According to FXStreet analysts, the leading crypto Bitcoin (BTC) is slicing $45,000 and is poised for its next target of $50,000. Also, analysts predict that the leading altcoin Ethereum (ETH) could rise to $3,500 over the weekend. According to FXStreet analyst Filip L, Ripple (XRP) is still holding the headwinds with the Nasdaq catching a streak. The analyst says the price of Polygon (MATIC) will fall further in search of support, putting more cash behind the rally. We have compiled the analysis of BTC, XRP and MATIC by analysts for the readers of Kriptokoin.com.
“Bitcoin’s next target is $50,000”
Bitcoin price hit $45,000 after gaining more than 7,500 in the past ten days. While this level of resistance has managed to reject BTC price every time it has been tested since the beginning of the year, there seems to be enough buying pressure to finally break it.
If the leading coin manages to close above $45,500 on the daily chart, it will signal a breakout. Biased investors can try to get back into the market by pushing the Bitcoin price higher. The 200-day moving average at $48,000 could act as resistance on the upside, but ultimately BTC could target $50,000.
It is necessary to watch out for a daily candlestick above $45,500 which could signal the resumption of Bitcoin’s historic uptrend.
“Ripple price ready to explode”
Ripple (XRP) price is stuck in an ongoing consolidation where both buyers and sellers are pushing towards each other. As NATO, G7 and EU meetings pull out of the way, we expect the winds to pick up even more as the cryptocurrency-linked Nasdaq is on the verge of recording a streak before the weekend. This change in sentiment will help XRP price surge towards $0.90 with the 200-day Simple Moving Average (SMA) just above.
XRP price already looked poised for a breakout on Thursday, but the tail risk of Biden’s being in Europe for a few meetings around Ukraine put pressure on the bulls’ appetite to perform. Instead, XRP price continues to consolidate into lower highs and higher lows as buyers and sellers push towards each other. A breakout is only a matter of time and we expect it to take the form of a rally as global markets, especially Nasdaq, are on a winning streak that should provide additional support for XRP.
Ripple price will hit $0.8791 on its debut, a historically significant level dating back to the end of November. It is of particular importance, as in previous events. The candles either pierced quite clearly, or only the wick of the candle was able to pass through it each time. However, the actual body of the candle could not close or open neither above nor below. From there, with the 200-day SMA just above $0.9090, the bounce is no longer too far off to $0.90.
Traders will remain nervous if Putin decides to use nuclear weapons as markets prepare to enter the weekend without a fundamental outlook on a ceasefire or ceasefire in Ukraine. This translates to a drop to $0.7843 as safe-haven escapes and risk assets are removed from portfolios. If the decline accelerates, the 55-day SMA crossing the monthly pivot at $0.76 could provide support for the pair, which could catch any bearish.
“MATIC price ready to recover”
Polygon (MATIC) price is firmly rejected near the monthly pivot of $1,643 this morning. MATIC price is gaining more than 1% in the process as the bearish sees bears briefly involved and early rejection further restrains the uptrend today. The price could decline further towards $1,572, where it could bounce off the historical key level or the 55-day Simple Moving Average (SMA) and create a rally towards $1,751 as the 200-day SMA as an upper bound.
MATIC price was at the top of the breakout with five consecutive gains this week. Instead, the price was cut short this morning after it was rejected near the monthly pivot at $1,643. With the rejection, MATIC price was pushed to the back foot as the bears exposed and the bulls took a profit.
Polygon price is likely to move to more supportive levels around $1,572 with the 55-day SMA and historical pivot level as the double support belt that could provide ample room for the bulls to bounce back and MATIC price action to $1,751. It will be back. This $1,751 is holding a double cap on the upside with the 200-day SMA and another historically important level. With this, a solid trade can yield 10% gains.
With the monthly pivot weakening, there is a risk that MATIC price will decline if it breaks below the $1,572 level. This will open up more room for the bears to push the bulls against the green ascending trendline and effectively turn the rally into a bull trap. If the green ascending trendline is broken, the rally could be fully retracted towards $1.35.
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