- Analysts have disclosed that Bitcoin (BTC), Ethereum (ETH), and XRP could lead the next broad market rally as they hold above key support levels despite the high level of uncertainty within the market.
- XRP has been predicted to hit $2.5 from the current level and subsequently target the $3.0 zone; failure to validate this estimation could see the asset fall to $1.96.
The crypto market has marginally lost 0.56% of its valuation with almost all the top assets “printing red” on their hourly charts. The general Fear and Greed Index is still hovering within the Neutral territory while the altseason index falls to its lowest zone at 16/100. Regardless, analysts are optimistic about a breakout as three assets – Bitcoin (BTC), Ethereum (ETH), and XRP have been tipped to lead.
Bitcoin (BTC) Price Analysis
Bitcoin faced difficulties on its 24-hour chart, declining by 0.37% to extend its 90-day loss to 9.8%. However, its seven-day and monthly returns remain positive as the asset showed resilience by holding above the $94k level. According to our market data, Bitcoin quickly bounced back from its daily low of $93.7k to its current level of $94.5k.
Looking at its Relative Strength Index (RSI), we found that the asset was reading at 66. This indicates that it has more upside potential until it reaches the overbought territory at 70. In this case, a decisive move above its March high of $95k could see Bitcoin rising to $97k and subsequently to $100k.
As indicated in our recent analysis, Bitcoin could rise all the way to $155k as long as it holds above the $91k level. Failure to sustain above the current position could see the price drop to $90k.
Ethereum (ETH) Price Analysis
Ethereum (ETH) was equally down by 1.2% on its 24-hour price chart, slumping below its crucial support level of $1,800 to trade at $1,797. While this represents a quick recovery from the daily low of $1,782, it also represents a significant drop from the April 29 high of $1,842.
Unlike Bitcoin, Ethereum’s RSI is currently “sitting” at 55, reading above the neutral territory to indicate bullish momentum. With this, analysts believe that it has more upside potential compared to Bitcoin, which is already close to 70 on the RSI chart. A recovery above the $1,842 level could see ETH moving to $2000. From there, the asset could target the $3000 price zone as previously highlighted in our news coverage. However, failure to hold could see the price falling to $1,700, or even $1,449.
XRP Price Analysis
XRP has recorded a 2.5% loss on its 24-hour price chart. However, the current price of $2.22 is still hovering above the 50-day EMA line. Out of the five major trading sessions, XRP has only printed gains in the 30-day timeframe with a 7.38% run.
Its RSI reading of 55, above the neutral level of 50, also indicates a bullish momentum, with analysts anticipating a run to $2.5. From this level, XRP could proceed to $3.0. However, the inability of bulls to hold above the current price level could see the asset plunge below the $2.0 support level to $1.96.
Meanwhile, analysts believe that there is a greater chance for an upsurge as XRP’s adoption significantly increases. As mentioned in our recent news update, it has surpassed Ethereum to become the most-traded altcoin in Japan.
