Markets
Will the market rise towards a new high in June?
The cryptocurrency market is about to end the week with a consolidated trend, with the main tokens registering a neutral trend in their respective portfolios. This indicates a cooling in buying and selling pressure in the crypto space.
Furthermore, major crypto tokens such as the price of BTC, ETH, and XRP recorded a change of less than ±2% in their respective portfolio throughout the week, highlighting reduced price action for these crypto tokens.
Dive in, as in this article we cover market sentiments, price analysis for Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), as well as their possible target prices for June!
Bitcoin (BTC) Price Action:
The leader of the cryptocurrency market, Bitcoin Price, displayed consolidated price action throughout the week, indicating a significant decline in buying and selling pressure for the star cryptocurrency. Furthermore, the price surpassed its important support level, indicating a high possibility of a bearish reversal.
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The technical indicator, SMA, shows a bearish convergence on the price chart, suggesting an increase in selling pressure over buying in the crypto market.
Additionally, the Moving Average Convergence Divergence (MACD) shows a steady decline on the chart, indicating an increase in negative sentiment for the BTC Price. Furthermore, the averages show a bearish convergence in the 1D period, suggesting uncertainty in their future price action.
If the market holds the price above the $68,000 resistance level, the bulls will regain momentum and prepare to retest its all-time high of $73,750.07 this month. However, bearish price action could pull the price towards its lower support level of $60,000 during the next few weeks.
Ethereum price hovers near its important support level!
Despite the rise in bearish sentiment in the crypto space, the Ethereum Price successfully maintained its value above the important $3,730 support level, indicating growing bullish influence for the leading altcoin in the crypto market.
Ethereum crypto added approximately 2% to its portfolio this week. However, the price of the ETH coin has increased by 28.38% in the last 30 days, highlighting a positive outlook during the coming weeks.
The Simple Moving Average (SMA) shows a high possibility of bullish convergence in its 1D period. Additionally, the Relative Strength Index (RSI) presents a bullish curve below the overbought range, suggesting the Ethereum Price will continue to gain value this month.
If the bulls maintain the price above the $3,730 support level, the crypto ETH will overcome its $4,000 resistance and head towards its $4,500 upper resistance level during the next few weeks. On the other hand, a downtrend reversal could see the price test its low of $3,400.
XRP coin price fails to break out of its resistance zone:
Amid increased volatility, Ripple’s crypto XRP has seen steady price fluctuation, adding 0.25% over the past day but recording a 3% correction over the past week. Furthermore, it added 4.35% in May, but has a year-to-date figure of -15.59%, indicating mixed price sentiment for the XRP Price.
The 50/200 day Cross EMA acts as a resistance to the price chart, highlighting increasing selling pressure for the Ripple Price in the crypto market.
The technical indicator, MACD, presents a constant flat line with its averages showing a neutral trend. This highlights the uncertainty in the future price action of this altcoin.
Assume the bulls regain momentum. In this case, the price of XRP coin will surpass its resistance level of $0.5340 and retest its important resistance zone. However, weak price action could result in the Ripple token falling towards its crucial support level of $0.480 in the near future.
Also check out: What to expect from Ripple (XRP) and Cardano (ADA) prices: Will they ever reach $1?