Bitcoin (BTC), Ethereum (ETH), and XRP have shown positive responses to recent market developments.
BeInCrypto has examined the present situation of these major cryptocurrencies and their potential future trajectories.
Bitcoin Continues Its Ascent
Over the past week, Bitcoin’s price has increased by 8.89%, creating a right-angled descending broadening wedge pattern, which often indicates an upcoming breakout. If this pattern remains intact, Bitcoin might see a surge of 27.6%, potentially reaching $91,410. Hitting this target would represent a crucial achievement and could reaffirm long-term optimistic forecasts for the cryptocurrency.
On the other hand, a more cautious target is the upper trend line at $71,600, representing a more attainable short-term objective. Recently, Bitcoin rebounded off the lower trend line, and establishing $60,000 as a solid support level is vital for maintaining this upward trend.
Read more: Bitcoin Halving History: Everything You Need To Know
If Bitcoin fails to secure a support level at $58,986, it may decline further, with $55,883 serving as a key support point. Such a development would invalidate the bullish outlook and signal a possible downturn in Bitcoin’s price action.
Ethereum Is Taking a Bullish Shape as Well
Currently trading at $2,418, Ethereum has bounced off the significant support level at $2,344. This crucial support line, when tested in August, resulted in a substantial jump for the leading altcoin to $2,681. A similar movement is anticipated for ETH in the near future.
The subsequent resistance for Ethereum lies at $2,546; overcoming this would open the way to $2,681. Although breaking this resistance is not guaranteed given the current momentum, it could prevent ETH from retesting the downtrend line as support.
Read more: How to Invest in Ethereum ETFs?
However, if Ethereum does not exceed $2,546, it may drop back to $2,344. Such a decline would lead ETH into a period of short-term consolidation and nullify the bullish perspective.
XRP Takes the Lead
Among the top three cryptocurrencies, XRP emerged as the strongest performer, with a 12% increase in the past week. This price movement has pushed the altcoin back above the 38.2% Fibonacci Retracement level at $0.55.
The XRPL’s native token is on the verge of breaking through the $0.60 resistance, which aligns with the 50% Fibonacci line. Successfully flipping this resistance into support would establish a three-week high for XRP and facilitate further growth.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
If XRP fails to break through this resistance, the bullish momentum built in recent days could fade. Increasing selling pressure might further deteriorate the situation, pulling XRP back to $0.55 and negating the bullish outlook.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is dedicated to providing accurate and impartial reporting, but market conditions can change unexpectedly. Always perform your own research and seek counsel from a professional before making any financial commitments. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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