Amid increased volatility, the crypto market cap has dropped to $2.31 Trillion from a high of $2.38 Trillion this month. Following this, top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) have recorded a significant correction in their respective portfolios.
Will the top 3 cryptocurrencies regain momentum and head toward a new all-time high in the coming month? Or is the crypto market on the threshold of experiencing a major price correction with rising uncertainty in the result of the upcoming U.S. Presidential Election?
Bitcoin (BTC)
Despite recording a neutral price action over the past week, the BTC price has jumped 6.343% this month. With this, October is on the verge of potentially concluding this month on a positive note, making this another successful “Uptober”.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram with its average showing a high possibility of a bearish convergence in the 1D time frame.
Suppose, the bullish sentiment intensifies, this could result in the BTC price heading toward its ATH of $73,750.07 in the coming time. However, if a trend reversal occurs, the star crypto could potentially retest its support level of $60k.
Ethereum (ETH)
The Ethereum price has repeatedly failed to break out of its important resistance zone since August. This indicates a strong liquidation point for the altcoin at that level. Moreover, it has dropped 4.18% during the past month, indicating increased selling pressure.
The Relative Strength Index (RSI) has recorded a sharp plunge in its 1D time frame. Further, with its SMA indicator recording a bearish crossover, the altcoin leader, Ethereum price hints at a negative outlook during the upcoming week.
If the market holds the ETH coin price above its resistance level of $2,500, this could set the stage for it to retest its crucial resistance zone around the $2,800 level in the coming time. On the flip side, if the bears continue gaining momentum, the Ethereum token could retest its low of $2,175.
Ripple (XRP)
Following the SEC appeal in September, the Ripple vs SEC case has registered a new chapter. Notably, Ripple’s native token “XRP” has dropped 22.38% since then. Moreover, it is on the verge of testing its important support, the outcome of which is uncertain.
The EMA 50/200-day is on the verge of recording a Death Cross in the 1D time frame. Further, with its MACD indicator recording a similar trend, the XRP coin price may undergo significant correction during the upcoming time.
Maintaining the price above its support level of $0.52 could potentially set the stage for it to retest its upper resistance level of $0.630. On the contrary, if the bears dominate the crypto space, the Ripple token would retest its low of $0.4880.
For an overview of the long-term price targets of XRP, read our Ripple (XRP) Price Prediction!
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed