- Bitcoin holds above $34,000 as bulls aim for gains past the 200 SMA.
- Ethereum extends the price action above $2,300, as technicals flip bullish.
- Ripple price nears a potentially massive symmetrical triangle breakout.
Cryptocurrencies across the board are back in the green, although slightly. Bitcoin is up 2% in the last 24 hours but still teeters at $34,000. Ethereum seems to have stamped its bearish foot upward after stepping above $2,300. Similarly, Ripple ignored the call for losses toward $0.5 but its price action is limited beneath $0.7.
While Bitcoin, Ethereum, and Ripple lag price actions, tokens in the decentralized finance sector such as Uniswap and Compound rally extensively. Uniswap decentralized exchange platform announced the launch of Uniswap Pro, triggering a massive upswing above $22. At the time of writing, UNI trades above $22 amid a considerable upswing toward $30.
Bitcoin price readies for another upswing at the end of this consolidation
Bitcoin price seems to have settled above $34,000 in the wake of gradual recovery from levels slightly under $33,000. The 100 Simple Moving Average (SMA) adds credence to the bullish outlook by functioning as formidable support.
On the upside, BTC’s immediate upside has been capped at the 50 SMA. However, bulls gaze at the next liftoff past the crucial seller congestion zone at $34,500, highlighted by the 200 SMA in the four-hour timeframe.
Currently, bulls have the upper hand based on Moving Average Convergence Divergence (MACD) and position at the mean line. A stronger bullish signal will appear when the 12-day exponential moving average crosses above the 26-day EMA. Moreover, a confirmed break above the mean line will also add weight to the expected upswing.
BTC/USD four-hour chart
Ethereum bulls assume control closing the gap to $2,400
Ethereum price embraced support at $2,200 after a recent rejection at $2,400. The 50 SMA reinforced this buyer congestion zone. In addition, Ether has sustained an uptrend within an ascending parallel channel.
Realize that, Ethereum is doddering at $2,320 at the time of writing. The 200 SMA has protected the immediate downside. Bulls must focus on breaking the resistance at $2,400, and by extension, the channel’s middle boundary resistance.
The bullish grip has been reinforced the MACD’s position in the positive region. A bullish signal may come into the picture if the 12-day EMA lifts above the 26-day EMA. Besides, the RSI shows that the bullish grip may continue to tighten in the near term.
ETH/USD four-hour chart
Read Also: Why Ethereum Will Skyrocket
Ripple price on the verge of a 35% liftoff to $0.94
Ripple price is drawing closer to a 35% upswing to $0.94. As covered recently, a symmetrical triangle pattern nears its breakout point. For instance, a break above the upper trend line will confirm the uptrend.
However, investors must be aware of the ongoing consolidation. It is usual for sideways price action to take precedence before a breakout comes into the picture.
XRP/USD four-hour chart
On the flip side, Ripple price may culminate in a massive downswing to $0.4 if the symmetrical triangle’s support shatters. It is worth remembering that the triangle has both bearish and bullish biases.
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