Cryptocurrency market continues to lose value due to pessimism and macro factors. If market conditions continue in this way, the summer of 2022 will end with extremely low prices. However, the technical charts for Bitcoin, Ripple and Ethereum give different results. Let’s see together.
Bitcoin price chart is giving scary signals
At the time of writing, Bitcoin price is trading at $ 19,350. The bears emerged towards the end of June with enough strength to make a monthly close at $19,942. cryptocoin.com As we reported, this falls below the psychological $20,000 level. The monthly close is now the second largest bearish candle since May 2021. In fact, this data reveals the need for us to consider lower targets for the Bitcoin price in the coming months. For BTC price, $18,750 and $17,300 will be key levels to consider.
The downtrend invalidation is based on a break above $23,500. If the bulls can clear the $23,000 middle barrier, the trend will turn bullish again. At this point, a rally towards $31,000 is possible. Accordingly, the BTC price has the potential to increase by 60% from its current value.
Ethereum (ETH) price tests major support
Ethereum price is trading at $1,047 at the time of writing. ETH is hovering around $881 $1,233, the June low and high of a Fibonacci retracement tool. Accordingly, the ETH price has lost 50% of its profits in the past. So the bulls may not be able to rally from the current price levels. In this scenario, the bears will target the June 18 low of $890 and potentially $700. The 21-day moving average is falling towards the 200-week moving average. However, a Death Cross pattern remains. These key moving averages collide as the Fear and Greed Index revisits historical levels. Because of this, the sentiment for Bitcoin and the altcoin market as a whole is getting more mixed.
Ethereum price needs a break above $1,284 to invalidate the decline. If the bulls can break through this level, it is possible for them to rally as high as $2,100 resulting in a 100% increase from the current ETH price.
Ripple (XRP) price loses bullish base
The June crypto market continues to be shaken by highly volatile news. Therefore, the XRP price seems unable to continue its rise. The bears have safely surpassed the 50% and 61.8% Fibonacci Retracement levels. These retracement levels correspond to the June low of $0.28 and the monthly high to $0.38. That’s why technical indicators show that the hype is over. XRP price seems to be targeting $0.28 lows in the short term. However, analysts have long predicted the $0.20 level for Ripple price. Therefore, traders should consider a liquidation around $0.20 as a second possible target. So XRP carries a bearish feeling like Bitcoin and ETH.
An invalidation of the downtrend is possible only with a breach above $0.39. So, Ripple’s next attempt at the $0.39 barrier could trigger a bullish rally towards $0.51. If this happens, a 63% increase from the XRP price is possible.
