Bitcoin is facing an uphill task after the weekend rally in which the price of the coin rose almost 10%. According to analyst Lockridge Okoth, although the situation looks bullish, the previous bearish forecast still holds. The analyst also looks at the technical outlook for ETH and XRP. Crypto analyst Valdrin Tahiri says ADA is threatened with selling.
Leading cryptocurrency price will need stronger momentum
cryptocoin.comAs you follow, Bitcoin lost almost half of the gains made during the weekend rally. Thus, it is correcting after Sunday’s breakout. Although the outlook is bullish, the odds are still bearish. So, BTC pullback is possible. If BTC continues to move diagonally along the downtrend line and pulls back, the coin price could dip below the 50-day Exponential Moving Average (EMA) support to reach $27,435.
Further downside pressure is possible to push BTC towards the 100-days EMA at $26,475. Or worst case, a drop below $25,923 is possible. Thus, BTC is likely to drop into the $25,000 range before tagging the 200-day EMA at $25,098. The Relative Strength Index (RSI) is also downtrend and shows that the momentum among BTC bulls is waning. Its slope towards the middle line indicated that the bears may be fast approaching and Bitcoin price could drop further unless buyer momentum resurfaces.
Conversely, if late investors re-enter the market, it is possible for Bitcoin to break above the downtrend line. This is likely to pave the way for an ongoing rally. Such a move is likely to move BTC into the $30,000 range. The most optimistic target is the $30,801 resistance level, which represents a 10% increase.
ETH needs to rise above this level, otherwise…
Ethereum (ETH) price is trading in an uptrend. However, ETH may be useless unless it rises above the May 28 high of $1,930. It makes sense for investors to wait for the $1,935 level to be confirmed. Meanwhile, ETH is facing resistance due to the downtrend line obtained by combining the lowest highs recorded since mid-April. Unless the coin breaks that pressure, investors should expect more losses. ETH will take a downward step to label the $1,700 support level, potentially flipping supports due to the 50 and 100-day EMAs at $1,841 and $1,783, respectively.
On the other hand, both the RSI and MACD indicators are bullish. Therefore, hopes remain for Ethereum. The Relative Strength Index at 63 suggested further north before the altcoin was overbought. Similarly, histograms are positive. It also shows that the bulls have front row seats. Therefore, it is possible that an increase in buyer momentum could help Ethereum rise above the descending trendline. Thus, it is likely to hit the $1,930 barrier before a 5% rise to the $2,000 level.
Crypto pata price under threat as XRP overbought
Ripple is trading with a bullish trend on all time frames after the rise experienced in the second week of May. A strong uptrend countered the bears’ efforts to rally the market as traders pushed aside around May 25 joined the majority. If this group of buyers picks up its momentum, it’s possible for XRP to hit single digits before long.
Meanwhile, XRP price is overbought based on the RSI position at 72. An impulsive move north could indicate market manipulation as investors enter the market with strong belief to push the price higher. RSI above 70 indicates a potential correction, possibly as market makers are taking profits. It is possible that the ensuing selling pressure will cause Ripple to slide below the $0.49 close support. In a more dire situation, it is likely to revisit the $0.45 to $0.40 range.
Cardano price drops after divergence
The weekly timeframe technical analysis for ADA provides a bearish outlook. The main reason for this is the divergence above the long-term $0.40 resistance area followed by a decline below it. This is a bearish sign as it means the breakout is illegitimate. Rather, sellers took over and drove the price down.
Also, the weekly Relative Strength Index (RSI) is trending bearish. The indicator is below 50 and falling. This is also a sign of a bearish trend. Technical analysis from the shorter daily timeframe is in line with the readings from the weekly timeframe. Thus, it provides a bearish ADA price forecast.
Currently, ADA has bounced off the ascending support line, which has been in place for 152 days. However, the line has been touched four times so far. As the lines weaken each time they are touched, an eventual break is possible. Breakouts from such long-term structures often lead to significant bearish moves. A daily close below the line will be required to confirm the breakdown. It is possible that this will happen in the next 24 hours. In this case, a drop to the $0.30 horizontal support area is likely.
Despite this bearish ADA price prediction, the continued bounce could continue towards the $0.41 resistance area. If the price closes above this, the bearish prediction will be invalid. Thus, it will likely start a sharp increase to $0.50. However, a rejection from the region will mean that the trend is still bearish.
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