Ethereum
The best tokens to retest their crucial support?
The crypto market consistently traded in a bearish sentiment for a brief period, indicating an increase in selling pressure within the crypto space. Additionally, the market-leading BTC price failed to maintain its value above the $65,000 mark.
Following in its footsteps, leading altcoin token Ethereum has seen consolidated price action over the past week. Additionally, Ripple’s XRP coin price also failed to maintain its value above its important support trendline of $0.50.
With bearish sentiment growing among major cryptocurrencies, will the market leaders make a comeback in the coming week or plunge towards their respective crucial support levels?
Bitcoin (BTC):
THE BTC Price continues to show weak price action by registering a correction of around 1% over the past day with a change of -61.28% in its trading volume. Moreover, it fell by 2.48% in the last seven days and 7.22% in the last 30 days.
Trading view: BTC/USDT
The 50-day EMA constantly acts as resistance to Bitcoin Price chart in the 1D timeframe, suggesting weak price action for the crypto star in the market.
The technical indicator, MACD, recorded a steady decline in the red histogram. However, its averages continue to trend downward, suggesting mixed price sentiment.
If the market regains its momentum, BTC coin price will retest its resistance level of $67,775 in the coming times. Conversely, if the bears continue to dominate the market, Bitcoin price will plunge towards its important support level of $60,819.50.
Ethereum (ETH):
After viewing a profile for more than a week, the ETH Price formed a symmetrical triangular pattern in the 1D period. Moreover, with a valuation drop of 1% in the last 24 hours, the altcoin is about to test its support trendline with an unpredictable outcome.
TradingView: ETH/USDT
The simple moving average (SMA) showed a bearish trend in the Ethereum Price chart, highlighting weak bullish sentiment in the crypto space.
Additionally, the RSI indicator continues to show a steady decline with its average falling below the midpoint. This indicates a growing disinterest among investors in this altcoin.
If the bulls regain control of the bears, the Ethereum crypto will soon head towards its resistance level of $3,730. However, if the bears dominate the market, ETH price will break its support trendline and plunge towards its low of $3,000.
Ripple (XRP):
Since mid-April, the XRP Coin Price showed weak price action as it traded within a closed range between $0.480 and $0.5340. Additionally, the altcoin showed a change of less than 1% over the past seven days, with a 24-hour trading volume of $425.82 million, a decline of -60.63%.
Trading view: XRP/USDT
The Moving Average Convergence Divergence (MACD) displayed a consistent flat line in its price chart, indicating low buying and selling pressure for the XRP token in the cryptocurrency market. Additionally, the averages show a neutral trend, suggesting uncertainty about future price action.
If the market holds the Ripple Price above its crucial support level of $0.480, the bulls will regain momentum and prepare to test its important resistance level of $0.5340. On the other hand, if the bulls fail to regain momentum, the XRP crypto will bleed towards its low of $0.420 over the coming weeks.