With the increased price volatility in the cryptocurrency market, top tokens continue to record significant price fluctuations in their respective portfolios. However, with a positive inflow of BitcoinETF for the eighth consecutive day, the Bitcoin price has displayed bullish action over the past few days.
On the other hand, top altcoins such as Ethereum and Ripple tokens have displayed a similar price action by adding significant valuation to their portfolios within a short period. With the increased bullish sentiment, is the crypto market on the verge of a bull run?
Dive in as, in this article, we have covered the detailed market sentiments, price analysis, and short-term price targets for Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
BTC Price Records Increased Bullish Action:
Following the completion of selling of the seized Bitcoin (BTC) held by the German government, the market leader, Bitcoin price has reclaimed the $62,500 mark. Notably, the BTC price has jumped 4.53% to its portfolio within the past day with a trading volume of $25.317 Billion.
The Moving Average Convergence Divergence (MACD) displays a rising green histogram, indicating an increase in the buying-over-selling pressure. Moreover, the averages have recorded a bullish convergence in the 1D time frame, suggesting a positive outlook for the BTC price this week.
Furthermore, the SMA indicator has recorded a positive crossover in the Bitcoin price chart, highlighting an increase in the bullish influence within the crypto space.
If the bulls hold the BTC price above its important support level of $61,000, the star crypto will head toward its upper resistance level of $67,775 this month. Conversely, if the bears overpowered the bulls, the BTC token will retest its low of $60,819 in the coming time.
Ethereum Price On The Verge Of A Major Breakout:
After trading under a descending channel pattern for about two months, the ETH price recorded 8/10 positive trading days. This has resulted in the altcoin leader successfully testing its crucial support trendline. Further, it has displayed a sharp rise and is on the verge of breaking out of its resistance trendline.
With a jump of 4.73% over the past 24 hours and a change of 23.63% in its trading volume to $12.051 Billion, the Ethereum price has successfully surpassed the $3,300 mark. Positively, the ETH price has added 14.81% in valuation within the past week totaling its YTD return to +46.61%.
The technical indicator, RSI, has successfully retested its oversold range, resulting in it recording a sharp rise in its price chart and surpassing the halfway mark. Further, the EMA 200-day is on the verge of recording a bullish convergence, suggesting a rising bullish sentiment.
With the potential listing of the EthereumETF this month, the ETH coin price could record a significant price action and test its upper resistance level of $3,730. Negatively, a delay could result in the altcoin leader hovering close to its $3,000 level during the upcoming days.
Ripple Price Displays A Massive Price Surge For 1st Time Since March:
Amid increased price volatility in the crypto space, the XRP price has surged 1.66% within the past day with a trading volume of $1.469 Billion. Moreover, it has surged 26.19% within the past seven days and over 11.39% during the past month, suggesting increased bullish influence for the Ripple token.
The MACD indicator has displayed a sharp rise in the green histogram, highlighting increased buying pressure within the crypto space. Further, the averages record a bullish convergence, suggesting that the XRP coin price will continue gaining value this week.
The Relative Strength Index (RSI) shows a massive uptrend toward its overbought range from the oversold level. Moreover, the average trendline has recorded a strong bullish curve, suggesting a positive outlook for the Ripple price.
If the market holds the value of the XRP token above its important level of $0.50, the bulls will continue to gain momentum and prepare to test its upper resistance level of $0.630. However, a trend reversal could pull the Ripple token toward its low of $0.4880.
Conclusion:
With the rising bullish sentiment in the cryptocurrency market, top tokens have recorded increased buying pressure, highlighting an increase in the bullish price action. Further, with the price of Bitcoin reclaiming the $62K mark, the crypto space is all set to experience a new phase of the bull market.
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