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Bitcoin, Ethereum, Ripple Weekly Wrap: June 7, 2024

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The crypto market has not been the same for every asset. Bitcoin (BTC) has had a good run, but top coins like Ethereum (ETH) and Ripple (XRP) are still suffering. The chances of altcoins picking up pace and rallying rely on Bitcoin’s performance.

Identifying the altcoin season is important as it can estimate when and how much growth alts could experience.

The Potential of an Altcoin Season

Juan Pellicer, Senior Researcher at IntoTheBlock, states multiple signals dictate the altcoin season’s arrival.

“In previous market cycles, altcoin seasons often begin with a sustained downtrend in BTC dominance, indicating a shift in market sentiment towards altcoins. While this trend is a useful leading signal, identifying potential winners in the next altcoin season requires analyzing advanced on-chain metrics,” Pellicer stated.

“For instance, the average holding time of an asset by its holders can indicate its resiliency. Assets held longer by investors may experience more sustained price rallies during bull markets. Additionally, on-chain data related to whale behavior is invaluable,” he added further.

Secondly, the market’s growth also relies on the overall demand for crypto assets. The recent rise is a sign confirming this demand. However, stability is the next concern. Expanding on the same, Julio Moreno, Head of Research at Cryptoquant, told BeInCrypto,

“The stabilization and then slight increase in Bitcoin demand from Permanent holders and large holders (whales). This indicates higher demand growth this month compared to April. Permanent holders have bought 74K Bitcoin in the last 30-days, while demand from whales is growing at 5% MoM now. See second and third chart. We still need to see higher demand growth from these investor cohorts for the price rally to be sustainable.”

Bitcoin Permanent Holders Demand.
Bitcoin Permanent Holders Demand. Source: CryptoQuant

Thus, these cues are key when looking for a guide to the altcoin season.

Price Prediction for BTC, ETH, XRP: Growth Likely, Though Slow

Bitcoin (BTC)

Bitcoin’s price exceeded the market’s expectations as it charted a 5% growth over the week. This rise brought the trading price to $71,160, close to the critical resistance of $71,800. The broader market cues are still bullish, with BTC moving within a flag pattern, indicating a 45% rally on the cards.

However, the more practical outlook is a rise to the current all-time high of $73,650. Breaching it would establish a new ATH for BTC.

Read More: Bitcoin Halving History: Everything You Need To Know

Bitcoin Price Analysis.
Bitcoin Price Analysis. Source: TradingView

On the other hand, the barrier of $71,800 has been unbroken for nearly three weeks now. A failed breach of this level could subdue the rally, leaving Bitcoin’s price falling back to $68,500.

Ethereum (ETH)

While Etherueum’s price is not acting bullish at present, it is sustaining the rally it noted last month. The altcoin broke out of the descending wedge and rose to $3,980 at one point but slid down soon.

ETH is struggling to close above the 61.8% Fibonacci Retracement of $3,829. This level is also known as a bull run support floor, and reclaiming above it would raise $4,000.

Read More: Who Is Vitalik Buterin? An In-Depth Look at Ethereum’s Co-Founder

Ethereum Price Analysis.
Ethereum Price Analysis. Source: TradingView

But if Ethereum’s price does not succeed in securing this level as support, a drawdown cannot be ruled out. ETH could thus drop on the daily chart to test the support at $3,695 or the 50% Fib line at $3,582.

Ripple (XRP)

XRP’s price has had a disappointing run, trading at $0.52. The altcoin is forming an ascending triangle pattern and awaiting a breakout. This bullish chart formation features a horizontal resistance line and a rising support line. It indicates increasing buying pressure, suggesting a potential breakout above the resistance level.

However, this theoretical rise has yet to be observed since, at present, the altcoin has barely closed above the 23.6% Fibonacci Retracement. This is a good sign since this Fib level is known as the bear market support floor. Securing it would prevent further drawdown in XRP price.

Read More: Everything You Need To Know About Ripple vs SEC

XRP Price Analysis.
XRP Price Analysis. Source: TradingView

But losing it could send the altcoin to $0.50 or lower to test the critical support of $0.47, invalidating the bullish thesis completely.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Ready to Rally? Signs Point to a Bullish Move

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Solana (SOL) Rallies Strongly, Setting Sights on $200

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Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.

  • SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
  • The price is now trading above $172 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $192 resistance zone.

Solana Price Starts Fresh Rally

Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.

There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.

Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.

Solana Price

The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Another Dip in SOL?

If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.

A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $188 and $185.

Major Resistance Levels – $192 and $200.



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Will Bulls Push It Higher?

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Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.

  • Ethereum started a fresh surge above the $2,650 resistance zone.
  • The price is trading above $2,700 and the 100-hourly Simple Moving Average.
  • There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it settles above $2,850 and $2,880.

Ethereum Price Extends Surge

Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.

It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.

Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.

Ethereum Price
Source: ETHUSD on TradingView.com

An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.

Are Dips Supported In ETH?

If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.

A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,850

Major Resistance Level – $2,720



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