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