- Bitcoin stabilizes near $111,500, with bullish momentum heading towards the $120,000 target.
- Ethereum continues its recovery, hovering around $2,700 after bouncing from key support levels earlier in the week.
- Ripple holds above the 50-day EMA at $2.30, signaling potential for a push towards the $3 psychological level.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) continue to show signs of strength as they enter the weekend, with bullish sentiment lifting prices. BTC remains stable above $111,000 as traders target the highly anticipated $120,000 milestone. Meanwhile, ETH and XRP prices found support at their key levels, suggesting the uptrend could lead ETH towards $3,000 and XRP towards $3.
Bitcoin Bulls Gain Momentum, Targeting the 120K Mark
Bitcoin’s price surged and surpassed its previous all-time high of $109,588 on Wednesday. It continued its ascent, establishing a new ATH of $111,980 the following day. At the time of writing, it stabilizes around $111,000.
BTC enters a price discovery mode: should it continue its uptrend, it could extend the rally towards a key psychological level of $120,000.
The Relative Strength Index (RSI) on the daily chart reads 76, above its overbought level of 70, indicating strong bullish momentum. However, traders should be cautious as the chances of a pullback are high due to its overbought condition. Meanwhile, the Moving Average Convergence/Divergence (MACD) indicator also showed a bullish crossover on Wednesday, giving buy signals and indicating an upward trend.
Should BTC face a pullback, it could extend the correction to retest its key support at $105,000.
Ethereum Targets $3,000 Level as It Bounces From 200-day EMA Support
Ethereum’s price has retested and found support around its 200-day Exponential Moving Average (EMA) at approximately $2,446 since last week. On Wednesday, it recovered nearly 5% the following day. At the time of writing, it continues to trade upwards around $2,700.
Should ETH continue its uptrend, it could extend the rally to retest its key psychological level at $3,000.
The RSI on the daily chart reads 74, above its overbought level of 70, indicating strong bullish momentum. However, traders should be cautious as the chances of a pullback are high due to its overbought condition. Meanwhile, the MACD indicator also showed a bullish crossover on Thursday, giving buy signals and indicating an upward trend.
On the flip side, should ETH decline and close below its 200-day EMA at $2,446, it could extend the fall to retest its key psychological level at $2,000.
XRP Holds Strong at Its 50-day EMA
XRP’s price bounced after retesting its 50-day EMA at $2.30 last week and recovered slightly.
However, as of this week, it again declined and bounced from this level, recovering 3%. On Friday, it continues to recover, trading around $2.46.
Should XRP continue to recover, it could extend the recovery to retest its next resistance at $2.72 before heading towards the $3 mark.
The RSI on the daily chart reads 58, above its neutral level of 50 and pointing upwards, indicating bullish momentum. The MACD indicator is also on the verge of crossing bullishly. It could further support the bullish thesis should it successfully complete a bullish crossover.
Should XRP break and close below its 50-day EMA on a daily basis, it could extend the correction towards its next key support at $2.23.
Bitcoin, altcoins y stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any person, group, or entity, eliminating the need for third-party involvement during financial transactions.
Altcoins are any cryptocurrency other than Bitcoin, but some also consider Ethereum not to be an altcoin because it is from these two cryptocurrencies that the fork occurs. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any stablecoin is linked to a commodity or financial instrument, such as the US Dollar (USD), and its supply is regulated by an algorithm or demand. The main objective of stablecoins is to provide an entry and exit ramp for investors wishing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio between the market capitalization of Bitcoin and the total market capitalization of all cryptocurrencies combined. It provides a clear picture of the interest that Bitcoin arouses among investors. A high BTC dominance usually occurs before and during a bullish movement, in which investors resort to investing in relatively stable and high market capitalization cryptocurrencies such as Bitcoin. A fall in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in search of higher returns, which usually triggers an explosion of rises in altcoins.
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