XRP is currently grappling with significant selling pressure on Tuesday. It is down almost 2% and eyes another key retest of the $1.30 support.
Over the last seven days, XRP has been in a downtrend, but indicators suggest it may be nearing a recovery. When the rebound will start remains to be seen.
However, it is worth noting that bearish sentiment affects the entire crypto market. For example, HYPE has seen notable increases over the last seven days. It prints a doji after facing rejections a few hours ago.
The global cryptocurrency market cap is also at one of its lowest values over the last three months. Investors are still unsure about the next price action amid uncertainty.
Nonetheless, the recent market decline was due to fundamentals. The US resumed its strikes on Iran amid diplomatic dialogue to end the conflict. Both parties have since assumed offensive positions.
The fragile peace investors hoped for over the weekend is breaking. It remains to be seen how long the current escalation will last.
Away from issues in the Middle East, a recent analysis noted key economic events for this week. The major releases will start on Thursday. If they come out as expected, the market will react adversely. However, there’s room for surprise.
Let’s see what the charts predict will happen in the coming days.
BTC/USD
Bitcoin retraced below $76k again on Tuesday. It faced notable rejection at $78k and is currently grappling with selling pressure.
In hindsight, this marks the ninth consecutive day the asset has failed to decisively flip the barrier. Although it saw notable gains over the weekend, the upward momentum has since faded, and fears of further declines in the coming days have reached a new high.
Nonetheless, the bollinger bands on the 4-hour chart suggest that it is due for a rebound. The metric has been narrowing over the last three days, indicating that BTC is gearing up for a major breakout. The indicator suggests that it may surge higher in the coming hours as it trends at the lower band.
According to the BB, Bitcoin will decisively flip $78k this week. However, the relative strength index paints a grim picture as to what will transpire. Over the last fourteen days, it established a barrier around 57. After testing this mark, it retraced and rebounded close to 30.
It means that the likelihood of further decline is notably high. Bitcoin will retest $74k within the next three days.
ETH/USD
One outlook noted that Ethereum risks retesting $2k this week. It also noted that the altcoin may have reached its weekly high as of Monday.
The 4-hour chart reiterates this prediction. ETH is currently trading below its pivot point. Since losing the PP, its next target will be the first pivot support at $2,017. Although it bounced off the S1 on Saturday, it may lose the mark this week.
Interestingly, the 52 VWMA also aligns with the assertion that the asset may have peaked. The metric currently sits close to the $2,150 barrier. ETH will likely face rejection if it tries to flip the mark.
BNB/USD
BNB broke above the $660 resistance for the first time in over seven days on Monday. However, the stay above the barrier was short-lived as it soon retraced.
The asset is back below the mark due to notable selling pressure, as seen with XRP. Nonetheless, the 50- and 200-MAs on the 4-hour chart suggest the downtrend is far from over.
The 50 MA has been a resistance for an extended period. However, that changed last week, and it’s now a tough support. BNB is trending close to it at the time of writing. If it loses the metric, a drop below $640 is almost inevitable.
XRP/USD
XRP is currently printing a green candle on the 4-hour chart. It suggests the bulls are attempting a buyback, but their success is still meager at the time of writing.
The pivot point standard shows that if the altcoin fails to reclaim its PP at $1.35, it will result in a drop below $1.30. Although it recently rebounded off S1, the likelihood of slipping below it this time increases.
On the 1-day chart, XRP has posted a lower high for the fourth consecutive day. The bollinger bands also support predictions if a drop below $1.30.
SOL/USD
Solana is trading close to bollinger’s lower band at the time of writing. It rebounded off the mark a few hours ago, which means it may be gearing up for further increases in the coming hours. Its green candle may be the start of the recovery.
However, SOL is not completely out of danger. It will attempt to flip the pivot point at $84.8, and if it breaks above it, the altcoin faces another hurdle at $86. Previous price movement suggests that it may face rejection.
The pivot point also suggests that failure to decisively flip resistance will lead the asset to retrace toward $80.
DOGE/USD
Like XRP, DOGE has posted lower highs over the last five days. It has also trended close to bollinger’s lower band during this period.
However, it prints a doji on Tuesday, suggesting reduced selling pressure. It may also signal further increases in the coming days.
The 4-hour chart aligns with predictions of further price increases, as DOGE recently bounced off the lower band. It may retest $0.105 next. The pivot point standard indicates that if it flips, the memecoin may edge closer to the first pivot resistance at $0.110.
HYPE/USD
Hyperliquid was on the uptrend a few hours ago, but lost momentum after being rejected at $64.7. Like XRP, it is currently grappling with notable selling pressure and is down by over 3%.
On the 4-hour chart, the asset is approaching a short-term support. If the mark holds, the altcoin will resume its uptrend. However, if it fails, a drop to $54 is likely.
