Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin Bleeds Under $30,000 Amid Ticking Investor Panic

Last Updated July 23rd 2021
3 Min Read
  • Bitcoin is back to trading under $30,000, pulling the entire market into the red.
    • Ethereum holds above a formidable demand zone around $1,670, likely to cause resumption of the uptrend.
    • Ripple price risks dropping to $0.5 before a significant recovery begins toward $0.7.

    Bears across the cryptocurrency market continued with the party, wreaking havoc for many crypto assets. Bitcoin cracked through support at $30,000 as bears stretched the leg toward $29,000.

    Similarly, Ethereum was not spared the ax, with losses testing $1,700 before the price regain some ground above $1,750. Ripple is down 8% to exchange hands at $0.52, but the odds for another downswing under $0.5 are still high.

    The rest of the market is in shambles, with altcoins posting double-digit losses such as Binance Coin (down 11.9%), Cardano (down 11.2%), Polkadot (down 11%), and Bitcoin Cash (down 10%), among other worst-hit tokens.

    Bitcoin Price Breakdown Seems Far From Over

    Bitcoin is trading under $30,000 for the first time since June. The breakdown was accentuated by the loss of support at $31,000, a move that gave the bulls at $30,000 no reaction time. Immediate support is anticipated at $29,000.

    If this zone holds, Bitcoin will soon resume the uptrend as recovery above $30,000 catches momentum. However, if this same support shatters, investors should strap up for another colossal freefall likely to test $27,000 and $25,000, respectively.

    It is essential to realize that the Moving Average Convergence Divergence (MACD) indicator still holds a recently flashed sell signal. The call to sell came into the picture when the 12-day exponential moving average (EMA) crossed beneath the 26-day EMA, raising the odds for a downswing.

    Therefore, if support at $29,000 caves, we expect selling orders to soar amid investors panicking. Support at $27,000 and $25,000 will prevent losses for stretching toward $20,000.

    BTC/USD 12-hour chart

     BTC/USD 12-hour chart 072021

    Read Also: Factors That Could Significantly Influence Bitcoin's Price

    Ethereum Seems To Hold Above A Significant Support Barrier

    Ethereum, like Bitcoin, corrected below crucial support, changing the outlook to massively bearish. This former support at $1,850 held ETH last week, preventing losses from extending further.

    However, an uptrend brushing shoulders with $2,000 failed to sustain with a correction extending to $1,700. At the time of writing, Ethereum trades at $1,758 following a brief reflex recovery.

    Despite the bounce from the short-term supply zone, Ethereum is primarily in the bear’s hands, as illustrated by the Simple Moving Average (SMA) on the 12-hour chart. As the RSI sharply falls to the oversold region, overhead pressure mounts amid a tight bear grip. Therefore, if support at $1,700 crumbles, Ether may nosedive further to seek refuge at $1,400.

    ETH/USD 12-hour chart

     ETH/USD 12-hour chart 072021

    The IOMAP model by IntoTheBlock shows that Ethereum is sitting on top of a formidable support area. Around 355,000 previously purchased 9 million ETH around $1.670, making this one of the most robust demand zones. Holding above this area could see Ethereum start to rebound.

    Ethereum IOMAP Model Highlighting Robust Support

     ETH/USD volume chart 072021

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    Ripple Price Embraces The Bearish Impulse

    Ripple price plunged in tandem with other crypto assets, exploring levels toward $0.5. However, short-term support at $0.52 appears to have barricaded the downside, momentarily preventing XRP from stretching the bearish outlook to $0.5.

    The MACD still reinforces the bearish outlook despite XRP holding firmly to the support at $0.52. Thus, there is a chance for the down leg stretching to $0.5, XRP’s support in June. Here, buyers are bound to regain control and push for a recovery toward $0.6.

    XRP/USD four-hour chart

     XRP/USD 4-hour chart 072021

    On the upside, resistance is expected $0.55 and $0.58 and may delay Ripple’s recovery. However, if bulls don’t lose the uptrend to $0.7, resistances will gradually become support levels, bolstering the price higher.

    Check Out: Will Ripple Reach $1?