Bitcoin, Ethereum, and XRP Price Forecast: Will Bulls Make a Comeback in July?
Bitcoin, Ethereum, and XRP Price Prediction:
The cryptocurrency market has shown weak price activity since the beginning of the month, signalling a rise in selling pressure within the crypto industry. Furthermore, the worldwide cryptocurrency market capitalization has dropped by 10.27%, from $2.53 trillion on June 1st to $2.27 trillion on June 30th.
Furthermore, the elite cryptocurrencies remain close to their critical support levels, indicating heightened bearish sentiment in the crypto market With increased volatility in the cryptocurrency market, will the top three tokens have a bullish reversal in July, or will they fall to new lows? Dive in as we examine the price analysis and targets for Bitcoin, Ethereum, and XRP for the coming week.
Bitcoin Price Forms a Channel Pattern:
The Bitcoin (BTC) price has established a parallel channel pattern in the 1D time frame, indicating that the market’s star cryptocurrency will have lacklustre price movement. Furthermore, the Bitcoin price is lingering at its critical support level of $60,819.50, the future of which is uncertain.
TradingView: Bitcoin/USDT
The Simple Moving Average (SMA) is on.
On the verge of posting a bullish crossover in its price chart. This indicates an increase in buying-over-selling pressure and the likelihood of a bullish reversal for the Bitcoin price in the cryptocurrency industry.
On the other side, the technical indicator RSI has successfully retested its oversold level. This resulted in a favourable convergence for the BTC token.
If the market keeps the Bitcoin cryptocurrency price above its critical support level of $6,819.50, bulls will advance to its resistance level of $67,775. If bears continue to dominate the market, the Bitcoin price will fall towards its lower support trendline.
ETH Coin Price Shows Increased Bearish Activity:
During the ongoing cross-border market slump, the Ethereum price has created a falling channel pattern and has been trading within it since the beginning of June. Furthermore, the altcoin leader is down 3.37% in the last seven days and 9.40% in the last 30 days.
TradingView: Ethereum/USDT
The EMA 50-day is a persistent resistance to the ETH price chart in the 1D time frame, indicating a weak positive price action for it in the crypto market.
Furthermore, the Moving Average Convergence Divergence (MACD) has steadily decreased in the red histogram. Furthermore, the averages show a significant likelihood of bullish convergence, implying a likely positive turnaround in the near term.
If the bulls regain strength, the ETH price will break out of its resistance trendline and ready to challenge its $3,730 barrier mark during the next week. However, if the bears gain control, the Ethereum cryptocurrency would fall to its lower support level of $3,000.
The Ripple price is on the verge of testing its crucial support:
The XRP price has created a symmetric triangle pattern in the 1D time frame and has been trading within it since mid-April. Furthermore, with a 3% decrease over the last seven days, the altcoin has fallen dangerously near to its critical support trendline.
Trading view: XRP/USDT
The technical indicator MACD shows a consistent flatline in its price chart, indicating weak buying and selling activity in the cryptocurrency industry. Furthermore, the averages reflect a neutral trend, indicating that the XRP cryptocurrency’s future price action is unknown.
If the market regains momentum, the Ripple price will ready to retest the symmetric triangle pattern’s resistance trendline during the next week. Bearish price activity might push the XRP currency price down to its low of $0.420 in the near future.
SOURCE : COINPEDIA