The crypto market has lost
1.98% of its value, dragging the total valuation down to $3.24 trillion. Fascinatingly, the Altcoin Index has also receded from its previous position to 25/100, discouraging the hope of an altseason in the near term. Above all, the top cryptos by market cap – Bitcoin (BTC), Ethereum (ETH), and XRP are showing signs of weakness as key market indicators display fading bullish momentum and a phase of consolidation.
Bitcoin (BTC) Price Analysis
At press time, Bitcoin was trading at $103k after printing a 0.68% loss on its daily price chart and a 1.17% loss on its weekly chart. According to our market data, investors’ interest has significantly increased as its trading volume jumps by 90.5% from the previous day. However, the asset is still struggling to break into the $105k resistance level.
Looking at Bitcoin’s Relative Strength Index, it could be seen that there was a rejection at the overbought territory of 70, sending the momentum back to 65 on the chart. While this could signal bullish potential, it also hints at fading momentum. On Sunday, May 18, the Moving Average Convergence Divergence (MACD) of Bitcoin equally showed a bearish crossover. According to analysts, this marks the beginning of a bearish trend. Based on the current situation, Bitcoin could likely decline to $100k if it fails to stage a bullish reversal, as noted in our earlier post. Overturning the trend could also send the price all the way to its all-time high at $109,588.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is also struggling to retain the recent gains, declining by 4% in the last 24 hours and 5% in the last seven days. According to market data, the asset is currently trading at $2,400 with a market cap of $290 billion. Contrary to the price action, traders appear to have shown interest as its 24-hour trading volume made a significant upsurge by 160%.
Similar to Bitcoin, ETH was recently rejected on the RSI chart, taking a nosedive from the overbought territory to 60, signalling a fading momentum. A continuation of the current bearish run could see the asset declining to below $2000. Holding the current level could also see the asset making a U-turn to the $2,850 and the $3000 level, as also mentioned in our previous news brief. In our recent analysis, ETH was predicted to stage a 25,000% run, mirroring the 2017 cycle.
XRP Price Analysis
XRP is trading at $2.3 after printing losses of 3% and 4% on its daily and weekly price charts, respectively. Currently, XRP is moving around the 52nd section of the RSI indicator. A continuation of this momentum is reported to send the price below $2. However, holding above the 50-day EMA could see XRP making a rebound to $2.7, as also analyzed in our recent coverage.
Meanwhile, an analyst identified as JD has predicted that the asset could complete a historical pattern to record a fivefold increase in the next two months, as explored in our recent report.