The cryptocurrency market has been exhibiting neutral price action over the past week, indicating weak buying and selling pressure among investors. Furthermore, leading tokens such as Bitcoin, Ethereum, and Ripple have consistently failed to break above their key resistance levels, highlighting the growing volatility. Will the crypto space bounce back in the second half of the âUptoberâ? Or will the market break the historical sentiment and end the month on a bearish note?
Bitcoin (BTC) Price Recorded Neutral Action!
BTC price continues to exhibit neutral price action with a change of ~1% over the past 24 hours. Furthermore, with a 1.71% drop over the past week, the BTC cryptocurrency has repeatedly failed to break its important resistance trendline.
The SMA indicator is acting as support for the Bitcoin price chart on the 1-day time frame. This shows that bullish influence is increasing in the crypto space.
Furthermore, the MACD is recording a steady decline in the red histogram with the average indicating a possible bullish crossover. This suggests that BTC price could continue to appreciate this week.
If bulls regain momentum, this could see Bitcoin price retest the resistance level of $66,000 this month. However, a bearish reversal could drag the price to lows of $60,000.
Will Ethereum (ETH) Retest $2.5K?
With a daily decrease of 0.68%, the leading altcoin, Ethereum price continues to hold its value between $2.4k and $2.5k. Moreover, with a change of -2.58% over the past week, ETH price has recorded a bearish price action.
The technical indicators EMA 50/200 days and MACD continue to record neutral trends in their respective charts. This shows weak buying and selling pressure on ETH price in the market.
If a bullish reversal occurs, this could potentially send the Ethereum token above the resistance level and towards highs of $2.8k in the coming weeks.
Ripple (XRP) Price Action
With a decrease of ~2% over the past week and 8.16% over the past month, XRP price continues to trade within a descending channel pattern. Furthermore, it is on the verge of testing its major resistance zone, however, the outcome of this event remains uncertain.
Notably, the SMA and MACD have recorded bullish sentiment on the 1-day timeframe. This highlights the high probability of a bullish trend reversal for this altcoin this week.
A strong bullish action could push XRP price to the overhead resistance at $0.630 this month. Conversely, if bears overcome bulls, the Ripple token could retest the low at $0.480.
