After a catastrophe in cross-border markets, the cryptocurrency industry is showing signs of relief, adding more than $230 billion in valuation in the past four days, increasing inflows into the industry. It shows that.
Moreover, the top altcoins have managed to make a bullish reversal in their respective portfolios by adding significant value since the week began. Will the crypto industry bounce back this week given the growing bullish mood?
BTC price is on the verge of breakout!
Despite the increasing price volatility in the crypto industry, the cryptocurrency market leader Bitcoin price continues to trade under a descending channel pattern on the 1D time frame, reflecting the long-term bearish impact of the BTC token. is shown.
On the positive side, BTC price has increased by 10% in the past day and about 3% in the past week. Furthermore, as of this writing, its year-to-date stock index is at 52.16%, highlighting the high likelihood of bullish price action in the coming months.
The Moving Average Convergence Divergence (MACD) shows a continuously decreasing red histogram, indicating increasing buy and sell pressure in the cryptocurrency space. Furthermore, the averages are showing a bullish convergence, suggesting that prices will continue to rise in the future.
If the market pushes BTC price above the resistance zone, the bulls will regain momentum and prepare to test the $68,000 upside resistance level within the next week. However, if the bears overwhelm the bulls, the price will lose momentum and fall enough to test the $60,000 low.
Ethereum price shows a bearish pattern:
Ethereum price, the second largest cryptocurrency by market capitalization, also follows in the footsteps of the market leader and shows a similar trend by successfully forming and trading a falling channel pattern on the 1D time frame.
However, the simple moving average (SMA) indicates a likely bullish convergence over the weekend, highlighting the potential for bullish price action within the next week.
The Relative Strength Index (RSI) continues to hover around the midpoint, indicating weak altcoin price action. On the other hand, the average shows a bullish convergence on the 1D time frame, highlighting the strong bullish influence of Ethereum token in the crypto industry.
If the bulls break out of the descending channel pattern, ETH price will regain momentum and test the $3,400 upper resistance this week. On the other hand, if the bears take control of the market, the price will test the $3,000 support level.
XRP price records bullish sentiment:
Ripple token continues to struggle above the $0.5340 resistance level, indicating that it is a strong liquidation point. However, XRP price has formed a symmetrical triangular pattern and is on the verge of testing its resistance trendline, the outcome of which is unpredictable.
The technical indicator MACD shows a continuously rising green histogram, highlighting the growing positive sentiment in the cryptocurrency space. Additionally, the averages are showing a bullish pattern, indicating that prices may continue to rise in the future.
If the XRP bulls break out of the key resistance, the price will be ready to test the $0.60 upper resistance within the next week. Negatively, bearish sentiment could cause the Ripple token to fall towards the support trend line.
Conclusion:
The crypto industry is expected to recover within the next week as top tokens are showing strong bullish influence, highlighting increased buying interest. Additionally, top tokens such as Bitcoin, Ethereum, and XRP tokens are on the verge of a major breakout, indicating increased price volatility in the market.
