Sohrab Khawas
With a mediocre performance by Bitcoin and major altcoins like Ethereum and XRP days after Bitcoin Halving, the crypto market is under stress. After experiencing a short but intense FUD sell-off wave, the top coins are close to a bullish pivot.
However, as the prominent market gurus expect the rate cuts delayed to December, the uptrend could struggle to gain momentum. Nevertheless, the price action displays promising support levels known for strong bullish reversals.
So, will the crypto market take a bullish turnaround as bulls desire a comeback this week?
Let’s find out more in our BTC, ETH, and XRP price analysis.
Will The Biggest Crypto Make a Comeback?
Last week’s bearish move caused BTC’s valuation to drop by 2.85%. The correction led to a support trendline breakdown. With this, the crypto warns of a retest of the $60,000 support zone.
Despite multiple bouncebacks from the $60,000 psychological zone, the recent increase in supply warns of a breakdown. Currently, the biggest crypto sustains the flag pattern position in the 1D chart, keeping the hopes alive of HODLers.
Further, the MACD lines are intertwined and falling, but the daily RSI shows a bullish divergence. This divergence increases the possibility of a double-bottom reversal.
If the buyers manage another comeback, the BTC price could shoot to $68,283 or the 23.60% trend-based Fib level.
Will Ethereum Reach $4,000?
Despite the weakness in Bitcoin, the second biggest crypto, Ethereum, managed to regain a 3.64% valuation. The recovery marks a bull cycle within a triangle pattern in the 1D chart.
Currently, the positive cycle takes resistance from the overhead trendline and an evening star looms. As the ETH price fluctuates near the 50% Fibonacci level, the volatile move keeps the crypto balanced on the knife’s end.
A breakout rally powered by the broader market recovery could spring the ETH price to the $4,093 peak. However, a downfall under the support trendline will test the 78.60% Fib level at $2,618.
Will XRP Price Reversal Be Successful?
With a massive consolidation range, Ripple’s native token, XRP, fails to give any meaningful bullish last week. As the altcoin drops by 2.76%, it reverts to the psychological mark of $0.50. With this drop, the sellers could soon test the $0.46 support zone.
With the correction wave, the XRP price is headed for a potential double bottom. The daily RSI line projects a bullish divergence and bolsters the upcycle chances.
With a rise in demand, the crypto could hit the $0.74 ceiling, with heightened chances of a breakout.
What’s Next For The Crypto Market?
Following the bearish week, the chances of recovery are improving for the broader market. However, as Bitcoin and altcoins are close to crucial support levels, sideline traders can find bullish entry opportunities.
Further, the breakout chances bolster the possibility of an uptrend and the crypto market recovery.
