Analyst: These 3 Cryptocurrencies Are Preparing to Rise to These Levels!

Technical analyst Manish Chhetri says the price action of leading cryptocurrency Bitcoin is showing a bullish divergence in a momentum indicator, signaling an impending uptrend. The analyst also states that Ethereum and Ripple are preparing to overcome resistance levels and reflect Bitcoin’s trajectory.

Indicators for the leading cryptocurrency point to bullish momentum

Bitcoin price was rejected by the weekly resistance level at $67,147 on Monday and fell 2.2%. BTC is currently supported by the 50% retracement level of $64,274, calculated from the low of $56,523 on May 1 to the high of $71,995 on May 21. If BTC bounces from $64,274, it could reach the previous resistance level of $67,147 with a 4% increase.

Relative Strength Index (RSI) and Awesome Oscillator (AO) support this jump mentioned above. The low level formed on June 18 in the quadruple chart does not reflect the high level of the RSI in the same period. This development is called a bullish divergence and often leads to a reversal of the trend or a short-term rally. If the bulls are aggressive and the overall crypto market outlook is positive, BTC could rally an additional 6% to reach the previous resistance level at $71,280.

BTC/USDT 4-hour chart

Ethereum price shows potential for a rally

Ethereum price is finding support near $3,360, Friday’s low, which is currently trading at $3,533. The $3,360 low holds roughly the 61.8% Fibonacci retracement level at $3,279. If this support continues, ETH price could rise 3% from the current trading price of $3,533 to its previous high of $3,717 on June 9.

The Relative Strength Index (RSI) rose above its average level of 50 on the 4-hour chart. Additionally, Awesome Oscillator (AO) is on its way to doing the same thing. If the bulls are indeed making a comeback, both momentum indicators need to maintain their positions above their respective average levels. Such a development would add a tailwind to the recovery rally. If ETH closes above $3,717, it could rally an additional 6% to reach the previous resistance level at $3,977.

ETH/USDT 4-hour chart

XRP price is ready for a breakout

Ripple’s price encountered resistance at its 50-day Exponential Moving Average (EMA) at $0.515 on Monday and fell 3%. XRP is currently trading at $0.495. If Ripple price clears the 50-day EMA at $0.515, it could rise 7% from its previous high of $0.499 on June 5 to $0.532.

The Relative Strength Index (RSI) on the daily chart is below the 50 average level, while the Awesome Oscillator (AO) is below the zero line. If the bulls are indeed making a comeback, both momentum indicators need to maintain their positions above their respective average levels of 50 and zero. Such a development will accelerate the recovery rally. If the bulls are aggressive and the overall crypto market outlook is positive, the cryptocurrency price could rise another 9% from March 11 to April 13 to reach $0.581, i.e. the 50% price retracement level of $0.419 and $0.744.

XRP/USDT 1-day chart

The predictions in the article are those of the analyst and are definitely not investment advice. cryptokoin.comWe strongly recommend that you do your own research before investing.