Bitcoin
Is the correction phase over?
The crypto market has seen significant price fluctuations over the past week following increased volatility in the crypto industry. Additionally, major crypto tokens continue their struggle to maintain their respective value above their crucial support levels.
Furthermore, Bitcoin price has recorded a 3.61% correction in the last seven days. Following in their footsteps, the price of ETH plummeted 6.61%, while the price of XRP lost 4.96% during the same period, highlighting a strong bearish sentiment in the industry.
Will the crypto industry register a bullish rally over the next week amid rising price volatility?
Bitcoin price exhibits bearish price action:
Despite increasing price volatility in the crypto industry, the market leader, BTC Price, lost 3.47% in the last day and recorded a 1.93% drop in its trading volume in 24 hours. Furthermore, it registered a correction of 14.18% in the last 30 days.
TradingView: BTC/USDT
Furthermore, it has formed a symmetrical triangle and continues to trade within it, indicating uncertainty in future price action. Furthermore, the 50-day EMA acts as a resistance to the price chart, highlighting a strong bearish sentiment in the cryptocurrency industry.
On the other hand, the technical indicator, MACD, shows a constant flat line in its 1D period, highlighting weak price action for the market leader in the crypto space. However, the averages show a bearish convergence, suggesting mixed sentiment in the crypto industry.
If the bulls regain momentum, the Bitcoin price will retest its symmetrical triangle resistance trendline during the next week. On the other hand, bearish price action could result in the BTC token falling towards its crucial $60,000 support level.
Ethereum fails to break out of its falling channel pattern:
The altcoin leader, Ethereum Price, has continued to trade in a descending channel pattern since mid-March, indicating a growing investor disinterest in it. Furthermore, the delay in the approval of Spot EthereumETF by the Securities and Exchange Commission (SEC) has been one of the main reasons for this bearish price action.
TradingView: ETH/USDT
The Simple Moving Average (SMA) has constantly acted as a resistance to the Ethereum Price chart, indicating weak bullish influence in the crypto industry.
Additionally, the Relative Strength Index (RSI) has consistently traded below the midpoint, indicating a growing investor disinterest in this altcoin. Furthermore, the averages exhibit a bearish curve, suggesting negative price action in the near future.
If the market pushes the price above the important $3,017 resistance level, the bulls will regain momentum and attempt to break out of the descending channel pattern. However, if the bears continue to dominate the market, it will fall to its low of $2,650 this month.
Ripple Token on the verge of collapse:
O XRP Price is repeatedly failing to regain momentum, resulting in the Ripple token recording a correction of 2.35% in the past day and approximately 5% in the past week. Furthermore, the YTD (YTD) return of XRP tokens is -17.95%, highlighting a long-term bearish sentiment.
TradingView: XRP/USDT
The Moving Average Convergence Divergence (MACD) shows a steady decline in the histogram, highlighting increasing selling pressure in the crypto space. On the other hand, the averages show a bearish convergence in the 1D period, suggesting a negative outlook for the altcoin.
If the market undergoes a bullish reversal, the Ripple Price will attempt to retest its $0.5340 resistance level during the next week. On the contrary, if the bears continue to hold power, the Ripple token could fall towards its support level of $0.4790, breaking its triangle pattern.
Conclusion:
With the crypto industry concluding this week on a bearish note, the chances of a bullish rally during the next week have increased. On the other hand, the market may see delayed bullish price action if BTC, ETH, and XRP prices fail to maintain their values above their crucial support levels.