The crypto market has recorded a strong bullish recovery after recording a bearish price action for the past 2 days. Positively, the market leader, Bitcoin price has successfully regained the $66K mark, highlighting increased positive influence in the crypto space.
Following this, the top altcoins have experienced a similar price action by recording a significant uptrend in their respective portfolios. With the current market sentiment, the crypto market is headed toward a new all-time high (ATH) during the upcoming months.
Are you planning on investing in blue-chip crypto tokens but concerned about their prospects? Look no further as, in this article, we have covered the market sentiments and price analysis of the top 5 Cryptocurrencies which are Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Solana (SOL), and Ripple (XRP).
Bitcoin (BTC):
With the rising bullish sentiment in the crypto space, the market leader, Bitcoin price has reclaimed the $66.5K mark with a jump of 3.66% within the past day. Further, it has jumped 14.61% within the past seven days and has surged 57.44% this year.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram in the BTC price chart with its averages recording a strong bullish pattern. This indicates increased buying pressure for the star crypto in the market.
If the market holds the Bitcoin price above its resistance level of $66,726.55, the bulls will prepare to test its upper high of $73,750.07 in the coming time. However, a trend reversal could result in the BTC price plunging toward its low of $60,178.50.
Ethereum (ETH):
The ETH price has surpassed the $3,500 mark with a jump of approximately 3% within the past day and a trading volume of $16.985 Billion, a change of +15.11%. Moreover, the altcoin leader has surged 11.82% over the past seven days, indicating increased bullish influence.
The EMA 50-day acts as a support to the price chart in the 1D time frame, highlighting increased positive sentiment for the Ethereum price. Further, the RSI indicator continues to trade above its mid-point with its average displaying a bullish action.
If the market continues to trade under a bullish influence, the ETH coin price will head toward its upper resistance level of $3,700 this month. Conversely, if the bears overpowered the bulls, the Ethereum crypto will retest its low of $3,272.50.
Binance (BNB):
Amid rising positive influence in the cryptocurrency market, the BNB coin price has recorded a jump of 3.22% over the past day. Moreover, with a YTD return of 89.71%, the Binance price has secured the spot of the 4th largest crypto with a market cap of $87.216 Billion.
The technical indicator, MACD, displays a rising pattern in its histogram, indicating an increase in the buying-over-selling pressure in the crypto market. Further, the EMA records a bullish pattern, suggesting a positive outlook for the altcoin in the coming time.
If the bulls continue to dominate the market, the Binance price will prepare to test its resistance level of $635. Negatively, a bearish action could result in the BNB price dropping toward its low of $543.
Solana (SOL):
The Solana price has successfully breached its important resistance zone after trading below it for a brief period. Moreover, the altcoin has jumped 5.63% within the past day and 22.97%. With a YTD return of 55.51%, the SOL crypto is currently valued at $79.063 Billion.
The Relative Strength Index (RSI) is headed toward its overbought range with its average trading above the mid-point. Moreover, the SMA indicator constantly supports the Solana price chart in the 1D time frame, suggesting that the price will continue gaining value.
Maintaining the bullish sentiment will set the stage for the SOL price to head toward its upper resistance level of $209.70 during the upcoming weeks. Conversely, a bearish reversal could pull the Solana crypto toward its low of $155.
Ripple (XRP):
The XRP price has jumped 5.89% within the past day with a trading volume of $2.066 Billion and has surged 18.36% over the past month. This highlights a rising bullish sentiment for the altcoin in the crypto space.
The MACD indicator records a constant decline in the green histogram. On the other hand, the EMA 50/200-day displays a high possibility of a Golden Cross in the 1D time frame, indicating increased bullish sentiment.
If the market holds the Ripple price above its important support level of $0.560, the bulls will prepare to test its upper resistance level of $0.690 in the coming time. However, if the bears regain momentum, the XRP coin price will drop toward its low of $0.4880.