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- Bitcoin (BTC) has been predicted to extend its run to $120k before any possible pullback as its Relative Strength Index flags rising momentum.
- Ethereum (XRP) is also reported to be preparing for a downward trend according to its MACD; however, resisting this move could send the price to $3000.
The high level of uncertainty within the crypto market has forced several assets to move within a tight range. According to market data, the Fear and Greed Index is almost reaching the Extreme Greed territory while the top 100 cryptos record a 2.56% gain. Amidst the backdrop of these, Bitcoin (BTC), Ethereum (ETH), and XRP continue to maintain their popularity with no sign of slowing down.
Bitcoin (BTC) Price Analysis
Bitcoin made history on Thursday, May 22, breaching its $109k high to set a new all-time high record at $111,900. According to market data, the asset, however, took a nosedive, finding support at $106,406 on May 24 before taking another rebound.
As of the time of writing, Bitcoin was trading at $110,050 after surging by 2% in the last 24 hours, 6.5% in the last seven days, 16% in the last 30 days, 23% in the last 90 days, and 16% from year to date.
The Relative Strength Index (RSI) of the asset also shows that it could make another run to $120k, aligning with the Standard Chartered prediction which was earlier reviewed by CNF.
With a reading of 67, bulls are still in control of the market. However, there could be a reversal once the overbought territory of 70 is reached. Currently, indecisiveness exists in the market as the Moving Average Convergence Divergence (MACD) converges on the daily chart. With this, a break below the $106k level could see Bitcoin falling to $100k, as predicted in our last analysis.
Ethereum (ETH) Price Analysis
Ethereum’s (ETH) performance on the monthly price chart has been impressive so far, moving from $1,700 to $2,700. However, its moment at the top was short-lived as the asset declined to find support at the $2400 level. At the time of writing, ETH was trading at $2,579 after surging by 3% in the last 24 hours and 7% in the last seven days.
According to market data, the asset is currently building strong momentum with an RSI reading of 64. With this, analysts believe that there is a good upside potential until it reaches the overbought zone at 70.
However, the MACD indicator warns that there could be a downward trend ahead. Failure of ETH to hold above the 200-day EMA at $2,447 could result in a further decline to $2000, as stated in our earlier discussion. A successful hold could also see ETH reaching $3000 as also indicated in our previous news coverage.
XRP Price Analysis
XRP has held strongly above the $2.3 support level after falling from its monthly high of $2.6. According to our market data, the asset has recorded impressive gains on its various price charts, including a 2% surge in the last 24 hours.
XRP is still hovering around the neutral zone of 50 on the RSI chart, hinting that traders are quite indecisive at the moment. The MACD indicator, however, shows a bearish crossover, indicating that a break below the current level could send the price to $2.23.
As highlighted in our recent news story, XRP could still overturn this trend and make a move towards its all-time high price of $3.4 once Bitcoin makes another explosive surge.
