Over the past week, the cryptocurrency market has seen a decrease of approximately $80 billion in its overall valuation, indicating a significant selling pressure in the industry. This has led to notable corrections in the portfolios of top tokens like Bitcoin, Ethereum, and Ripple.
With the U.S. elections just around the corner, many are wondering if the top cryptocurrencies will regain momentum. Additionally, there is speculation on whether these tokens will reach new highs during what is traditionally considered the most bullish month of the year, or if external factors will cause a major correction in the crypto market.
Bitcoin (BTC)
Despite a slight drop of around 1% in the past day and 4.65% in the last three days, the price of Bitcoin has remained above the $70,000 mark. In fact, it has increased by 3.11% over the past week and by 13.68% in the last 30 days.
Technical indicators like SMA and MACD have shown a significant increase in the price chart for Bitcoin in the 1D time frame, suggesting heightened buying and selling pressure in the market.
If the bulls manage to overpower the bears, there is a possibility of Bitcoin surpassing its previous high of $73,750.07 and reaching a new peak. Conversely, a negative turn of events could push the price towards the $66,000 range.
For more insights, check out our Bitcoin (BTC) Price Prediction!
Ethereum (ETH)
Following a similar trend to Bitcoin, Ethereum has experienced a negative price action this week. However, with a year-to-date return of +11.63%, there is a long-term bullish outlook for the largest altcoin by market cap.
The RSI indicator has recently tested its neutral point in the 1D time frame, coupled with a bullish crossover in the EMA 50-day, hinting at a potential bullish reversal for Ethereum in the near future.
Maintaining a price above the support level of $2,530 could pave the way for ETH to test its resistance level of $2.8k soon. Conversely, a resurgence of bearish sentiment may lead to a retest of the $2,200 mark.
Ripple (XRP)
Despite market uncertainties, Ripple has seen a 2.26% increase in its valuation over the past 24 hours, with a trading volume of $1.250 billion. The token has managed to stay above the $0.52 level briefly, indicating strong buying interest at that price point.
The Moving Average Convergence Divergence (MACD) indicates a neutral price trend for Ripple, with its averages reflecting a similar price action. This suggests a weak performance for the altcoin in the crypto market.
If bullish sentiment strengthens, Ripple could break through its crucial resistance zone and aim for its previous high of $0.560. Conversely, a bearish turn of events may lead to a drop towards the $0.480 support level.
For more insights, explore our Ripple (XRP) Price Prediction!
