Fintech
Altcoin to Kickstart Bull Rally?
The cryptocurrency market has seen significant volatility this week awaiting SEC approval of the ETH ETF. Additionally, major tokens have seen massive price movements this week, indicating increased price action within the crypto space.
Furthermore, the market leader, Bitcoin price, managed to maintain its price above the $68,000 mark, highlighting a growing bullish sentiment in the cryptocurrency sector. Furthermore, ETH price continues to remain near the $3,750 level, indicating a high possibility of bullish price action soon.
With the approval of the Ethereum ETF, will the market leading tokens, Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trigger a new bull rally in the cryptocurrency market?
Bitcoin price suggests positive price action:
The market leader, BTC price, showed an established trend in the 1D time frame, resulting in the formation of a channel pattern in the graph. On the upside, the support trendline of the symmetrical triangle pattern is in a steady uptrend, suggesting long-term bullish sentiment in the cryptocurrency sector.
TradingView: BTC/USDT
The technical indicator, SMA, supports the price chart on the 1D time frame, suggesting strong bullish sentiment in the crypto space. However, the MACD shows a steady decline in the histogram with its averages recording a potential bearish curve, suggesting mixed sentiment.
If the market regains momentum, the Bitcoin price will prepare to test its resistance trend line again over the weekend. Holding the price at that level will set the stage for Bitcoin price to test its previous ATH at $73,750.07 and potentially reach a new all-time high.
However, an increase in selling pressure could cause the market leader to fall towards its support trend line in the coming period.
ETC price forms a bullish flag pattern!
After the approval of the Ethereum spot ETF, the ETH price has gained around 21% this week, highlighting greater bullish influence for the altcoin.
On the positive side, altcoin leader ETH Price has formed a bullish flag pattern on its price chart, highlighting a growing bullish influence in the cryptocurrency market. Furthermore, Ethereum price consistently maintains its price above the $3,727 support level, suggesting a bullish outlook for the altcoin.
TradingView: ETH/USDT
Furthermore, the Cross 50/200 day EMA shows a bullish curve on the price chart, suggesting an increase in buying/selling pressure for the Ethereum price in the market.
On the other hand, the Relative Strength Index (RSI) continues to remain near its overbought range, with its average showing a significant uptrend on the chart.
If the bulls manage to break out of the flag pattern, Ethereum price will prepare to test its upper resistance level of $4,094.75 during the next week. Conversely, bearish price action could push the ETH token towards the lower support level of $3,400 this month.
Ripple’s XRP token on the verge of a major breakout:
Despite the increased price volatility in the cryptocurrency industry, the XRP Price has shown a neutral trend adding around 3% in the last day and 1.98% in the last seven days. Furthermore, the Ripple token has a year-to-date return of 13.08%, indicating mixed sentiment.
TradingView: XRP/USDT
The XRP token has formed a symmetrical triangular pattern on the 1D time frame and is hovering near its resistance trendline. Additionally, the 50-day EMA acts as resistance on the price chart, highlighting mixed sentiment in the cryptocurrency market.
Furthermore, the Moving Average Convergence Divergence (MACD) shows a constant green histogram since mid-April, indicating a positive influence on the Wavy price in the crypto space.
If the market breaks above the resistance trend line, the bulls will prepare to retest its important resistance zone in the coming times. On the downside, a trend reversal could push XRP price towards its support trendline this month.
Conclusion:
With the approval of the Ethereum spot ETF by the SEC, the cryptocurrency market has entered a new bull cycle, highlighting high potential for a new rally in the coming weeks.
Furthermore, top altcoins have shown a strong bullish pattern on their respective charts, indicating a high possibility of an AltSeason that could lead the cryptocurrency market to record a new all-time high (ATH).