As Bitcoin price reached the $100,000 level, the volatility in the cryptocurrency market recorded a new high. Moreover, the altcoin market witnessed a significant increase, with leading altcoins recording mixed price sentiments.

With the cryptocurrency market hitting new highs, is now the right time to pile into altcoins for maximum future gains? In this article, we cover the short-term prospects for crypto tokens Ethereum (ETH), Ripple (XRP), and Dogecoin (DOGE).

Ethereum (ETH)

Ethereum price surged by 7.84% in 24 hours, retesting the $3,900 level. Moreover, with a trading volume of $57.74 billion, the largest altcoin by market cap is currently valued at $464.169 billion.

The 50/200-day EMA has formed a golden cross on the daily timeframe. This indicates a positive outlook for ETH price in the coming period.

Moreover, the Relative Strength Index (RSI) is about to experience a bullish crossover as it heads towards the overbought range on the 1D timeframe. This indicates an increase in buying pressure on the altcoin in the market.

If the bullish sentiment continues, Ethereum price will head towards its resistance level at $4.5K. On the other hand, if the bears outperform the bulls, it could lead the altcoin to retest its support line at $3,200 this month.

Ripple (XRP)

With a weekly gain of ~62% and a trading volume of $24.653 billion, XRP price has regained the $2.34 mark. Moreover, with Gary Gensler stepping down as the SEC Chairman, this altcoin has gained a lot of attention from the crypto space and is on its way to hitting a new all-time high.

The Moving Average Convergence Divergence (MACD) indicator has registered a solid green histogram, with its averages showing a significant increase in the 1-day time frame. This indicates an increase in excessive buying pressure in the selling.

Maintaining its upward movement could push the XRP price towards the upper resistance level at $3.00. Conversely, if a downward reversal occurs, Ripple could decline towards its lower support level at $2.00.

Dogecoin (DOGE)

Amidst the increasing market volatility, Dogecoin price has maintained its bullish price rally, adding 4.21% in 24 hours and 3.69% in the past seven days. Moreover, with the growing green candles, the coin is looking to retest its multi-year high before the end of the year.

The RSI continues to hover above the overbought range on the daily timeframe with the intermediate trend line experiencing similar price action. This suggests that the largest meme coin could continue to gain value this week.

If the market favors the bulls, DOGE price will break the $0.44 level and prepare to test the $0.50 high. Conversely, if the bears regain momentum, this meme coin could drop towards its support level at $0.325 this month.

Wondering when DOGE will hit $1? Read CoinPedia’s Dogecoin price prediction and subscribe to stay up to date with the latest cryptocurrency news!

Reference links:

https://www.binance.com/en/price/bitcoin