Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Belt Up as Bitcoin Prepares for Another Dip, ETH and XRP to Follow
- Bitcoin fails to secure an uptrend above $32,000 while losses below $30,000 become apparent.
- Ethereum’s pulldown may continue to $1,600 before another recovery attempt.
- Ripple price declines aim for $0.5 after losing May’s support at $0.65.
Cryptocurrencies are in the dip for the third day in a row. The crackdown on Bitcoin trading and crypto-related activities in China may have triggered the selloff, but the market lacks the momentum to recover.
Most of the altcoins are dealing with double-digit losses, including Binance Coin, Cardano, and Ripple. Some of the worst-hit coins are Amp (down 19%), Tron (down 12%), VeChain (down 15%), Theta Network (down 14%), and Solana (down 20%).
Bitcoin risks triggering the investor panic selling effect
Bitcoin is back to the drawing board after failing to sustain recovery above $32,000. Bulls seem to be battling for support at $31,000 in a bid to avoid testing the crucial support at $30,000. Note that massive sell orders would be triggered if Bitcoin made a 12-hour close below this level.
Besides, all the short-term technical indicators suggest that BTC’s path with the slightest hurdles is downward. For example, the Moving Average Convergence Divergence (MACD) indicator has a vivid bearish outlook. This signal follows the trend momentum indicator’s slide into the negative territory. In addition to that, the MACD line (blue) continues to widen the divergence below the signal line, thus accentuating the downtrend’s outlook.
The Relative Strength Index (RSI) is almost brushing shoulders with the oversold region. The negative gradient from levels above 60 emphasizes the growing bullish grip. Since BTC is not oversold yet, more losses could occur before recovery comes into the picture.
BTC/USD 12-hour chart
Keep in mind that support at $31,000 has stopped Bitcoin from falling under $30,000 before. Therefore, if it remains intact, stability will return, allowing bulls to gaze at another liftoff to $40,000.
Ethereum eyes another tailspin after losing crucial support
Ether’s dip under $2,000 continues to stretch with every passing hour. Bulls seem powerless subsequent failure to defend the anchor at $1,900.
Meanwhile, overhead pressure keeps rising, suggesting that investor panic may soon blow off, hence jeopardizing all chances for recovery in the near term.
It is worth noting that the technical picture is highly bearish, according to the MACD and the RSI. The MACD line’s divergence from the signal suggests that bears are not about to leave any stones unturned. Furthermore, the RSI is almost sliding into the oversold region, a move that may trigger more sell orders before recovery ensues.
ETH/USD 12-hour chart
On the downside, substantial support is likely to emanate at $1,600. Holding above this level will help attain stability in the market while bulls shift attention back to $2,000.
Ripple stares into the rabbit hole as the selloff intensifies
Ripple has lost more since our analysis earlier in the day, which predicted that the bearish leg might touch $0.5 before bulls attempt a sustained recovery. At the time of writing, XRP trades at $0.55 amid an aggressive downward push.
If support at $0.5 fails to hold, investors should brace for losses toward $0.4. Similarly, the deteriorating short-term technical picture reinforces the downtrend.
A death cross pattern on the 12-hour chart also shines a light on the continuing selloff. This pattern forms when a short-term moving average crosses below a long-term moving average. Its appearance implies that the asset’s downtrend has the potential to last longer.
XRP/USD 12-hour chart
Meanwhile, short-term support is envisaged at $0.5 and could stabilize the XRP market. Once support is secured, investors will start to reenter the market, taking advantage of the lower prices to speculate another upswing past $1.
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