- Bitcoin price hovers around $95,700 on Wednesday; technical indicators show weakness.
- Ethereum finds support around the weekly level of $3,454, indicating a rally towards $4,000.
- Ripple price hovers above the $2.55 level after rallying more than 10% so far this week.
Bitcoin (BTC) hovers near $95,700 on Wednesday, signaling potential weakness as technical indicators suggest a decline, while Ethereum (ETH) and Ripple (XRP) stabilize near key levels, hinting at a possible rally following South Korea's reversal of martial law.
Bitcoin bulls show signs of relenting
Bitcoin price began the week with a 1.38% decline, hitting a low of $93,578 on Tuesday, but it recovered and closed above $95,800. At the time of writing on Wednesday, it hovers around $95,700.
If BTC continues to decline, it could extend the correction to retest its $90,000 support level.
Momentum indicators support Bitcoin's correction thesis. The Relative Strength Index (RSI) on the daily chart reads 62, rejected for its overbought level of 70 and points downwards, indicating weak bullish momentum. Moreover, the Moving Average Convergence Divergence (MACD) indicator also showed a bearish crossover, generating sell signals. The MACD also shows rising red histogram bars below the neutral line zero, suggesting that Bitcoin’s price could experience downward momentum.
BTC/USDT daily chart
However, if BTC continues its upward momentum, it could rally to reach its all-time high (ATH) level of $99,588.
Ethereum poised for a rally as it finds support around the weekly level
Ethereum price retested and found support around the weekly level of $3,454 on Tuesday. As of Wednesday, it trades slightly above $3,670.
If the $3,454 level holds, ETH could extend the rally to retest the psychologically important $4,000 level.
The RSI indicator on the daily chart reads at 66, above its neutral level of 50 and points upwards, indicating that bullish momentum is gaining traction well below overbought conditions.
ETH/USDT daily chart
On the other hand, if ETH declines and closes below the $3,454 level, it could face a pullback to retest the $3,335 support level.
Ripple bulls eye for $3.00 mark
Ripple price surged more than 18% on Monday and extended the gains on Tuesday, reaching a new six-year high of $2.90, then declined 7.8%. At the time of writing on Wednesday, it trades slightly higher, around $2.55.
If XRP continues the upward trend, it could extend the rally to retest its psychologically important level of $3.00.However, the RSI stands at 83, 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 fails to maintain the upward momentum and faces a pullback, it could decline to retest its $1.96 support level.
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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