Cryptocurrency Market Analysis Post-Bitcoin-Halving: Will Industry Leaders Make a Comeback?
Despite increased price volatility in the cryptocurrency industry post-Bitcoin-Halving, the top tokens constantly display a neutral sentiment in their respective charts, indicating uncertainty in the market’s future course. Moreover, the mid-cap and low-cap altcoins have experienced the highest gains since Halving, highlighting a high possibility of a switch of investor’s interest toward other projects to maximize their profits.
With the current market sentiments, the industry leaders Bitcoin, Ethereum, and XRP tokens are facing a crucial week ahead.
BTC Price On The Verge Of Testing Its Major Support:
The market leader, Bitcoin price, has recorded a neutral sentiment post-halving by losing approximately 2% within the past week. Moreover, it continues to trade in a consolidated range between $61,025 and $73,754 since the start of March, indicating a weak price action for the BTC price. Despite recording a correction of 10.45% within the past 30 days, the Bitcoin price has a Year-to-Date return of approximately 50%, indicating a high possibility of a bullish price action in the long-term perspective.
The technical indicator, MACD, displays a constant red histogram in the chart, highlighting a strong bearish influence in the crypto space. Moreover, the averages show a downward trend, suggesting the price may continue losing value in the coming time.
If the market experiences a bullish reversal in the chart, the BTC price could attempt to achieve a new all-time high (ATH) of $80,000 during the coming month. Conversely, bearish price action could result in Bitcoin price testing its low of $61,000.
ETH Price Forms A Bearish Pattern:
The Ethereum price continues to hover close to its support trendline within the symmetric triangle pattern, highlighting a strong bearish influence in the crypto space. After trading under a bullish influence and recording a yearly top of $4,094, the leader of altcoins, the ETH token, has recorded a correction of 23.76% in valuation. However, Ethereum price has a YTD of 36.86%, highlighting a positive outlook for this altcoin in the coming time.
The Moving Average Convergence Divergence (MACD) shows a constant flatline in the chart, indicating a weak price action for the leader of altcoins in the market. Furthermore, the averages show a neutral sentiment, indicating uncertainty in future price action.
If the bulls break out of their resistance zone, the ETH price will regain momentum and attempt to test its upper resistance level of $4,000 during the coming month. However, if the bears overpowered the bulls, the price will fall toward its low of $2,630.
Will XRP Price Ever Rise Back Up?
The XRP price has leveled all its gains post-halving, indicating a bearish price sentiment in the crypto industry. Furthermore, the Cross EMA 50/200-day shows a Death Cross in the 1D time frame, highlighting a high possibility of a bearish price action for Ripple token in the coming time.
The MACD displays a constant green histogram, indicating an increase in the buying pressure within the crypto space. However, the averages show a constant flatline, indicating a mixed sentiment in the crypto industry.
If the market pushes the XRP token above the resistance level of $0.5340, the bulls will regain momentum and prepare to test its upper resistance level of $0.60 during the coming month. Negatively, if the bears continue to dominate the market, it will plunge and fall to test its low of $0.47.
As the cryptocurrency market continues to navigate through uncertain waters, investors and traders will be closely watching the movements of Bitcoin, Ethereum, and XRP to gauge the future direction of the industry.
