The cryptocurrency market has experienced significant bearish momentum but Bitcoin has regained the $85,000 mark, showing potential for increased volatility. Ethereum is stabilising around $1,600, while XRP maintains support above $2. Price predictions suggest Bitcoin could reach $90,000, ETH may target $1,800, and XRP could prosper up to $2.50, contingent on market conditions.
The cryptocurrency market has recently concluded on a bearish note, with leading tokens positioned around critical support levels. Current market statistics indicate a trading volume of $43.61 billion and an industry value of $2.69 trillion. The fear and greed index stands at 32/100, while the altcoin season index lingers at 18/100, indicating a potential delay in an altcoin season recovery.
Bitcoin has successfully reclaimed its position above the $85,000 mark, although it continues to encounter price instability. The intraday trading volume is reported at $14.208 billion with a market capitalisation reaching $1.68 trillion. Bitcoin’s dominance has been above 63%, and optimistic speculation within the community suggests a possible bullish reversal prior to the quarter-end. The MACD indicator supports a positive outlook, indicating the potential for Bitcoin to target $90,000, while liquidity issues could threaten a decline to $78,500.
Ethereum is currently trading around $1,600, with an intraday trading volume of approximately $6.89 billion, reflecting a year-to-date correction of 51.63%. Ethereum’s market dominance stands at 7.17%, raising concerns about the future of its smart contracts. The SMA lends support to Ethereum’s price action, revealing increased buying pressure, while MACD reinforces a bullish trend. Should market conditions favour upward movement, ETH may aim for resistance at $1,800 and potentially reach $2,000. Conversely, negative trends could retract prices lower to $1,500.
XRP’s weekly performance has been stable, concluding with neutral price action while experiencing a decline of over 14% in value over the past 30 days. Presently, it boasts a market capitalisation of $120.78 billion and trades approximately 46% below its all-time high (ATH). Positive signals from the SMA and MACD suggest increasing bullish sentiment. If XRP can maintain support above $2, it may progress towards a resistance level at $2.50; however, a downturn could see it retreat to $1.75.
