The crypto market has shown significant price fluctuations over the past week due to increased volatility in the crypto industry. Additionally, top crypto tokens continue to struggle to maintain their respective values above critical support levels.
Furthermore, Bitcoin price recorded a correction of 3.61% over the past 7 days. Following this, ETH price fell by 6.61%, while at the same time, XRP price fell by 4.96%, highlighting the strong bearish sentiment in the industry.
Will the crypto industry record a bullish rebound within the next week amidst increased price volatility?
Bitcoin price shows bearish price action:
Despite the increasing price volatility in the cryptocurrency industry, the market leader BTC price has fallen by 3.47% in the past day and recorded a decline of 1.93% in 24-hour trading volume. Moreover, it recorded a correction of 14.18% in the past 30 days.
Furthermore, it forms a symmetrical triangle and continues to trade within it, indicating uncertainty in future price trends. Additionally, the 50-day EMA acts as a resistance level on the price chart, highlighting strong bearish sentiment in the crypto industry.
On the other hand, the technical indicator MACD shows a certain flatline in a one-dimensional time frame, highlighting the weak price action of the market leader in the cryptocurrency space. However, the averages indicate a bearish convergence, suggesting mixed sentiment in the crypto industry.
If the bulls regain momentum, Bitcoin price will retest the symmetrical triangle resistance trend line within the next week. Conversely, bearish price action could cause the BTC token to plummet towards its key support level of $60,000.
Ethereum fails to breakout from falling channel pattern:
The price of altcoin leader Ethereum has been trading in a falling channel pattern since mid-March, indicating growing investor apathy towards altcoins. Additionally, the delay in the approval of Spot His Ethereum ETF by the Securities and Exchange Commission (SEC) has been one of the main reasons for this bearish price action.
The simple moving average (SMA) has always acted as a resistance line on the ETH price chart, indicating weaker bullish influence in the crypto industry.
Additionally, the Relative Strength Index (RSI) is consistently trading below the midpoint, indicating growing investor interest in this altcoin. Additionally, the average shows a bearish curve, suggesting negative price action going forward.
If the market pushes the price above the key resistance level at $3,017, the bulls will try to regain momentum and break out of the descending channel pattern. However, if the bears continue to dominate the market, we will see a sharp fall towards this month's low of $2,650.
Ripple token on the verge of collapse:
XRP price has failed to regain momentum many times, resulting in the Ripple token recording a correction of 2.35% in the past day and around 5% in the past week. Furthermore, the year-to-date (YTD) return for the XRP token is -17.95%, highlighting the long-term bearish sentiment.
The Moving Average Convergence Divergence (MACD) is showing a continued decline in its histogram, highlighting increasing selling pressure within the cryptocurrency space. On the other hand, the average shows a bearish convergence on the 1D time frame, suggesting that the outlook for the altcoin is negative.
If the market experiences a bullish reversal, Ripple price will attempt to retest the $0.5340 resistance within the next week. On the other hand, if the bears continue to hold their ground, Ripple token could break the triangle pattern and fall towards the support level at $0.4790.
Conclusion:
A bearish end to the cryptocurrency industry this week raises the possibility of a bullish recovery within the next week. Conversely, if the prices of BTC, ETH, and XRP fail to sustain their values above key support levels, the market may record delayed bullish price action.
