Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC/USD awaits strong catalyst to retest record highs
- Bitcoin holds onto key support on the 1D chart amid bullish RSI, keeping BTC buyers hopeful.
- Defending the 200-SMA on the 4H chart is critical for the Ethereum bulls amid a stack of healthy upside barriers.
- Ripple eyes $0.80 amid a potential technical breakout and positive updates from the SEC lawsuit.
The crypto bulls are prepping up to take over control at the outset, especially after a lack-lustre performance seen across the market over the weekend.
Although the latest comments from the US Federal Reserve (Fed) Chairman Jerome Powell, in his speech at the Bank of International Settlements (BIS) digital currencies event, seem to be challenging the bullish commitments.
Powell said that “crypto assets are more for speculation and not as means of payment,” adding that “crypto assets more like gold than the US dollar.”
However, for the world’s seventh most favourite coin, Ripple, the underlying upbeat fundamental news remains supportive. The US Securities and Exchange Commission (SEC) lawyers said in their latest ruling that relisting and allowing trading of Ripple’s XRP, exchanges would not violate any guidelines.
It was Magistrate Judge Netburn’s statement that fuelled the upside break in XRP/USD. Netburn noted that “my understanding about XRP is that not only does it have a currency value, but it has a utility, and that utility distinguishes it from Bitcoin and Ether.”
Let’s take a look at the technical graphs of the three of the most widely traded digital assets for additional insights.
Bitcoin: The Path of Least Resistance Appears to The Upside, with Eyes on Record Highs
After ranging between $60,000 and $53,000 all through the past week, the granddaddy of cryptocurrencies treads cautiously so far this Monday. Bitcoin extends its consolidative mode, awaiting a strong catalyst for the next move.
The formation of the higher highs and higher lows on the daily chart over the last month has taken the shape of a rising wedge formation.
The no.1 coin is now challenging the pattern support at $56,130, with a daily closing below the latter would validate a rising wedge breakdown.
However, that level is a confluence of the pattern support and the upward-sloping 21-day simple moving average (SMA). Therefore, the bears could probably be unsuccessful in their attempts to crack the downside.
Further, with the 14-day Relative Strength Index (RSI) trending well above the midline, currently at 57.82, a bounce could be in the offing.
Adding credence to the move higher, the BTC/USD pair faces no healthy upside barrier until the record highs of $61,699 could be retested.
Further up, the pattern resistance at $63,395 would be in sight for the BTC bulls.
BTC/USD: Daily chart
To the downside, the bullish 50-day SMA at $50,016 could be put at risk on a downside break from the rising wedge pattern.
Ahead of that cushion, the March 16 low at $53,221 could be probed.
Overall, bullish technical indicators and the coin trading above all key daily averages point to a potential big move to the upside.
Ethereum: Bulls Look for Acceptance Above $1900 to Resume the Uptrend Towards $2000
Ethereum remains trapped in a range heading into a new week, moving back and forth between $1950 and $1650, with a breakout in either direction likely on the cards soon.
The range is getting tighter, as a symmetrical triangle pattern gets carved out for the no.2 digital asset on the daily chart.
A daily closing above the falling trendline resistance at $1907 is needed to confirm a triangle breakout.
The ETH bulls would then target the March 13 high at $1968. The next critical barrier is seen at a $2000 psychological magnet.
The lift-time-highs at $2130 would be on the buyers’ radars if the price manages to hold sustainably above the $2000 threshold.
There are three reasons why we think the world’s second-widely traded crypto coin remains primed for a rally towards record highs.
ETH/USD: Daily chart
ETH/USD’s downside remains cushioned by a dense cluster of healthy support levels, forming the first reason for a potential move to the north. That support zone is around $1730, where the pattern support, bullish 21 and 50-day SMAs coincide.
The second being the Doji candlestick formed after Sunday’s down day. The Doji suggests that the bears could be losing conviction and a rebound could very well be on the table.
The RSI trades flat but above the midline, representing the third factor favouring the ETH bulls.
However, if the $1730 support area gives way, a sharp sell-off towards the $1500 level cannot be ruled out, as the downside break would confirm a symmetrical triangle breakdown on the said timeframe.
Read Also: What Will Ethereum Be Worth in 2030?
Ripple: Focus on Monday’s Close to See if The Rally Towards $0.80 Remains in The Offing.
The XRP/USD pair finally broke the one-month-long range play to the upside, although bulls await a daily closing above the $0.5525 level to confirm a symmetrical triangle break.
Note that the price has pierced through the abovementioned cap so far this Monday, as all eyes remain on the daily closing.
The RSI looks north, currently at 67.22, allowing room for additional upside.
With the $0.60 round figure taken out, further advance towards the February 22 high at $0.6859 looks likely.
The next significant barrier for the XRP buyers is aligned at $0.80.
At the time of writing, the world’s seventh most widely traded digital coin trades around $0.5750, supported above the upward-sloping 50-day SMA at $0.4802.
A break below which could expose the 100-day SMA cap at $0.4703.
XRP/USD: Daily chart
If the selling pressure intensifies, a triangle breakdown would be seen below the rising trendline support at $0.4313.
On acceptance below the latter could threaten the horizontal 100-day SMA support at $0.4064.
The technical setup combined with the positive developments concerning the SEC lawsuit make a perfect recipe for unleashing a fresh leg to the upside.
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