xrp crypto value

Altcoins rally in disregard of newest Chinese crypto ban

Steep correction looms crypto market
Written by publisher team

  • Bitcoin price is close to breaking through the falling wedge pattern.
  • Ethereum price is retesting the upper trendline of the descending parallel channel, which indicates that the breakout is imminent.
  • Ripple price is relatively less bullish, which indicates a lack of buying interest from investors.

Bitcoin price is exuding a bullish trend after being caught by Chinese FUD. This optimism helped Ethereum and other altcoins rise.

However, Ripple is still stuck under a solid barrier and unable to cross.

bitcoin price coil

Bitcoin price has been sloping lower since the September 7 swing high at $52,956. Since then, BTC has made several lower highs and converging lowers as the downside progresses. Connecting the trend lines to these swing points reveals a falling wedge formation.

Although the price of bitcoin has risen over the past day or two, it failed to retest the upper trendline. Assuming the buying pressure continues to rise, confirmation of the breakout will come after BTC produces a decisive close above $44893. In this case, Bitcoin price is likely to continue rising to retest $46,856 and its intended target at $49,725.

12 hour BTC / USDT chart

On the other hand, if the BTC price fails to break out of the trend line, it will indicate weakness among the bulls. Such a development could give sellers the upper hand, and push them towards the 50% Fib retracement level at $41,126.

However, a breakdown of $38,287 will create a lower low and invalidate the bullish hypothesis.

Ethereum Price Inches Closer To Breakout

Unlike the big cryptocurrency, the price of Ethereum has created lower highs and lower lows that do not converge. Connecting the swing points formed since September 3rd using trend lines leads to a descending parallel channel.

So far, ETH has managed to get rid of the upper trendline of this setup. A decisive close above $3,204 will confirm the start of a new bullish trend. In such a case, Ethereum price could rise by 13% to locate the immediate resistance line at $3,619.

In the event of a severe rally, Ethereum price may extend this rally and retest $3,952.

ETH/USDT 12-hour chart

ETH/USDT 12-hour chart

While things seem to be going well for the smart contract token, a possible rise in selling pressure that knocks ETH into the demand territory, which ranges from $2,442 to $2,605, will be worrisome as it could indicate weak buying pressure.

Although this will give buyers another opportunity to resume the bullish trend, a breakdown of the $2,442 support floor will invalidate the bullish theory.

Ripple price is consolidating, hoping to move higher

Ripple price remains stuck below the support area ranging from $0.964 to $1.01. Although yesterday’s trading session broke through this area, the buyers failed to maintain their bullish momentum.

As a result, XRP price is currently hovering below $0.964, anticipating an increase in buying pressure.

A decisive close above $1.01 will create a higher top, inspiring confidence among marginal investors, allowing them to leap forward. Such a development will push the Ripple price to slide through $1.09 and rise towards $1,267.

This rally would be 35% higher than the current situation.

XRP/USDT 1-Day Chart

XRP/USDT 1-Day Chart

Regardless of the optimism, a decisive break above $1.01 is crucial to fulfilling the aforementioned bullish hypothesis. However, if the buyers fail to get together and pass the initial hurdle, it will likely lead to a takeover by the bears.

A collapse below $0.842 will invalidate the bullish theory and potentially lead to a downward movement to $0.771.

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