Things haven’t been going well in the crypto market this week. There was a total loss of $80 billion, which seriously demoralized investors. Especially the declines in leading cryptocurrencies such as Bitcoin, Ethereum and Ripple are noteworthy. US elections are around the corner and uncertainty is at its peak. Everyone has the same question on their mind: Will markets recover or get worse?
Bitcoin (BTC)
Even though Bitcoin (BTC) experienced a 4.65 percent decline in the last few days, it still managed to stay above $70,000. Yes, we saw a 1 percent decline in the last 24 hours, but it has gained 13.68 percent in the last month. Fluctuations are annoying, but the overall picture for Bitcoin is not that bad. Still, this volatility gets investors’ pulses racing.
As for technical indicators, the movements of the SMA and MACD indicate that buying and selling pressure is intense. If buyers retake the market, Bitcoin is likely to push $73,750. But if things turn around, there is a possibility of a drop to $66,000. In short, exciting but stressful days for investors.
Ethereum (ETH)
Ethereum (ETH) did not leave Bitcoin (BTC) alone this week; experienced a similar decline. But let’s not forget that it has gained 11.63% since the beginning of the year. This shows that ETH is still viewed as a solid long-term investment. Yes, fluctuations are annoying, but we can say that Ethereum is still promising.
On the daily chart, the RSI indicator is at a neutral level, which may be a signal of recovery. Additionally, the bullish crossover of the 50-day EMA is a positive sign for investors. Holding the price at $2,530 will pave the way for a move towards $2,800. But beware: If the bears take over the market, there could be a decline to the $2,200 level.
Ripple (XRP)
Unlike Bitcoin and Ethereum, Ripple has performed relatively well in this volatile market. It saw an increase of 2.26% in the last 24 hours and the trading volume reached $1.25 billion. XRP managed to stay above the $0.52 level, giving investors some respite. This support level became a morale booster for those following XRP.
However, the MACD indicator shows that the price still cannot find a clear direction. So, uncertainty remains. If the bulls make a move, XRP could push $0.560. But in an opposite scenario, there is a risk that the price will drop to $0.480. As we reported as Kriptokoin.com, movements in Bitcoin price will affect both the XRP price and the general cryptocurrency markets.
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