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Category: Crypto News, News

Will Bulls Make A Comeback This Week?

By Published On: June 9, 20243.5 min readViews: 400 Comments on Will Bulls Make A Comeback This Week?

The crypto market has displayed a strong bearish price action over the past few days, indicating increased bearish price sentiment in the crypto space. Moreover, top altcoins show a similar trend by recording a negative trend in their valuations.

Furthermore, top tokens have recorded a significant correction in their respective portfolios, with the market leaders Bitcoin and Ethereum tokens plunging below their important support levels, highlighting a negative outlook for these tokens during the coming time.

With the rising price volatility in the cryptocurrency market, will Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) tokens record a strong bullish bounceback in their respective portfolios during the upcoming week?

BTC Price Records A Bearish Reversal:

Despite increased price volatility in the crypto market, Bitcoin price continues to trade in a closed range between $67,775 and $73,750, indicating a weak price action. However, BTC has jumped 10.34% within the past 30 days and has a YTD return of 64.20%, indicating a long-term positive influence.

TradingView: BTC/USDT

The Simple Moving Average (SMA) displays a high possibility of a bearish crossover in the 1D time frame, suggesting increased negative influence for the BTC token in the crypto space.

The technical indicator, MACD, shows a constant flatline in the chart, indicating a weak price action for the BTC price in the market. Moreover, the averages display a neutral trend, highlighting a mixed sentiment.

If the market holds the Bitcoin price above the support level of $67,775, the bulls will regain momentum and prepare to retest its ATH in the coming time. However, bearish price action could pull the BTC coin price toward its lower support level of $60,000 this month.

Ethereum Price Fails To Hold Its Value Above $3.7K!

After holding its price above its important support level of $3,730 for about three weeks, the ETH price has lost momentum due to increased bearish sentiment in the crypto space and has recorded a correction of 3.5% within the past day and 2.26% over the past seven days. 

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TradingView: ETH/USDT

The Relative Strength Index (RSI) fails to breach the overbought range, resulting in it recording a sharp plunge toward the mid-point. Furthermore, the average shows a bearish curve, suggesting a negative outlook for the Ethereum price in the coming time.

If the market pushes the ETH coin price above the resistance level of $3,370, the bulls will regain momentum and prepare to test its upper resistance level of $4,100 during the upcoming weeks. Conversely, if the bears continue to dominate the market, it will test its low of $3,400 this month.

Ripple Price On The Verge Of A Major Break Down?

The Ripple token continues to display a weak price action by trading under a bearish influence. The XRP price has recorded a correction of 4.28% within the past day and 3.71% over the past week. Moreover, the Ripple price has lost 4.12% within the past month and has a YTD return of -20.64%.

TradingView: XRP/USDT

The RSI displays a sharp fall toward its oversold range after failing to hold above the neutral point, highlighting increased selling pressure in the crypto space. On the other hand, the average displays a bearish convergence, suggesting a negative outlook for the XRP token in the coming time.

If the bulls regain power, the Ripple price will prepare to retest its resistance level of $0.5340 during the upcoming weeks. Negatively, if the bears continue to dominate the market, the XRP coin price will plunge toward its crucial support level of $0.480.

Conclusion:

With the increased price fluctuations in the cryptocurrency space, top altcoins continue to record mixed sentiments. However, the market is predicted to display a strong bullish reversal during the upcoming weeks.

Moreover, Bitcoin price is expected to make a strong comeback with a high potential to record a new all-time high (ATH) in the coming time. This could further lead to Ethereum, and XRP tokens following in their footsteps by experiencing a similar price action and adding significant value to their respective portfolios.

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