- Bitcoin steadies above $50,000 but to continue with the uptrend, higher support at $54,000 must be established.
- Ethereum cup and handle breakout eyes new highs above $2,000.
- Ripple stuck in a range running from $0.45 to $0.5, ignoring the fallout with MoneyGram.
The cryptocurrency market is back in the green after a period of consolidation. Bitcoin has settled above $50,000 and is looking toward $60,000. Ethereum is holding above $1,800 amid the push for gains above $2,000. However, XRP is dancing in the range between $0.45 and $0.5.
Some selected altcoins are performing incredibly well, recording double-digit gains. For instance, Binance Coin is up 14.5%, Terra up 31%FTX Token up 14%, and the Graph up 15% over the last 24 hours.
Bitcoin needs higher support to sustain the uptrend
The flagship cryptocurrency broke above an ascending triangle pattern, as analyzed earlier. The pattern had a 17% target of $60,975. However, BTC seems to have stalled roughly above $54,000, thus delaying the uptrend.
The Moving Average Convergence Divergence (MACD) has a bullish impulse, implying that the least resistance path is upwards. Support above $54,000 will allow buyers to focus on higher price levels, at $58,000 and $60,000, respectively.
BTC/USD 4-hour chart
Ethereum begins key technical breakout
Ethereum is trading at $1,800 after breaking above a cup and handle pattern. This is a bullish pattern in technical analysis. A break above the horizontal resistance usually culminates in a massive upswing. Cup and handle patterns have exact breakout targets; for instance, Ether eyes a 21% rise to $2,045.
A comprehensive look at the MACD reinforces the bullish outlook. The MACD cross above the signal line signifies that bulls have control over the price. As long as the MACD continues to move higher within the positive region, we can expect the ongoing uptrend to continue in the near-term.
Holding above $1,800 will also play a key role in keeping the bears at bay. This support will also keep the bulls’ focus on higher levels, preferably beyond $2,000.
ETH/USD 4-hour chart
Ripple bears remain unshaken at $0.5
XRP is trading at $0.47 after another rejection at $0.5. Besides, the 200 SMA is also limiting movement north. Consolidation between $0.45 and $0.5 will likely continue in the short-term.
The MACD has settled above the midline but is moving horizontally with no bullish or bearish bias. Ripple’s short-term technical analysis confirms the Bollinger Band consolidation as observed on the 4-hour chart. On the downside, the cross-border token also rests on top of the support provided at a confluence formed by the Bollinger Bands’ middle boundary and the 100 SMA.
XRP/USD 4-hour chart
Despite the sluggish price action, XRP holders have calmly taken in the news of Ripple parting ways with MoneyGram. Moreover, Ripple continues to fight the lawsuit battle in a US court following the Securities and Exchange Commission (DEC) filing in December.
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