- Crypto analyst Lockridge Okoth highlights the importance of Bitcoin’s price surpassing $59,200. If achieved, it would indicate that BTC has already hit its bottom.
- Despite the declining momentum for Ethereum, the analyst maintains the reversal pattern of the uptrend.
- The analyst finally notes that XRP Coin bulls are starting to show strength.
Bitcoin, Ethereum, and XRP Coin are all experiencing significant shifts in their market positions. This article provides an in-depth analysis of their current trajectories.
Bitcoin’s Path and Key Levels
On Wednesday, the decline in Bitcoin’s price saw it nearing the Bull Market Support Band at $55,831. However, dovish news from the FOMC reversed its fortune as BTC’s price gradually rose. If bulls manage to pull BTC above the $59,200 level, it is likely to solidify a recovery, indicating that BTC has bottomed out at $56,552. Meanwhile, Bitcoin’s price remains stranded in the forest amidst declining momentum and increasing bearish sentiment, as indicated by the Relative Strength Index (RSI) and Awesome Oscillator (AO) momentum indicators.
Ethereum Still Flirting with 25% Upside Potential
Ethereum’s price is consolidating within a falling wedge formation. This bullish formation will be validated following a decisive break above the upper trend line on a daily timeframe. The target for this formation is a 25% move towards $4,250, determined by measuring the height of the wedge and overlaying it at the expected breakout point. Ethereum’s price continues to hold above $2,900 on a 12-hour timeframe, thereby maintaining the validity of the falling wedge formation.
XRP Coin Fighting Against Further Decline
Ripple (XRP Coin) bulls have shown determination in defending the $0.5000 threshold. Therefore, it is likely that XRP Coin’s price will rebound around $0.4952, marked by the 50% Fibonacci retracement level. The RSI has managed to record higher lows on a daily timeframe, indicating increasing bullish momentum. With increasing buying pressure, it is possible for XRP Coin’s price to bounce back, potentially reclaiming the peak of the range at $0.5715.
Conclusion
Bitcoin, Ethereum, and XRP Coin are all experiencing significant market shifts. While Bitcoin and Ethereum show signs of recovery, XRP Coin is fighting against further decline. As always, investors are advised to conduct their own research before making any investment decisions.
