Bitcoin Eyes $55K While XRP and ADA Aim at $0.6, It’s Game on!

• BTC might rise to $55,000 if bulls can defend the $48,645 support.
• XRP was overbought, suggesting a retracement to 0.236 Fib level at $0.52.
• A close below the 9 EMA could pull ADA back to $0.54.

Since the beginning of the week, prices of several cryptocurrencies like Bitcoin (BTC) have been soaring. According to CoinMarketCap, BTC’s price was $52,109 at press time. This indicates a 17.83% hike in the last seven days.

However, it has not just been Bitcoin all along. Altcoin including Ripple (XRP), and Cardano (ADA) have also been following this pattern. In particular, XRP’s value jumped by 4.61% in the last 24 hours to hit $0.54. ADA, on the other hand, increased by 4.81% and reached $0.57.

Bitcoin (BTC)

On the 4-hour chart, BTC has broken through the $50,107 key resistance level. In the process, major support had been formed at $48,645. However, the Relative Strength Index (RSI)  showed that the coin was overbought, indicating a correction for BTC in the near term.

Despite the possibility of a retracement, the technical oscillator presents a bullish outlook. Therefore, with the $48,645 support, it is unlikely that Bitcoin’s price would pull back as high as 15% in the short term. Signals from the Chaikin Money Flow (CMF) also supported a bullish thesis for Bitcoin.

At a reading of 0.17, the CMF indicated that buying pressure was stronger. From a bullish perspective, a robust upward momentum might drive BTC toward $55,000. Therefore, market participants might need to anticipate more gains.

However, a bearish verdict could see BTC pull back due to the overstretch gains. But if this happens, consolidation between $48,000 and $51,000 could be next.

Ripple (XRP)

The 4-hour XRP/USD chart showed that the token tried to breach the $0.55 resistance but it was pulled back despite forming a bullish structure. XRP has been riding on Bitcoin gains, and from the movement, the cryptocurrency seemed to be eyeing $0.60.

Coin Edition looked at the Fibonacci retracement indicator and noticed that XRP might retrace to $0.52. This was where the 0.236 Fib level was positioned. But for XRP to decline to the aforementioned price, traders have to book profits.

The RSI showed that this could be possible considering how the reading hit 71.17 earlier before falling. However, if the bullish thesis remains present, XRP might rise as high as $0.61 where the 4.236 Fib level was. 

Cardano (ADA)

ADA faced rejection after it tried to approach $0.60 which was a major psychological resistance. But despite the drawback to $0.57, ADA’s price was able to sustain its place above the 9 EMA (blue) and 20 EMA (yellow).

At press time, the 9 EMA was at $0.570 while the 20 EMA was at $0.560. As it stands, there is a possibility that ADA might slide below the 9 EMA. If this happens, the price could decline to $0.54. 

However, if bulls can defend the price at $0.55, ADA’s price might not shrink, and a northward movement to $0.60 might be next.