It’s Not Only BTC Having Difficulties! These 2 Altcoins Are at the Crossroads

The top three cryptocurrencies are Bitcoin (BTC), Ethereum (ETH) and altcoin Ripple (XRP). The most followed ones in the cryptocurrency world. These are the cryptocurrencies that aim to regain momentum and start a recovery. All three show signs of potential upside. On the other hand, they face significant obstacles that can change their destiny.

Bitcoin’s recovery battle

Alongside altcoin projects, Bitcoin (BTC) is grappling with a descending trend line. It also puts limits on the upside potential. On the other hand, it is struggling to overcome the resistance placed by the 50-day and 200-day Exponential Moving Averages (EMA) at $26,948.

In a recent trading session, BTC climbed nearly 3% alongside altcoin projects. Accordingly, it made a commendable effort by rising above the trend line momentarily. However, it faced a tough rejection at the resistance junction by the 50-day and 200-day EMA at $26,948. When we examine the Relative Strength Index (RSI) and Awesome Oscillator, we observe that although momentum is showing signs of recovery, it remains relatively weak. This leaves the door open for a potential decline.

Bulls still have a fighting chance

However, the RSI is trending upwards. Additionally, the bulls still have a fighting chance as the Awesome Oscillator remains positive. To confirm the bullish breakout, BTC must break above the 100-day EMA at $27,330. It should also potentially target the $27,771 resistance level, which was last tested in late August.

Conversely, if a breakout does not occur, selling pressure will cause a decline below the psychological support at $26,000. It will also result in a possible test of the BTC demand zone near $25,856. A break below the critical $25,527 threshold will indicate a downtrend. It would also potentially lead to a retest of the September 11 low at $24,899. Accordingly, this would indicate a 5% decrease from current levels. At the same time, altcoin projects will also suffer from this decline.

Altcoin Ethereum’s pending bull call

Altcoin Ethereum (ETH) has entered an upward trajectory with an opportunity to surpass the $1,648 resistance level. This resistance has continued since the beginning of the month. Activation of the pending bullish signal, signaled by the RSI’s attempt to break above the signal line (yellow band), will push ETH beyond the $1,648 barrier.

Altcoin ETH

Supporting this positive outlook, the green tint of the Awesome Oscillator indicates bullish dominance over the bears. A confirmed breakout would require altcoin ETH to break above the 50-day EMA at $1,666. Conversely, rejection of the $1,648 resistance will spark a downward move. On the other hand, it will potentially test the support at $1,551. In the worst-case scenario, increased selling pressure will trigger a liquidity sweep, as evidenced by underlying sell-side liquidity.

Altcoin Ripple’s battle with seller accumulation

Altcoin Ripple (XRP) is in the supply zone ranging from $0.5536 to $0.5145. Accordingly, it faces a difficult recovery process that is overshadowed by significant seller accumulation. This order block contains strong sellers with the 100-day, 200-day and 50-day EMAs all converging within it. As a result, XRP will face downward pressure. It is likely to decline towards the $0.4622 support level. In a dire scenario, the decline will extend to the $0.4191 support level. Accordingly, this represents a 15% decrease from current levels.

Altcoin XRP

The RSI points south, indicating that momentum is waning. It is also further reinforced by the red histogram bars of its Awesome Oscillator, supporting bearish expectations. However, investors who have been sidelined may reverse the trend, pushing altcoin Ripple into the supply zone. There is a decisive break above the middle line of this order block, coinciding with the 50-day EMA at $0.5278. Accordingly, it will confirm the uptrend. In an optimistic scenario, XRP will break through the upper limit of the order block at $0.5536 to $0.6098. Accordingly, when we look at it as, this will indicate a 20% increase.

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