- Bitcoin nurtures recovery from $53,000 and gradually closes the gap to $60,000.
- Ethereum reclaims support above $3,500 as investors speculate ultimate liftoff to $4,000.
- Ripple is in a dilemma as the tug of war between the bears and the bulls intensifies.
The cryptocurrency market is generally in a recovery mode, led by Bitcoin's liftoff from $53,000 to the pivotal motion at $58,000. A lot has been said regarding Dogecoin's $80 billion rally, but the meme coin seems to be charting an own growth path.
Ethereum recently hit new record highs around $3,550 despite its challenges as far as high gas fees and scaling issues. On the other hand, Ripple has recovered consistently from April's dip to $0.85 to hit $1.7 on Thursday.
Some selected altcoins are posting double-digit gains including Bitcoin Cash (up 23%), Cardano (up 19%), Stellar (up14%), Ethereum Classic (up 36.5%) and EOS 9up 23%).
Despite the above gains, most crypto assets are experiencing sluggish price action, resembling Bitcoin's movement. Therefore, a bullish wave is likely to hit the market as soon Bitcoin confirms a breakout above $60,000.
Bitcoin gradually nurtures uptrend eyeing $65,000
Bitcoin rebounded from the primary support at $53,000, as illustrated on the chart. Ascending parallel channel support contributed immensely to the anchor zone, allowing bulls to focus on recovery comfortably.
Various hurdles were expected to delay the uptrend, including the 100 Simple Moving Average (SMA), the 50 SMA, and the 200 SMA on the four-hour chart. However, a creeping rise in buying pressure has kept BTC's trend on an upward trajectory.
Bitcoin is exchanging hands at $58,000 at the time of writing. Marginally on the downside, the 200 SMA provides support. Holding above $58,000 is crucial for closing the gap heading to $60,000.
The Moving Average Convergence Divergence (MACD) has a bullish impulse, implying that the uptrend may carry on in the near term. A break above the channel's middle boundary may call more buyers to join due to market stability. Meanwhile, the path with the slightest hurdle is upward.
BTC/USD four-hour chart
Read Also: Should You Buy Bitcoin?
Ethereum hits another milestone closing in on $4,000
Ethereum is back to trading above $3,500 after testing support at $3,200. The last few days have seen the flagship smart contract token consolidate between these two levels. As discussed on Wednesday, trading above $3,500 is a massive bullish signal likely to attract more investors into the market in anticipation of an upswing to $4,000.
At the time of writing, Ether trades at $3,520, while the MACD shows the trend is more or less sideways. However, if the MACD line crosses above the signal line and sustains the divergence, the uptrend will gain traction.
It is worth mentioning that Ether does not have a defined resistance to $4,000. Therefore, speculation and growing investor sentiment remain crucial for achieving the milestone.
ETH/USD four-hour chart
Check Out: Is Ethereum a Good Investment Right Now?
Ripple price in between bulls and the bears' tug of war
The cross-border value transfer token seems to be at crossroads with bulls fighting to strike past $1.7 and the bears' growing influence. As discussed earlier, an ascending triangle pattern's breakout looms. If confirmed, XRP could set off for impressive gains as far as $2.4.
In the meantime, the MACD reinforces the uptrend by reentering the positive region. Moreover, the MACD line (blue) has crossed above the signal line, adding credibility to the bullish impulse. Note that higher support will play a vital role in securing the journey to $2.5.
XRP/USD four-hour chart
Despite the short-term technical picture appearing positive, XRP has not made progress beyond $1.7. Therefore, bearish pressure cannot be ignored. Closing the day under the triangle's x-axis could see selling pressure rise. This may also be triggered by exhaustion in the bullish camp. On the downside, support is envisaged at the 50 SMA, $1.3 and $1.2.