- Bitcoin’s short-term technical levels point toward a possible breakout beyond $60,000.
- Ethereum liftoff to $2,500 depends on securing 100 SMA support on the four-hour chart.
- Ripple hits resistance at $1.13 but holds the 100 SMA support at the four-hour chart.
Bitcoin seems to be pulling up the market again after it led another drip to $53,000 on Monday. The cryptocurrency market has been highly volatile since Monday, especially for notable cryptocurrencies.
The pioneer smart contract token Ethereum has bounced off support at $2,000 and is currently seeking to settle above $2,200. Ripple was rejected from highs above $1.5 on Monday but embraced support at $1.12.
Dogecoin teeters at $0.39 after failing to hold above $0.4. The meme coin is up 448% in seven days but appears to be losing ground fast as selling pressure heightens. For instance, Dogecoin is down 2.7% in 24 hours.
Bitcoin Spikes Past $56,000
The flagship cryptocurrency trades slightly above $56,000 at the time of writing. The uplift to this level comes after support at $53,000. Most short-term technical levels point toward the uptrend remaining steady in the near term.
For example, the Moving Average Convergence Divergence (MACD) indicator has just flipped bullish. Note that the MACD line (blue) crossed above the signal line, adding weight to the bullish outlook. As the indicator moves toward the mean line (0.00), Bitcoin will likely close the gap toward $60,000.
On the upside, closing the day above the $56,000 will ensure market stability as bulls push toward $60,000. A break above the 200 Simple Moving Average (SMA) on the four-hour chart would also be a major bullish signal.
BTC/USD Four-Hour Chart
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Ethereum Struggles With Nurturing the Uptrend
Ether retested the support at $2,000 before resuming recovery. Due to the high volatility, price prediction is a challenge. Meanwhile, Ethereum has brushed shoulders with $2,200 but failed to make appreciable gains. Also contributing to the bearish outlook is the 100 SMA on the four-hour chart.
According to the MACD, the bullish outlook could dominate the upcoming sessions. However, the MACD line must cross above the signal line to validate the narrative. If the indicator reenters the positive region (above 0.00), Ethereum’s uptrend will confirm.
ETH/USD Four-Hour Chart
It is worth mentioning that Ethereum may fail in the ongoing recovery to $2,500 if the resistance at that 100 SMA is unshaken. On the downside, rising selling pressure could add pressure on the key support levels at 2,000 and the 200 SMA at $1,980.
Read More: Should You Buy Ethereum?
Ripple’s Recovery in Jeopardy
Ripple bounced off support at $1.12, as discussed earlier. Moreover, the ascending parallel channel’s middle edge contributed to the substantial buyer concentration zone. Recovery stapped above $1.3, but the momentum fizzled out.
XRP lost the ground at $1.3 and is now battling to secure the levels mentioned above as formidable support. Besides, the 100 SMA is in line to prevent the losses from extending further.
Meanwhile, the MACD on the four-hour chart brings to light a bearish picture that may last longer than was expected. As long as the MACD line stays underneath the signal line, the bearish grip will become apparent. Similarly, losing the crucial support areas could trigger losses eyeing $1.1 and $0.9, respectively.
XRP/USD Four-Hour Chart
If the cross-border token holds above the 100 SMA and the channel’s middle boundary, buyers may begin to increase their position while anticipating the price to rebound above $1.5. Another lift above past $1.5 may trigger gains toward $2.
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