With Bitcoin price crossing the $100,000 mark, the cryptocurrency market has seen significant volatility, accompanied by a notable rise in altcoins. These developments have raised questions about the best altcoins to invest in during this phase to maximize future gains. In this article, we review the performance and technical analysis of Ethereum (ETH), Ripple (XRP), and Dogecoin (DOGE).
Ethereum (ETH): Positive Future Supported by Technical Indicators
• Price performance:
Ethereum price rose by 7.84% in 24 hours to reach $3,900, with a market cap of $464.169 billion and daily trading volume exceeding $57.74 billion.
• Technical analysis:
• The currency registered a golden cross between the 50- and 200-day moving averages, which is a strong bullish indicator in the short term.
• The Relative Strength Index (RSI) indicates high buying pressure, approaching the overbought zone.
• Expectations:
• Continued upward momentum may push the price towards
Ethereum (ETH): Positive Future Supported by Technical Indicators
• Price performance:
Ethereum price rose by 7.84% in 24 hours to reach $3,900, with a market cap of $464.169 billion and daily trading volume exceeding $57.74 billion.
• Technical analysis:
• The currency registered a golden cross between the 50- and 200-day moving averages, which is a strong bullish indicator in the short term.
• The Relative Strength Index (RSI) indicates high buying pressure, approaching the overbought zone.
• Expectations
• Continued bullish momentum may push the price towards the next resistance level at $4,500.
• If the bears prevail, the price may retest the support level at $3,200.
Ripple (XRP): Recovery Driven by Positive News
• Price performance:
Ripple posted a 62% weekly gain to $2.34, supported by positive changes in the regulatory landscape, most notably the resignation of SEC Chairman Gary Gensler.
• Technical analysis:
• MACD indicator shows continuation of positive movement with increasing buying pressure on daily time frame.
• Expectations:
• Continuation of the upward trend may push the currency towards the resistance level at $3.00.
• In case of a trend reversal, the price may drop to the support level at $2.00.
Technical analysis:
• The Relative Strength Index (RSI) remains in the overbought zone, indicating continued buying power and support for bullish momentum.
• Expectations:
• If the upward support continues, the price may break the $0.44 level and head towards testing the resistance at $0.50.
• If the bears regain control, the price may drop to the support level at $0.325.