- BTC might rise to $55,000 if bulls can defend the $48,645 support.
- XRP was overbought, suggesting a retracement to 0.236 Fib level at $0.52.
- A close below the 9 EMA could pull ADA back to $0.54.
Since the beginning of the week, prices of several cryptocurrencies like Bitcoin (BTC) have been soaring. According to CoinMarketCap, BTC’s price was $52,109 at press time. This indicates a 17.83% hike in the last seven days.
However, it has not just been Bitcoin all along. Altcoin including Ripple (XRP), and Cardano (ADA) have also been following this pattern. In particular, XRP’s value jumped by 4.61% in the last 24 hours to hit $0.54. ADA, on the other hand, increased by 4.81% and reached $0.57.
Bitcoin (BTC)
On the 4-hour chart, BTC has broken through the $50,107 key resistance level. In the process, major support had been formed at $48,645. However, the Relative Strength Index (RSI) showed that the coin was overbought, indicating a correction for BTC in the near term.
Despite the possibility of a retracement, the technical oscillator presents a bullish outlook. Therefore, with the $48,64…
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