• Bitcoin price is consolidating around $23,000 and is expected to pull a massive leg up beyond $24,000 soon.
• Ethereum price has slipped below $1600, potentially indicating a revival of the bearish trend.
• XRP price continues to demonstrate immense strength, sticking to the crucial levels at $0.41 for more than a week.
The cryptocurrency market has seen a turbulent yet optimistic past couple of weeks. Bitcoin (BTC) has been consolidating heavily along $23,000 for an extended period, enabling the bulls to accumulate more gains to pull a massive leg up beyond $24,000 soon. The Relative Strength Index (RSI) is displaying a bearish divergence while the Moving Average Convergence Divergence (MACD) is about to flash a bearish crossover. As such, the BTC price is expected to face a minor rejection during the weekend that may trigger a bullish close for the month ahead. However, the upcoming weekend may turn the tables for the BTC price and either of the targets may be achieved.
Ethereum (ETH) price has also been going through a tough time lately. After a short stint above $1800, the ETH price again slipped below $1600, which could indicate the revival of the bearish trend which also appears to be a stretched consolidation phase. The MACD is slowly moving towards a bearish crossover while the RSI is hovering around the midline. As such, the ETH price may face a minor rejection during the weekend, but if the bulls manage to hold the support at $1500, the price could surge beyond $1700 in the upcoming week.
On the other hand, the XRP price continues to demonstrate immense strength as it sticks to the crucial levels at $0.41 for more than a week. The RSI and MACD are both in the bullish zone and the XRP price is likely to break out of the $0.45 resistance and surge towards $0.50 in the upcoming weeks. However, the bulls need to hold the support at $0.40 to prevent any major pullbacks.
Overall, the crypto market is currently in a volatile yet optimistic state. As such, traders need to be careful while making their investments and be sure to do proper research before entering the market. The upcoming weeks could prove to be an important period for the crypto market and could be an ideal time to make substantial profits.
