Just days after the Bitcoin halving, the crypto market is under pressure with major altcoins such as Bitcoin, Ethereum, and XRP performing mediocre. After a short but intense FUD decline, the top coins are about to make a bullish turn.
However, it may be difficult to gain momentum on the uptrend as market players expect the rate cut to be delayed until December. Nevertheless, the price trend shows a promising support level known for a strong bullish reversal.
So will the crypto market be bullish this week as the bulls try to make a comeback?
Learn more with our BTC, ETH, and XRP price analysis.
Will the largest virtual currency make a comeback?
Last week’s bearish movement caused BTC’s valuation to drop by 2.85%. This correction broke the support trend line. Therefore, the cryptocurrency warns of a new test of the $60,000 support zone.
Despite rising multiple times from the $60,000 psychological zone, the recent increase in supply warns of a collapse. Currently, the largest cryptocurrency maintains its flag pattern position on his 1D chart, keeping the hopes of HODLers alive.
Additionally, the MACD lines are intertwined and falling, while the daily RSI shows a bullish divergence. This divergence increases the likelihood of a double-dip reversal.
If buyers make another comeback, BTC price could rise to $68,283 or 23.60% of the trend-based Fib level.
Will Ethereum reach $4,000?
Despite Bitcoin’s downturn, the second-largest cryptocurrency, Ethereum, managed to recover its valuation by 3.64%. This recovery marks a bullish cycle within the triangle pattern on the one-dimensional chart.
The virtuous cycle is currently facing resistance from the upper trend line and the evening star is emerging. With ETH prices hovering around 50 percent of Fibonacci, volatile movements ensure that the cryptocurrency remains balanced on the tip of a knife.
A breakout rally powered by a broad market recovery could push ETH price to a high of $4,093. However, a break below the support trend line will test the 78.60% Fib level at $2,618.
Will the XRP price reversal be successful?
Considering the huge consolidation scope, Ripple’s native token XRP failed to find much upside space last week. A 2.76% decline in the altcoin would see it return to the psychological level of $0.50. This decline could prompt sellers to test the $0.46 support zone soon.
Due to the correction wave, XRP price is heading towards a possible double dip. The daily RSI line predicts a bullish divergence and increases the chances of an upside move.
As demand increases, the cryptocurrency’s potential for a breakout increases and could reach a ceiling at $0.74.
What’s Next for the Cryptocurrency Market?
After a bearish week, the overall market recovery is increasingly likely. However, side traders may find a bullish entry opportunity as Bitcoin and altcoins approach important support levels.
Additionally, breakout opportunities increase the likelihood of an uptrend and recovery in the cryptocurrency market.