- Bitcoin is approaching a significant resistance level at $106,400; a stable close above this threshold could indicate a recovery is imminent.
- Ethereum has bounced off its 200-day EMA, demonstrating solid support and the potential for further gains.
- XRP is nearing its crucial resistance at $2.27; a daily close above this could trigger a recovery trend.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are exhibiting signs of recovery following a period of consolidation and downward pressure. Prices of BTC, ETH, and XRP have rebounded slightly, approaching their key resistance levels, and a daily close above these could pave the way for additional upward movement.
Bitcoin Price Could Rally If It Closes Above $106,400
Bitcoin prices dropped and closed below the daily level of $106,406 last week. However, it saw a slight recovery over the weekend and continued on Monday. BTC encountered resistance again around the $106,406 mark. As of writing on Wednesday, it is recovering and nearing this resistance level.
If BTC manages to close above $106,406, it could extend the rally towards its all-time high of $111,980.
The Relative Strength Index (RSI) on the daily chart registers at 54 and is trending upwards after recovering from a neutral level of 50, indicating that bullish momentum is gaining strength.
However, if BTC fails to close above the $106,406 resistance, it may lead to further declines, retesting the next significant support level at $100,000, which is a psychological barrier.
Ethereum Price May Rise as 200-Day EMA Remains Strong
Ethereum has been trading within a range of $2,461 to $2,724, its 200-day EMA and daily resistance levels, respectively, for the past 26 days. At the time of writing on Wednesday, it is trading slightly above, nearing its upper consolidation level at $2,724.
If ETH breaks and closes above this upper level at $2,724, it could extend the rally towards the significant psychological level of $3,000.
However, if the 200-day EMA at $2,461 fails to hold, ETH could see a decline towards its next support level at $2,329, represented by its 50-day EMA.
XRP Price Could Rebound If It Closes Above Its 50-Day EMA
XRP closed below its daily support at $2.23 last Friday and experienced a decline of 4.65%. However, it has since recovered over the next four days. As of Wednesday, it is approaching its key resistance at $2.23.
If XRP breaks above the $2.23 level and closes above its 50-day EMA at $2.27, it could continue its recovery towards retesting the next resistance level at $2.72.
The RSI on the daily chart currently stands at 47 and is trending upwards toward the neutral level of 50, indicating a decrease in bearish momentum.
If XRP faces rejection from the $2.23 level, it may lead to a decline towards its next daily support at $1.96.
