- Bitcoin hits new record high above $64,000 as investors await confirmed upswing to $70,000.
- Ethereum nurtures uptrend after a triangle breakout targeting highs of $3,720.
- Ripple generally trends upward amid calls for liftoff to $3.
Cryptocurrencies across the board firmly in green after Bitcoin reclaimed the ground above $60,000 and extended the bullish leg above $64,000. Dogecoin followed in Bitcoin's footsteps, soaring 75% in 24 hours. The Meme Coin dodders at $0.135 at the time of writing amid the persistent push to rise to $0.2.
Ethereum has settled above $2,300 while bulls look forward to new all-time highs at $2,500. The cross-border token XRP is up 10% to trade at $1.86. Other best-performing cryptoassets include Cardano (up 10%), Chainlink (up 12%), Bitcoin Cash (up 14%), VeChain (up 24%) and EOS (uo 14.5%).
Bitcoin Price Discovery Mode Catches Momentum
The bellwether cryptocurrency has broken above $64,000 for the first time in history. BTC is trading at $64,400 at the time of writing as the bull run awakens. The massive gains come after an ascending triangle breakout, as discussed on Tuesday.
The daily chart's technical levels hint at the uptrend holding steady in the near term. Most analysts believe that an upswing would follow a break above $65,000 to highs above $70,000.
The Relative Strength Index (RSI) is about to enter the overbought region at the time of writing. Such a break would show that buyers are firmly in control. Note that the ascending triangle target lies roughly at $87,000.
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Ethereum Uptrend Holds Steady
Ethereum teeters at $2,390 at the time of writing. Like Bitcoin, Ether has broken out of an ascending triangle pattern. Bulls insist on completing the target at $3,720 while supported by the improving technical levels.
The Moving Average Convergence Divergence (MACD) affirms the buyers' control. As long as the MACD line stays above the signal line, the uptrend is bound to remain intact.
On the upside, a break past $2,400 would pave the way for gains above $2,500. Note that at this point, investors will stream into the market due to the fear of missing out (FOMO). On the downside, support at $2,300 is key to sustaining the uptrend in addition to ensuring market stability.
Read More: Will Ethereum Reach $3000?
Ripple's Bullish Impulse to $3 Intact
Ripple has led the price action in the cryptocurrency for almost a couple of weeks. Last week the cross-border token closed above $1, while the trading in the new week has bolstered XRP past $1.8.
At writing, the international remittance token teeters at $1.8 as bulls look forward to a break above $2. Investors speculate Ripple's swing to highs of $3 as soon as the near-term milestone at $2 is pushed into the rearview.
The MACD confirms the bullish outlook by rising higher within the positive area. The massive gap from the signal line is a bullish impulse. If the technical picture holders, Ripple's least resistance path will remain upward. The SupperTrend Indicator on the daily chart puts the bull outlook into perspective by conforming that the general trend eyes $3.
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