The crypto market continues to record significant price volatility, highlighting increased price action in the crypto space. However, top tokens display a negative influence, indicating a rising disinterest of investors in it.
Moreover, elite cryptocurrencies such as Bitcoin, Ethereum, and Ripple fail to hold their respective price above their important support levels. This escalated the concerns of investors about their investments in these crypto tokens.
Dive in as, in this article, we have covered the market sentiment and price analysis of the top 3 cryptocurrencies and mentioned their respective possible targets for the month.
BTC Price Breaks Its Important Support Level:
Despite a bullish jump post-CPI data release, the Bitcoin price has failed to regain momentum, resulting in the market leader erasing all its gains. Furthermore, the BTC token has plunged below the $67,000 mark, highlighting an increase in the negative influence in the crypto space.
The Cross EMA 50-day displays a bearish crossover in the 1D time frame, suggesting an increase in the negative sentiment for the BTC price in the crypto market.
On the other hand, the technical indicator, MACD, shows a rising red histogram, highlighting increased selling-over-buying pressure. Furthermore, the averages record a negative price trend, suggesting the Bitcoin price will continue trading under a bearish influence over the weekend.
If the bulls regain momentum, the price of Bitcoin will retest its resistance level of $67,775 during the upcoming week. However, if the bears continue to dominate the market, the BTC coin price will plunge toward its support level of $600,820 this month.
ETH Price Continues To Hover Above Its Crucial Support Of $3,400:
With the rising bearish sentiment in the cryptocurrency market, the Ethereum price has failed to hold its price above the important support level of $3,730. This resulted in the altcoin experiencing a significant correction in its portfolio over the past few days.
The ETH price has added approximately 1% with a trading volume of $16.20 Billion, a jump of 15.63% within the past day. Moreover, the altcoin has lost 4.17% within the past week but has added 17.84% over the past month, indicating a mixed sentiment for the crypto token in the market.
The Relative Strength Index (RSI) shows a bullish reversal in the price, indicating increased bullish sentiment for the altcoin leader in the crypto space. Moreover, the average trendline shows a potential bullish convergence, suggesting a bullish outlook for the ETH coin price in the coming time.
If the market continues to trade under a bullish sentiment, the Ethereum token will prepare to test its resistance level of $3,730 this month. Conversely, if the bulls fail to regain power, the ETH crypto will retest its support level of $3,400.
XRP Token Breaks Down Its Crucial Support Level:
Despite recording a jump of approximately 1% within the past day, the Ripple price continues to display a weak price action by recording a correction of 3.45% within the past week and 4.18% over the past 30 days. Moreover, the altcoin has a YTD of -22.02% in valuation.
The Simple Moving Average (SMA) constantly acts as a resistance to the price chart, highlighting a negative price sentiment for the XRP coin price in the crypto space.
The RSI indicator continues to hover close to its oversold range, indicating a weak price action for the Ripple token in the market. Furthermore, the averages display a constant decline, suggesting uncertainty for the altcoin in the crypto market.
If the market pushes the Ripple price above the resistance level of $0.480, the bulls will regain momentum and prepare to test its upper resistance level of $0.5340. However, bearish price action could pull the price toward its lower support level of $0.420 in the coming time.
The post appeared first on Coinpedia
