, XRP did not have the energy to build upon the x-axis of the ascending triangle.

For now, the crypto asset is teetering at $0.2462 while dealing with the immediate resistance at the 200 SMA in the 4-hour range. If bearish momentum keeps building, a slip under the hypotenuse might resume the downtrend. Glancing lower, $0.24 is the nearest target while $0.23 and $0.22 are in line to cushion XRP from falling massively below $0.2.

XRP/USD price chart

XRP/USD 4-hour chart

It is essential to keep in mind that the bearish outlook will be invalidated if the price closes the day above the 200 SMA. The bullish leg is likely to extend to the 100 SMA, currently at $0.25. Action towards $0.26 must bring down the hurdles at the 50 SMA and $0.255 level.

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

Bitcoin at $5,000 charts begin to pop up on Twitter, how likely is such a massive correction?

It’s not uncommon to see considerable corrections in the market after massive rallies like the one Bitcoin is experiencing. Around $80 billion were wiped out from the market in less than 24 hours, and some analysts believe the price could go even lower.

More Bitcoin News

Ethereum transaction fees skyrocket as price collapses

At the time of writing, Ethereum (ETH) is trading at $520. The second-largest digital asset, with the current market capitalization of $59 billion and an average daily trading volume of $30 billion, has lost over 12% on Thursday. However, it is still in a green zone on a week-to-week basis.   

More Ethereum News

Cardano Price Prediction: ADA must overcome a massive supply barrier to extend a recovery

Cardano (ADA) has climbed to the 8th position in the global cryptocurrency market rating. The coin hit $0.194, the highest level since July 2020, on November 24, before the correction started. 

More Cardano News

SushiSwap Price Analysis: SUSHI rebounds strongly as whales buy the dip

The entire cryptocurrency market suffered a massive crash on Thursday. Sushiswap price dropped by more than 20% within hours but managed to recover almost instantly, hitting $1.285.

More SushiSwap News


Bitcoin Weekly Forecast: BTC makes new yearly highs while its network activity looks worrisome

Bitcoin has lived through the best week since February 2018. The pioneer digital currency price gained over $2,000 in less than seven days. The bullish momentum allowed it to reach a new multi-year high of nearly $18,800, marking November 2020 one of the strongest bullish months ever. 

Read the weekly forecast