- Bitcoin holds firmly to the 50 SMA support on the four-hour while bulls battle to swing past $60,000.
- Ethereum eyes new all-time highs at $2,200 and $2,500 after holding crucial support.
- Ripple is the most improved crypto asset in the top 50, gaining over 40% in 24 hours.
Ripple is relentless in the ongoing but selective altcoin season. Ethereum hit highs above $2,100 after making a real break beyond $2,000. Ripple is the darling of the cryptocurrency space at the time of writing, after rallying more than 40% to hit highs past $1. A renowned technical analyst, @nebraskangooner says that XRP could be on a roll to $589.
On the other hand, Bitcoin shows immense potential for a rally to $70,000 despite the numerous hiccups under $60,000. Other cryptocurrencies performing incredibly well include Stellar, Litecoin, Bitcoin Cash, VeChain and EOS.
Bitcoin bulls could quickly run out of options under $60,000
The bellwether cryptocurrency is trading at $58,435 at the time of writing. XRP appears to be hanging at the edge of a cliff, holding onto the immediate support provided by the 50 Simple Moving Average (SMA). If this support remains unshaken, bulls will focus on breaking above $60,000.
Meanwhile, Bitcoin’s uptrend has been validated by the SuperTrend indicator since it flipped bullish toward the end of March. Note that this indicator has both a bearish and bullish bias. Investors are advised to go into long positions when the SuperTrend turns green and moves under the price.
BTC/USD four-hour chart
On the other hand, the Moving Average Convergence Divergence (MACD) suggests that a consolidation period is likely to take precedence in the near term. The sideways action comes into play due to the leveling motion of the MACD.
Losing the 50 SMA support may trigger massive selling orders as bulls hunt for another support, preferably at $56,000 and $54,000, respectively.
Read Also: Bitcoin Price Prediction for 2025 and 2030
Ethereum settles above $2,000
The pioneer altcoin is familiarizing with trading above $2,000. A new all-time high was achieved during the weekend session at $2,146. However, Ether corrected confirm support at $2,000.
In the meantime, Ethereum is doddering at $2,110 and is in the lower band of the ascending parallel channel. The pattern’s lower edge support has played a crucial role in keeping massive overhead pressure at bay. Besides, stepping above the middle boundary may see Eth bulls shift the focus to $2,200 and $2,500, respectively.
The MACD still holds within the positive region. Moreover, the MACD line (blue) is likely to cross above the signal line, thereby supporting an upswing to a new record high.
ETH/USD four-hour chart
On the flip side, it is essential to realize that losing the ascending channel’s lower edge support may trigger massive losses as ETH explores levels under $2,000. Bulls will then be forced to seek refuge at the 50 SMA and the 200 SMA on the four-hour chart.
Check Out: Should You Buy Ethereum?
Ripple hits multi-year high above $1
Ripple is the biggest double-digit gainer among the top 50 crypto assets in the market. As discussed earlier, the long weekend trading session has given the legally embattled token an edge above its peers.
XRP began by slicing through the stubborn resistance at $0.6. The subsequent seller congestion at $0.65 and $0.75 did little to stop the bullish action. A spike in active addresses on the network meant that speculation was skyrocketing. As more investors joined the market, the tailwind increased intensity, sending XRP past $1 for the first time in three years.
At the time of writing, the cross-border token is pivotal at $0.99 following a minor correction from the multi-year high of $1.09. If bulls reclaim the position above $1, XRP could be elevated to higher highs.
The speculation increase is reminiscent of a comment on Twitter by a prominent analyst, @NebraskanGooner. The analyst believes that “XRP is going to $589.” This prediction could be incomprehensible now, but it insinuates that Ripple bulls have finally taken the mantle and are ready to take the token to the moon.
XRP/USD four-hour chart
It is worth mentioning that Ripple must reclaim the ground above $1 to ensure market stability. The longer the token stays below this level, the stronger the overhead pressure becomes. On the downside, support is envisaged at $0.8, $0.75, and $0.65.
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