The cryptocurrency market has displayed a neutral price action over the past week, indicating weak buying and selling pressure among investors. Moreover, top tokens such as Bitcoin, Ethereum, and Ripple repeatedly fail to break their important resistance, highlighting rising uncertainty.
Will the crypto space make a comeback during the second half of “Uptober”? Or will the market break its historic sentiments and conclude the month on a bearish note?
Bitcoin (BTC) Price Records Neutral Action!
The BTC price continues to display a neutral price action with a change of ~1% in the past 24 hours. Moreover, with a drop of 1.71% over the past week, the BTC crypto has repeatedly failed to breach its crucial resistance trendline.
The SMA indicator acts as a support to the Bitcoin price chart in the 1D time frame. This indicates a rising bullish influence in the cryptocurrency space.
Moreover, the MACD records a constant decline in the red histogram with its averages showing a potential bullish crossover. This suggests that the BTC price may continue gaining value this week.
If bulls regain momentum, this could result in the price of Bitcoin retesting its resistance level of $66k this month. However, a bearish reversal could pull the price toward its low of $60k.
Ethereum (ETH) To Retest $2.5k Mark?
With an intra-day drop of 0.68%, the altcoin leader, Ethereum price continues to hold its value between $2.4k and $2.5k. Moreover, with a change of -2.58% over the past week, the ETH coin price has recorded reduced price action.
The Technical indicators EMA 50/200-day and MACD have constantly recorded a neutral trend in their respective charts. This indicates a weak buying and selling pressure for the ETH price in the market.
If a bullish trend reversal occurs, this could potentially result in the Ethereum token breaking out of its resistance level and heading toward its upper high of $2.8k during the upcoming weeks.
Ripple (XRP) Price Action
With a drop of ~2% over the past week and 8.16% during the past month, the XRP price continues trading within a descending channel pattern. Moreover, it is on the verge of testing its major resistance zone, however, the outcome of this event is uncertain.
Notably, SMA and MACD have recorded increased bullish sentiment in the 1D time frame. This highlights a high possibility of a bullish reversal for the altcoin this week.
An intensified bullish action could push the XRP coin price toward its upper resistance level of $0.630 this month. Conversely, if the bears outrun the bulls, the Ripple token could retest its low of $0.480.
Concerned about the price performance of your XRP holdings? Read our Ripple (XRP) Price Prediction to uncover the possible targets!
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