The crypto market stabilised after the total market cap declined by 2.3% to reach $2.64 trillion.
According to our market data, the 1-hour chart of almost all the top assets appears to be in green, with Bitcoin (BTC), Ethereum (ETH), and XRP showing more potential.
Bitcoin (BTC) Price Analysis
Bitcoin was trading at $83k at press time after facing multiple rejections at $85k. While its 24-hour chart shows a 2% decline, its weekly chart indicates that investors are still in profit with an 8.4% gain. Bitcoin’s market cap has also increased to $1.6 trillion, expanding its market dominance to 63%. Even so, the daily trading volume has declined by 3%, with $28 billion changing hands at press time.
Looking at the Relative Strength Index (RSI), the asset appears to have a neutral sentiment as the reading hovers around 50. According to analysts, a decisive break above the $85k level could see Bitcoin reaching $90k. Once it secures this area, the price could subsequently rise to $95k. However, failure to validate this possibility could see the asset drop to its crucial support level of $78,258. As detailed in our last news piece, Bitcoin has a higher chance of hitting $126k by June.
Ethereum (ETH) Price Analysis
Ethereum is attempting to bounce back above its resistance level of $1,665 after printing 6.5% gains on its weekly chart. However, the asset is struggling on its 24-hour chart as it declines by 4.4% to trade at $1,576.
Unlike BTC, ETH’s RSI shows a bearish momentum at 40, indicating that the price could fall to $1,300 if sellers prevent the attempt of buyers to dominate the market. If the asset ends up rising to $1,700, it could continue to reclaim the $1,861 resistance level. As previously mentioned in our analysis, analysts believe that ETH could make a subsequent jump to $3,100 and later hit $3,700 in the short term.
XRP Price Analysis
XRP is currently trading at $2.0 after breaking above the 200-day EMA at $1.95. Earlier, it attempted to rise above $2.23. However, it faced rejection at the current level. At press time, XRP had “printed” a 14% gain on its weekly chart and recorded a 4.25% decline on its 24-hour chart.
According to analysts, XRP could fall to $1.77 once it loses its support at $2.0. However, a surge above the $2.23 resistance level could see that asset hitting $2.50 in the short term. XRP has been tipped to hit $15 once the bull market returns and most of the spot Exchange Traded Funds (ETFs) get approval. As highlighted in our previous article, an analyst identified as Zach Rector believes that the potential inflow of $4 billion in the ETF’s first year of trading could significantly impact the market cap to $925 billion.
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