XRP and other altcoins are seeing tremendous increases since the past week. It gained a whopping 17%, retesting $0.61.
The crypto market is teeming with life, as almost every asset in the top 100 is on the uptrend. One such is the Cronos. It hit $0.18 a few hours after starting the day 55% lower. It may close as the top gainer over the last 24 hours.BRETT closes behind with a 24% increase. It opened trading at $0.102 and peaked at $0.128.
The global cryptocurrency market is surging following the increases in different assets. Trading volume surged by over 30% over the last 24 hours. Valuations are also nearing $3 trillion. Currently at $2.95 trillion, it is up by 10%.
Former Binanace CEO, CZ announced that the surges are just starting. However, CryptoQuant’s CEO said the market must undergo a healthy correction that may send Bitcoin as low as $58k. He cited the Future market as the basis for the assertion.
Will the dump start this week?
Top Four Cryptocurrencies
BTC/USD
Bitcoin registered massive gains during the previous week. It climbed above its previous high, registering a new all-time high. Most of the uptrend happened on Wednesday, opening at $69,400 and breaking the previous ATH at $73k. BTC peaked at $76,481 and closed with gains exceeding 9%.
Wednesday’s surge was one of its most enormous green, and the uptick is ongoing. The apex coin gained a whopping 17% on the weekly scale and may register a similar figure over the next six days if the conditions remain the same.
The uptrend is ongoing, and Bitcoin registered a new ATH a few minutes before the time of writing. It started the day at $80,400 and experienced a massive spike in buying volume. Coinmarketcap estimates the volume to be over 37% higher than the previous day’s. It propelled up, breaking $84k and $86k.
It continued upward, breaking the $88k barrier and peaking at $88,480. The apex coin is experiencing minor corrections after the latest milestone. Nonetheless, indicators on the one-day chart are blaring warnings.
The relative strength index has broken above 70 since Wednesday and remained above it. It is at 83, the highest this year, which means BTC is overbought due to traders’ massive buying frenzy. The current reading suggests that it is due for a massive correction.
If the decline starts this week, Bitcoin may drop as low as the second pivot resistance at $82k. The drop may continue below $80k. Continuing the surge with the present momentum may guarantee an attempt at $95k.
ETH/USD
Ethereum started the current uptrend on Wednesday, surged from $2,422 to a high of $2,746, and closed with gains exceeding 12% after a slight decline. Although its attempts at $2,800 failed, it attained the height during the next intraday session, hitting $2,900 and closing with gains exceeding 5%.
ETH attained another milestone a few minutes before the time of writing. It broke the third pivot resistance at $3,200 and edged close to $2,400. However, it failed to break this critical mark due to massive rejections at $3,375. Currently at $3,310, it maintains $3.3k support.
However, RSI suggests that it may lose the highlighted barrier this week. The metric surged above 70 Friday after its first attempt at $3k. It has continued upward buying pressure increased. At 78, the second-largest altcoin is overbought and due for a massive correction.
If the ongoing decline continues, ETH will lose the third pivot resistance. It risks further descent if the bulls fail to soak up the excess supply. It may retest the second pivot resistance below $3k, the next crucial level to watch.
Nonetheless, if the bullish sentiment continues, it may continue its uptrend. The altcoin may break above $3,500 within the next six days, which would mean flipping the fourth pivot resistance.
XRP/USD
XRP had a whopping 17% increase during the previous week. One of the week’s highlights was Wednesday, when it broke above its fourteen-day high at $0.53. It continued upward, retesting its pivot point at $0.54. Thursday saw it break above the critical mark, slightly falling short of $0.58.
It also had a very good end to the seven-day session. However, Sunday saw massive volatility, with prices surging from $0.55 to $0.61. The bears soon capitalized on the surges, sending prices to a close at $0.59.
The bullish action is ongoing, and the altcoin trades above the first pivot resistance. It surged after a decline to $0.57 earlier in the day. The small price drop may be in response to the massive buying volume pouring into it. RSI shows that it is overbought, trending at 74 at the time of writing.
XRP trades at $0.61 after peaking at $0.63. If the downtrend continues, it risks losing the first pivot resistance. The bulls must defend $0.60, as failure may result in a retest of the $0.57 barrier.
The pivot point standard points to the next critical resistance at $0.69. The buyers may continue pushing prices closer to this mark. It may guarantee breaking above September’s high within the next six days.
ADA/USD
Cardano holders are in high spirits, with many posting images of its co-founder and applauding his work. The uptrend started on Wednesday with an over 8% increase. It climbed above its pivot point at $0.34, peaking at $0.36. It continued the climb the next day with a 12% surge, breaking the first pivot resistance and peaking at $0.40.
On Sunday, ADA had a historic climb. It started trading at $0.49 and shot up as it experienced a massive increase in buying pressure. ADA broke above the fifth pivot resistance at $0.51 and continued until it faced massive rejections at $0.65. Although it saw notable declines, it closed with gains exceeding 18%.
Cardano is still on the uptrend. It has since struggled to retest $0.65 following the previous day’s close at $0.59. It dropped to $0.56 before rebounding. If the bulls fail to continue the surge, indicators point to further downhill movement.
RSI surged above 70 on Thursday after its first attempt at $0.40. It has continued upward buying pressure increased. Currently, at 86, the altcoin is overbought and due for a massive correction.
ADA may retest $0.50 if the downtrend starts this week. It may continue downward, hitting the fourth pivot resistance at $0.48. On the other hand, it may break above $0.66 in the coming days
