Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Visa Enters NFT Space As Bitcoin Tip Toes Above $50,000

Last Updated August 23rd 2021
4 Min Read
  • Bitcoin reclaimed $50,000 on Monday morning, putting $55,000 in sight.
  • Visa makes headlines after stepping into the 'NFT marketplace' through the acquisition of CryptoPunk.
  • Ethereum nears the inflection point, which may culminate in a massive breakout to $4,000.
  • Ripple is almost breaking out of a short-term consolidation period eyeing $1.6.

Bitcoin started the new week's trading by achieving a critical milestone at $50,000. Last week, the flagship cryptocurrency had dropped to $44,000 before recovering above $48,000 on Friday. With BTC settled over $50,000, bulls are gazing at a breakout eyeing $55,000.

Cardano also flew the bullish flag high as it closed the gap to $0.28. However, the newest smart contract token is trading around $2.8. Binance Coin is among the most-improved tokens, accruing 8.3% in gains to trade at $$493.

Other altcoins performing incredibly well include Avalanche (up 11%), Monero (up 15%), and Amp (up 20%).

Visa Debuts Into The NFT Sector

Visa, a leading global payments service provider, has announced the acquisition of CryptoPunk 7610 as a conduit into the non-fungible (NFT) sector. The deal took place last week, valued at $150,000. CryptoPunk 7610 is one of the 3,840 female punks, considered the original NFTs launched by Larva Labs in 2017.

CryptoPunks is a collection of 10,000 pixels images of eccentrics and misfits, each presenting a unique personality and outstanding features. According to Cuy Sheffield, Visa's head of crypto:

"We felt that CryptoPunks would be a great addition to our collection of artifacts that can chart and celebrate the past, present, and future of commerce."

Bitcoin Begins The Journey To $55,000

Bitcoin price seems to have settled above $50,000. In addition to that, the bellwether cryptocurrency has started to gain ground, perhaps supported by increased risk appetite.

According to the Fear & Greed index, Bitcoin is in the extreme greed range. This means that the market is mainly driven by euphoria and with fewer technical levels in place. In other words, speculation has hit the roof, and investors are looking forward to Bitcoin hitting $55,000 and later $60,000.

Fear & Greed Chart 082321

Meanwhile, the daily chart has a vivid bullish outlook reinforced by the Moving Average Convergence Divergence (MACD) indicator. Another bullish formation appeared as the 50 Simple Moving Average (SMA) crossed above the 100 SMA. Therefore, Bitcoin is at a higher chance of breaking out toward $55,000 than losing ground under $50,000.

BTC/USD Daily Chart

 BTC/USD Daily Chart 082321

 Don't Miss: Factors That Could Significantly Influence Bitcoin's Price

Why Is Ethereum Taking Too Long To Lift To $4,000?

Ethereum is also in the green after closing the week above $3,200 and opening the new week trading above $3,300. At the time of writing, the pioneer smart contract token teeters at $3,350 while closing in on $3,400.

It is believed that a break above the 61.8% Fibonacci level will bring Ether to the inflection point at $3,400. These two key levels must come down to affirm the bulls' grip on the price and pave the way for gains to $4,000.

Notice that the MACD is likely to present another buy signal on the daily chart as the 12-day EMA crossed above the 26-day EMA. Subsequently, the 50 SMA crossing past the 100 SMA shows that buyers have the upper hand.

ETH/USD Daily Chart

 ETH/USD Daily Chart 082321

Check Out: Should You Buy Ethereum?

Ripple Makes Way For A Breakout To $1.6

Ripple rebounded from support at $1.05 to close the week above $1.2. However, as we discussed earlier, the cross-border token's upside remained limited under $1.3, leading to consolidation.

Currently, XRP is trading at $1.27 while grinding toward $1.3. With the token downside protected, the least resistance path is bound upward. Especially if the primary barrier at $1.3 is shattered.

The MACD's bullish outlook must be revived, canceling the potential sell signal on the daily chart. With the 12-day EMA remaining above the 26-day EMA, the trend will favor the buyers.

XRP/USD Daily Chart

 XRP/USD Daily Chart 082321

Meanwhile, the 200 SMA has just crossed below the 100 SMA. Many analysts find this index bearish despite not being a death cross. It affirms that the uptrend may not have the energy to continue at the prevailing momentum and a correction is likely. Hence, failure to close the day above $1.3 could see overhead pressure intensify.

Read Also: Is It Too Late To Buy Ripple XRP?

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.