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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Record highs back in sight for BTC/USD after the Visa boost

6 Min Read
Last Updated March 29th 2021
  • Bitcoin eyes $60,000 and beyond as the Visa news bolsters cryptocurrencies mainstream acceptance
  • Ethereum breaks through key averages on the daily chart but cracking this resistance is critical.
  • Ripple’s technical setup appears constructive, a daily closing above $0.60 is needed to extend the upside.

After a lack-luster close to the previous week, crypto markets saw some fresh spurt of buying, which revived expectations of another record-rally amongst the most-widely traded digital assets.

The flagship cryptocurrency, which failed to sustain the rally triggered by Tesla Inc.’s announcement last week, attempted a fresh leg higher towards $60,000 after Visa said it will use a stable coin backed by the US dollar to settle transactions. This is massive news as it boosts the case for acceptance of cryptos in mainstream finance.

Last Wednesday, Bitcoin witnessed wild swings after the founder of Tesla Inc. Elon Musk announced that the company had started accepting BTC as a payment method. 

The Visa announcement comes in at a time when the crypto bulls are bracing for a positive month of April, considering that Bitcoin has gained 51% in average in that month, historically.

Meanwhile, Ethereum also benefits from a broad crypto buying-wave, with upbeat on-chain metrics adding to the bullishness. The In/Out of the Monday (IOMAP) model shows that the bulls need to cross only one key resistance around $1780, where 624,400 addresses have bought around 2.9 million ETH.

Ripple buyers remain hopeful despite its lawsuit vs. the US Securities Exchange Commission (SEC). In the latest update, the SEC is trying to block XRP holders from joining as a third party in the lawsuit against Ripple Labs, according to a new court filing.

How are these dominant crypto coins positioned on the technical graphs?

 

Bitcoin: Falling channel breakout on 4H chart screams buy, eyes on record highs

After Sunday’s consolidative stint, BTC/USD resumes last week’s recovery momentum from just above the $50,000 level this Monday. The upsurge seen in the pioneer cryptocurrency earlier today was triggered by the Visa announcement.

The upside break, however, holds conviction, courtesy of a falling channel breakout confirmed on the four-hour chart.

The no.1 coin dived out of the falling channel, having pierced through the powerful resistance around $56,350-$56,450. This appears to be a confluence of the falling trendline hurdle and horizontal 100-simple moving average (SMA).

A bullish crossover, as represented by the 21-SMA piercing above the bearish 50-SMA, adds credence to the latest move higher.

The next stop for the bulls is envisioned at the $60,000 mark. Acceptance above the latter could call for a test of the record highs at $61,788.

If the abovementioned barrier is scaled on a sustained basis, a rally towards the $65,000 round number cannot be ruled out.

Selling pressure could intensify below the latter, opening floors towards the next static (orange) support at $47,582.

The Relative Strength Index (RSI) holds firmer well above the midline, around 66.50, suggesting there is more room to rise for Bitcoin.  

BTC/USD: Four-hour chart

On the flip side, any pullback could meet initial demand at the upward-pointing 21-SMA at $55,345, below which the 50-SMA at $55,020 could be probed.

Further south, sellers would need an entry below the horizontal 200-SMA at $53,369, in order to negate the bullish bias in the near-term.

Check Out: Why Bitcoin Will Likely Hit An All-Time High In 2021

 

Ethereum: Bulls gearing up to challenge the symmetrical triangle resistance at $1873

The Ethereum buyers have finally regained control after a sluggish weekend, making another attempt towards the $2000 threshold.

In doing so, the ETH/USD pair took out the short-term averages on the daily chart, the 50 and 21-SMAs at $1728 and $1763 respectively. At the press time, the no.2-coin trades at $1780, adding 5.50% on the day.

Despite the surge, the price wavers within a five-week-long symmetrical triangle. A daily closing above the 21-SMA barrier could prompt the bulls to challenge the triangle hurdle at $1873.

A sustained break above the last could yield a triangle breakout, opening doors for a test of the $2000 mark.

The 14-day RSI looks north, currently trading at 54.95, continues to remain in favour of the ETH bulls. It’s also worth noting that the spot now holds above all the major moving averages on the said time frame.

ETH/USD: Daily chart

Alternatively, if the 50-SMA resistance now cushion gives way, the bears could extend control to test the triangle support at $1551.

A daily closing below that support would confirm a triangle breakdown, calling for a reversal of the ongoing uptrend in ETH/USD.

The upward-sloping 100-SMA support at $1428 could be next on the sellers’ radar.

Overall, the path of least resistance appears to the upside, keeping the buyers cheerful.

Don't Miss: Is Ethereum The Future Of Blockchain Technology?

 

Ripple: Bulls yearning for a big break above $0.60 while above $0.4950 key support

Nothing has changed for the XRP/USD pair so far this Monday, as the range play extends below $0.60.

The no. 7 most favourite digital asset has formed a Doji candlestick pattern, suggesting that the bulls could be in search of a strong catalyst to recapture the $0.60 mark.

An impending bull cross could emerge as that key catalyst for strengthening the upward bias. The 21-SMA is set to cross above the 50-SMA on the daily sticks

Meanwhile, the 14-day RSI edges higher at 58.59, advocating the case for a potential move higher.

The next upside target for the XRP bulls is seen at the March 22 high at $0.6179.

XRP/USD: Daily chart

Should the sellers return and cause the token to break below the confluence zone around $0.4950, a test of the March 24 low at $0.4440 would be inevitable.

The horizontal 100-SMA support at $0.4059 is expected to offer strong bids to the XRP buyers.

If the downside momentum picks up pace, the 200-SMA cap at $0.3752 could likely be on the sellers’ radars.

Read Also: Will The Ripple Price Recover In 2021?

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