Ethereum
Will the Bulls make a comeback in July?
The cryptocurrency market has shown weak price action since the start of the month, indicating an increase in selling pressure within the crypto space. Additionally, the global crypto market cap recorded a decline of 10.27%, from $2.53 trillion on June 1 to $2.27 on June 30.
Furthermore, elite cryptocurrencies continue to approach their crucial support levels, highlighting increased bearish sentiment in the crypto market.
With the increasing volatility in the cryptocurrency market, will the top three tokens register a bullish reversal in July or plunge to their new lows? Dive in because, in this article, we have covered the price analysis and targets of Bitcoin, Ethereum, and XRP for the week ahead.
BTC price forms a channel pattern:
Bitcoin (BTC) price formed a parallel channel pattern in the 1D timeframe, suggesting weak price action for the market’s flagship cryptocurrency. BTC Price is hovering near its crucial support level of $60,819.50, the outcome of which is unpredictable.
TradingView: BTC/USDT
The simple moving average (SMA) is about to register a bullish crossover in its price chart. This highlights increased buying pressure on the sell and a strong possibility of a bullish reversal for the Bitcoin Price in the cryptocurrency space.
On the other hand, the technical indicator RSI has successfully retested its oversold range. This allowed the BTC token to experience positive convergence.
If the market sustains Bitcoin price above its crucial support level of $6,819.50, the bulls will head towards its resistance level of $67,775. Conversely, if the bears continue to dominate the market, BTC price will plunge towards its lower support trendline.
ETH coin price is showing increased bearish action:
In a context of ongoing cross-border correction on the markets, the Ethereum Price has formed a descending channel pattern and has been trading within it since early June. Moreover, the altcoin leader has lost 3.37% over the past seven days and 9.40% over the past 30 days.
The 50-day EMA is constantly acting as resistance to the ETH Price chart in the 1D time frame, suggesting weak bullish price action for it in the cryptocurrency market.
Additionally, the Moving Average Convergence Divergence (MACD) has shown a steady decline in the red histogram. Moreover, the averages are displaying a strong possibility of bullish convergence, suggesting a potential positive reversal in the coming times.
If the bulls regain momentum, ETH price will break out of its resistance trendline and prepare to test its resistance level of $3,730 in the coming week. However, if the bears take control, the Ethereum crypto will plunge towards its lower support level of $3,000.
Ripple Price about to test its crucial support:
THE XRP Price formed a symmetrical triangle pattern during the 1D period and continued to trade there since mid-April. Additionally, with a decline of around 3% over the past seven days, the altcoin has plunged near its crucial support trendline.
The MACD technical indicator is showing a constant flat line in its price chart, suggesting low buying and selling pressure in the crypto space. Moreover, the averages are showing a neutral trend, highlighting the uncertainty about the future price action of the XRP crypto.
If the market regains momentum, the Ripple Price will prepare to retest its symmetrical triangle pattern resistance trendline over the coming week. Negatively, bearish price action could pull the XRP coin price towards its low of $0.420 in the coming times.