Amid increased price volatility in the cryptocurrency market, top tokens continue recording a mixed price sentiment. Moreover, limelight tokens such as Bitcoin, Ethereum, and XRP are currently hovering close to critical ranges.
Further, with a bearish start to “Uptober”, will these tokens make a comeback in the near future? To uncover such a mystery, let us understand the market sentiments and potential price targets of these tokens.
BTC Price Reclaims $62,000 Mark!
With repeated rejection at its resistance trendline, the Bitcoin price has continued trading within the falling channel pattern since March. Moreover, failing to hold its value above $66k, it has dropped ~6% in 7 days.
The EMA 50/200-day shows a high possibility of a Death Cross in the 1D time frame, highlighting a weak bullish sentiment for the market leader in the crypto space.
Further, the Relative Strength Index (RSI) continues hovering close to its neutral point with its average trendline recording a constant decline. This suggests a negative outlook for the Bitcoin price this week.
If the bullish momentum resurfaces, this could result in the BTC crypto price heading toward its resistance level of $66,000. On the flip side, a bearish action could pull the price toward its low of $60k.
ETH Price Holds Its $2.4k Level!
Amid ongoing market turmoil, the Ethereum price dropped ~10% over the past seven days. Notably, the ETH price records its 5th failed attempt to break out of its major resistance level.
With the second-largest crypto token recording a consolidated action, the technical indicators have turned neutral. This highlights uncertainty in the future price action of the Ethereum token.
Suppose, a bullish reversal occurs, in that case, the ETH coin price could retest its $2.8k level. Conversely, if the bears dominate the crypto space, the price could drop toward a new yearly low.
Ripple Price Eyes To Retest $0.560 This Uptober?
With a bullish rebound, the XRP price has held its value above the $0.50 mark. However, with the Ripple vs SEC lawsuit gaining momentum, the 7th largest cryptocurrency hints at a mixed price sentiment.
The EMA 50/200-day shows a potential Death Cross in the 1D time frame with the RSI indicator hovering close to its oversold range. This highlights a weak bullish action in the market.
If the XRP token reclaims the $0.56 mark, it could potentially retest its yearly high of $0.72 during the upcoming weeks. However, if the situation favors the SEC, the Ripple token could plunge to $0.42 this year.
Concerned about your XRP holdings? Read our Ripple (XRP) Price Prediction for potential price targets!
Source: https://coinpedia.org/price-analysis/bitcoin-ethereum-xrp-price-prediction-potential-bullish-reversal-on-cards/