XRP experienced a slight increase on Monday, following its bullish performance the previous day. Notable volume backed the latest hike as buying and selling increased by over 140%.
Nonetheless, the entire cryptocurrency market is seeing significant participation, with trading surging by over 24%. It is also worth noting that investors are becoming more positive about next price actions as the fear and greed index is at 50, a few points higher than the previous few days.
A closer look at the 1-day chart indicates that indicators are also flipping bullish. The latest readings follow the almost stagnant price movement the market had over the last seven days. MACD shows an ongoing bullish convergence, with an impending divergence in the next 24 hours if the current sentiment persists.
A crossover will indicate that the global cryptocurrency is poised for a breakout, moving northward.
Nonetheless, fundamentals are silent about how prices will play out in the coming days. However, investors will be keeping an eye on the US PPI on Wednesday and the CPI on Thursday. These key events can influence how prices react in the coming days.
Aside from these releases, the crypto market is off to a good start, with some crypto assets, including XRP, registering notable increases. Let’s see how they’ll perform in the coming days.
BTC/USD
Bitcoin is off to a good start, almost reclaiming $113k a few hours ago. However, the coin is yet to register any significant gains since the day started. As with the trend over the last seven days, the coin continues to exhibit low volatility.
Nonetheless, the 1-day chart shows an impending trend change. The moving average convergence divergence had a bullish crossover a few days ago. A closer look at the chart reveals a gradual rise in prices since the event. Based on this reading, the apex coin may be gearing up for more increases.
The bollinger bands show BTC trading close to the middle band. Further uptrend may result in a climb towards the upper band at $116k.
However, the 4-hour chart indicates a slight decline over the next 24 hours as the apex coin tested the upper band a few hours ago and is retracing at the time of writing.
ETH/USD
Ethereum is trading at its opening price after a northward move that saw its highest price in the last three days. However, a closer look at the 1-day chart shows that the latest price movement is not peculiar to Monday. A similar event happened more than once in the last seven days.
A closer look at the chart shows that the altcoin traded between $4,250 and $4,490 for most of the last fourteen days. The constant price trend between these two levels indicates that the asset is on the verge of breaking out.
However, the moving average convergence divergence points to a likelihood of an upward surge in the coming days. A closer look at the histogram reveals slightly reduced bars, suggesting that the bulls are gradually edging in the struggle for dominance.
The altcoin will reclaim the 23% fib level at $4,345 and may retest $4,600.
XRP/USD
XRP continues its uptrend following Sunday’s price action. It opened trading at $2.87 and peaked at $3 a few hours ago.
Although the altcoin is experiencing slight price retracements at the time of writing, the MACD indicates that the asset will likely surge higher. The metric is having a bullish crossover, with divergence almost complete.
With readings from one indicator indicating further increases, previous price patterns suggest an impending attempt to reach its fourteen-day high at $3.10. It is also worth noting that the bollinger bands support this prediction as the upper band lies close to the highlighted mark.
BNB/USD
BNB is currently printing a doji following its slight increase and decline. It failed to continue the previous day’s surge, which had seen it peak at $884 from $860.
The bulls appear to be losing strength after three days of greens. However, the moving average convergence divergence indicates that the altcoin will continue its uptrend. The metrics 12 EMA and 26 EMA are almost touching as the bullish crossover nears completion.
The bollinger band indicates an imminent retest of the upper band. Such an attempt will guarantee a return to the all-time high at $900. Nonetheless, it is worth noting that the asset is experiencing notable buying pressure, which may facilitate such a climb.
SOL/USD
Solana is having one of its biggest price increases in the last fourteen days. It opened trading at $206 and surged to a high of $217. However, the asset is experiencing slight corrections at the time of writing.
Nonetheless, like XRP, MACD prints green signals. Additionally, the relative strength index is rising in response to increasing buying pressure.
While the bollinger bands agree with the predictions, they also point to the likelihood of the uptrend being short-lived. SOL will surge above the upper band at $218, indicating a potential return to $220. However, the coin will retrace afterward.
DOGE/USD
Dogecoin is the top gainer in the top 10, gaining more than 6% since Monday started. It continues the previous day’s trend that resulted in an almost equal gain.
Nonetheless, the memecoin is trading at $0.242 and continuing the uptick will see it test its 21-day high at $0.245. Like XRP, MACD indicates an increased chance of flipping this mark following its bullish crossover a few days ago. Additionally, the relative strength index is at 60, indicating a significant spike in buying pressure.
However, DOGE is trading above bollinger’s upper band. This may mean that correction is near.
ADA/USD
ADA opened the day at $0.83 and surged to a high of $0.87, but is currently trading slightly lower at the time of writing. Nonetheless, the altcoin is up by almost 4%. It continues its uptick following the 2% increase on Sunday.
However, indicators suggest that the altcoin will continue its uptrend. Like XRP, MACD prints green signals; the 12 EMA and 26 EMA are almost touching as the bullish crossover nears completion.
The bollinger bands indicate an imminent retest of the upper band. Such an attempt will guarantee a return to its high of $0.96.
