- Bitcoin rebounds from $30,000, but BTC price must reclaim the position above the 50 SMA.
- Ethereum reclaims the ground at $1,100, gains to $1,200 and $1,400 are still possible.
- Ripple on-chain metrics scream buy despite a drab technical picture.
Ethereum is in anticipation of a run to $1,400 after regaining the ground past $1,100. Similarly, XRP is getting ready for massive price action as its on-chain metrics improve.
Bitcoin massive liftoff to $42,000 in the offing
The pioneer cryptocurrency recovered a substantial size of the lost ground following the drop to $30,000. On the upside, BTC has brushed shoulders with the 50 Simple Moving Average. Bitcoin price must rise above this level for it to unleash the massive price action. Trading past the moving average would call for buyers to increase their entries, in turn, creating enough volume for gains toward $42,000.
BTC/USD 4-hour chart
A short-term analysis shows overhead pressure rising under the 50 SMA. If the pressure continues to spike, BTC may extend the bearish leg back to the 100 SMA and probably retest the recent crucial support at $30,000.
Ethereum must hold above this critical level for near-term gains
Ether is trading at $1,115 after the recapture of the support at $1,100. As discussed earlier, a daily close above $1,100 could pave the way for gains eyeing $1,200 and $1,400, respectively.
However, Ethereum has stumbled upon some delays due to the seller congestion at the 50 SMA. Therefore, calling upon the bulls to defend the anchor at $1,100. Recovery above the moving average might place Ether on a trajectory to the next crucial resistance level at $1,200.
ETH/USD 4-hour chart
On the other hand, price action under $1,100 would be a significant hindrance to the recovery mission. If Ether closes the day under this level, selling activities may surge, culminating in losses toward $1,000 and the 100 SMA (slightly above $900).
Ripple is gearing up for a massive upswing
Ripple is engaging the selling pressure at $0.3 after rebounding from $0.25. As discussed earlier, the cross-border token is on the verge of a vast breakout due to a robust on-chain picture; the asset’s network growth screams bullish as whales fill their bags.
Similarly, network growth is rising, especially with more than 6,000 addresses joining the network each day. The MVRV, as reported, is sitting on a healthy buy zone that has seen XRP catapulted to higher highs in the past.
Meanwhile, from a technical perspective, a daily close is required above $0.3 to secure the rest of the journey to $0.4. Some resistance is projected at the 200 SMA, but if overcome, XRP might prolong the bullish action to $0.6.
XRP/USD 4-hour chart
A pessimistic outlook will overrule the probable upswing if Ripple closes the day under the 50 SMA. This would cause panic in the market, especially now that Ripple faces a lawsuit filed by the Securities and Exchange Commission. The recent support at $0.25 will come in handy, but XRP may well test $0.2 before another bounce.