Altcoins
Are Top 5 Cryptocurrencies Ready for a Bullish Rally?
The cryptocurrency market has shown a strong bullish recovery adding 3.71% to its overall cryptocurrency valuation in the past few hours. Following this, the market leader, Bitcoin price, successfully recovered the $57K mark with a gain of 3.11%.
Additionally, major altcoins have shown similar price action adding significant valuation to their respective portfolios during this period. With continued price volatility in the cryptocurrency space, are elite cryptocurrency tokens poised to kick off a bullish rally?
Dive into this article, where we have covered in-depth market sentiment, price predictions, and analysis of the top 5 cryptocurrencies, namely Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Solana (SOL), and Ripple (XRP), as the cryptocurrency market hints at a potential bullish rally.
Bitcoin (BTC):
With the current market turbulence, the Bitcoin Price has formed a descending channel pattern in the 1D time frame and continues to trade inside it. Positively, the market leader is about to test its resistance trend line of the triangle pattern.
TradingView: BTC/USDT
The Relative Strength Index (RSI) has successfully retested its oversold range, indicating increased buying pressure for Bitcoin within the crypto space. Additionally, the mean shows a high possibility of a bullish convergence, suggesting a positive outlook this week.
On the other hand, the MACD indicator has shown a similar pattern recording a steady decline in the red histogram. Furthermore, its averages suggest a potential positive crossover, highlighting an increase in price action for the BTC Price in the cryptocurrency market.
If the market continues to gain momentum, Bitcoin price will break out of its resistance trend line and prepare to test its upper resistance level of $60,819.5 during the coming week. Conversely, a bearish reversal could push the price towards its crucial support of $55,000.
Ethereum (ETH):
THE ETH Price successfully retested its crucial support zone, jumping over 5% in the last 24 hours. Furthermore, the growing hype of EthereumETF has acted as a catalyst in the recent price surge of the Ethereum token.
TradingView: ETH/USDT
The technical indicator, RSI, shows a strong increase in its Ethereum Price chart after retesting its oversold range. Also, with a potential bullish convergence, the indicator shows increasing buying-overselling pressure for ETH cryptocurrency in the market.
Holding the price above its important support level will set the stage for the ETH coin price to attempt to test its upper resistance level of $3,400 this month. However, if the bears regain momentum, Ethereum price will crash below its $3,000 level.
Binance (BNB):
Following the bullish recovery of the cross-border market, Binance Price has successfully maintained its value above its crucial support level of $497.5. Furthermore, this altcoin added 2.42% to its portfolio with a trading volume of $2.033 billion, a change of +4.03% from the previous day.
TradingView: BNB/USDT
The Moving Average Convergence Divergence (MACD) has been steadily declining into the negative, highlighting an increase in bullish influence. However, the averages continue to show a negative trend, suggesting mixed sentiment for the BNB coin price this week.
Trading under bullish sentiment could lead Binance Coin price to test its major resistance level of $568. However, in case of a bearish reversal, BNB price could plunge towards its low of $430.
Solana (SOL):
THE Price SOL has seen a 7.32% jump in valuation over the past day with a +52.94% change in its trading volume to $66.30 billion. Additionally, this altcoin has recorded a 24-hour high and low of $143.01 and $131.97. Solana price further suggests a potential bullish breakout rally.
TradingView: SOL/USDT
The simple moving average (SMA) is on the verge of recording a bullish crossover in the 1D time frame, highlighting an increase in the bullish price trend for Solana cryptocurrency in the market.
Additionally, the RSI indicator is on the verge of retesting its midpoint, indicating increased buying and selling pressure in the cryptocurrency space. Positively, the mean has recorded a bullish crossover, suggesting that the Price Solana will continue to gain value this week.
If the bulls continue to gain momentum, the SOL coin price will prepare to test its important resistance level of $155. Holding the price at that level will set the stage for the Solana token to head towards its high of $181.5. On the negative side, a bearish price action could push the price towards its low of $127.
Ripple (XRP):
Following the bullish rebound in the cryptocurrency market during the early hours of trading today, XRP Price successfully retested its crucial support trend line and added 3.15% to its portfolio with a 24-hour trading volume of $1.328 billion.
TradingView: XRP/USDT
The MACD has shown a decline in the red histogram with its averages recording a high possibility of a bullish action. This indicates a positive outlook for the price of XRP coin in the near future.
If the market holds the Price of the ripple above its crucial support level of $0.420, the bull will prepare to test its upper resistance level of $0.480 this month. Conversely, if the bears overwhelm the bulls, XRP price will crash below its $0.420 level.
Read also: Bitcoin Up From Its Corrective Phase? Here’s What You Need to Know Before You Jump In