The cryptocurrency market is witnessing critical price movements, with Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) retesting significant support levels. This article delves into the latest price predictions for these top three cryptocurrencies.
Also read: Ripple (XRP) Shines with 8% Rally as Bitcoin Faces $66K Hurdle
Bitcoin Price at Risk of Decline
Bitcoin’s price recently retested the ascending trendline support, coinciding with the 50% Fibonacci retracement level at $62,736. This zone, established from a swing high of $71,997 on June 7 to a swing low of $53,475 on July 5, is crucial for BTC’s future price movement.
As of Friday, Bitcoin is trading at $64,142, down 1.7%. A continued decline and a close below the ascending trendline and the 50% Fibonacci level could see Bitcoin drop by 10%, revisiting the daily low of $56,405 from July 12. The Relative Strength Index (RSI) on the daily chart has dipped below the neutral 50 level, and the Awesome Oscillator (AO) is also declining. Sustained weakening in these indicators could signal strong bearish pressure and further declines in Bitcoin’s price.
However, a close above the $69,648 weekly resistance level could alter the market structure by forming a higher high on the daily timeframe. This scenario might drive a 3% rise in Bitcoin’s price, potentially retesting its June 7 high of $71,997.
Related: Ripple (XRP) Shines with 8% Rally as Bitcoin Faces $66K Hurdle
Ethereum Faces Potential Decline
Ethereum’s price has retested the daily support level around $3,076, aligning with the former trendline resistance now acting as support. As of Friday, ETH is trading at $3,147, down 1.67%. If Ethereum continues to decline and closes below the $3,076 support and the trendline, it could drop by 9%, revisiting the daily low of $2,808 from July 5.
The RSI and AO on the daily chart have fallen below their neutral levels, indicating strong bearish dominance. Should this negative sentiment persist, Ethereum could drop another 7% to test the support level at $2,621. Conversely, a daily close above $3,396 could signal persistent bullish sentiment, triggering a 4% rise in Ethereum’s price and targeting the 61.8% Fibonacci retracement level at $3,531 from the May 27 high of $3,977 to the July 5 low of $2,808.
Ripple Eyes Rally
Ripple’s price failed to close above the $0.643 mark on Wednesday and fell by 4.2% on Thursday. As of Friday, XRP is down an additional 2%, trading at $0.583. If XRP continues to retrace, it may find support at the daily level of $0.544. This level aligns with the 50% Fibonacci retracement level at $0.521, calculated from the swing low of $0.382 on July 5 to the swing high of $0.660 on July 31.
If the $0.544 support holds, XRP could rally by 18.5% to retest the July 31 daily high of $0.660. On the daily chart, the RSI and AO are currently above their neutral levels, strongly indicating bullish dominance.
Bitcoin, Ethereum, and Ripple are at pivotal points, with significant support and resistance levels determining their short-term trajectories. Traders should closely monitor these key levels to gauge potential market movements and adjust their strategies accordingly.
