Markets
What does the future hold for top 5 cryptocurrencies as bullish sentiment intensifies?
The cryptocurrency market has seen a strong bullish recovery after witnessing bearish price action for the past 2 days. Positively, the market leader, Bitcoin price has successfully regained the $66K mark, highlighting a greater positive influence in the cryptocurrency space.
Following this, major altcoins have seen similar price action and have seen significant uptrends in their respective portfolios. With the current market sentiment, the cryptocurrency market is heading towards a new all-time high (ATH) in the coming months.
Thinking of investing in blue-chip cryptocurrencies but worried about their prospects? Look no further, because in this article, we have covered the market sentiment and price analysis of the top 5 cryptocurrencies, namely Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Solana (SOL), and Ripple (XRP).
Bitcoin (BTC):
With the growing bullish sentiment in the cryptocurrency space, the market leader, Bitcoin Price reclaimed the $66.5K mark with a 3.66% jump over the past day. It has also jumped 14.61% over the past seven days and has surged 57.44% this year.
TradingView: BTC/USDT
The moving average convergence and divergence (MACD) shows a constant green histogram in BTC Price chart with its averages recording a strong bullish pattern. This indicates increased buying pressure for the star cryptocurrency on the market.
If the market holds the price of Bitcoin above its resistance level of $66,726.55, the bulls will prepare to test its upper high of $73,750.07 in the near future. However, a reversal in this trend could send the price of BTC crashing towards its low of $60,178.50.
Ethereum (ETH):
THE ETH Price has surpassed the $3,500 mark with a jump of about 3% over the past day and a trading volume of $16.985 billion, a change of +15.11%. Furthermore, the altcoin leader is up 11.82% over the past seven days, indicating a stronger bullish influence.
TradingView: ETH/USDT
The 50-day EMA is acting as a support to the price chart in the 1D time frame, highlighting a growing positive sentiment for the Ethereum PriceFurthermore, the RSI indicator continues to trade above its midpoint, with its average showing bullish action.
If the market continues to trade under a bullish influence, the price of ETH coin will head towards its upper resistance level of $3,700 this month. On the contrary, if the bears overwhelm the bulls, the cryptocurrency Ethereum will retest its low of $3,272.50.
Binance (BNB):
Amid the growing positive influence in the cryptocurrency market, BNB coin price has seen a 3.22% jump in the past day. Also, with a YTD return of 89.71%, Binance price has secured its spot as the fourth largest cryptocurrency with a market cap of $87.216 billion.
TradingView: BNB/USDT
The technical indicator, MACD, is showing an ascending pattern in its histogram, indicating an increase in buying-selling pressure in the cryptocurrency market. In addition, the EMA is recording a bullish pattern, suggesting a positive outlook for the altcoin in the near future.
If bulls continue to dominate the market, Binance Price will prepare to test its resistance level of $635. On the negative side, a bearish action could result in a decline in BNB price towards its low of $543.
Solana (SOL):
THE Price Solana successfully breached its major resistance zone after briefly trading below it. Furthermore, the altcoin has jumped 5.63% over the past day and 22.97%. With a YTD return of 55.51%, SOL cryptocurrency is currently valued at $79.063 billion.
TradingView: SOL/USDT
The Relative Strength Index (RSI) is heading towards its overbought range with its trading average above the midpoint. In addition, the SMA indicator is consistently supporting the Solana price chart in the 1D time frame, suggesting that the price will continue to gain value.
Maintaining the bullish sentiment will set the stage for the Price SOL to head towards its upper resistance level of $209.70 in the coming weeks. Conversely, a bearish reversal could push Solana cryptocurrency towards its low of $155.
Ripple (XRP):
THE XRP Price jumped 5.89% in the past day with a trading volume of $2.066 billion and is up 18.36% in the past month. This highlights a growing bullish sentiment for the altcoin in the cryptocurrency space.
TradingView: XRP/USDT
The MACD indicator is recording a steady decline in the green histogram. On the other hand, the 50/200-day EMA shows a high probability of a Golden Cross in the 1D time frame, indicating a growing bullish sentiment.
If the market holds the Price of the ripple above its major support level of $0.560, the bulls will prepare to test its upper resistance level of $0.690 in the near future. However, if the bears regain momentum, the XRP coin price will decline towards its low of $0.4880.