- Bitcoin’s uptrend is still intact despite the technical breakout stalling at $50,000.
- Ethereum faces an uphill task at the 38.2% Fibonacci level ahead of a potential spike to $1,700.
- Ripple is flirting with $0.44, while bulls look forward to a 30% rally to $0.575.
The cryptocurrency market is relatively quiet at the onset of the new month. Bitcoin momentarily stepped above $50,000 on Monday but struggled to sustain the uptrend. The largest altcoin, Ethereum, stalled marginally above $1,600 following a sell signal on the 4-hour chart. On the other hand, Ripple has sustained its position above $0.4 despite the overhead pressure at $0.45.
In spite of the calm in the market, Cardano has grown in market value, becoming the third-largest cryptoasset. The aspiring smart contract token market cap stands at $39 billion while exchanging hands at $1.23.
Other selected coins with double-digit gains include Chainlink, Uniswap, NEM, THETA, The Graph, Compound, and Avalanche.
Bitcoin technical breakout intact
Bitcoin is exchanging hands at $49,000 at the time of writing. It is immediately supported by the 100 Simple Moving Average (SMA) on the 4-hour chart. The recent breakout from the falling wedge pattern had a 16% target at $54,000, but BTC stalled marginally above $50,000, mainly due to the resistance at the 50 SMA.
If support at the 100 SMA holds the ground, Bitcoin will continue with the upswing to $54,000. Besides, the Moving Average Convergence Divergence (MACD) reinforced the bulls intensifying dominance in the market.
BTC/USD 4-hour chart
It is worth mentioning that as long as Bitcoin is trading below the 50 SMA and by association $50,000, recovery will be hampered. Similarly, failing to protect the 100 SMA support could trigger declines toward the 200 SMA near $45,000 (recent support level).
Ethereum upswing to $1,700 depends on a crucial barrier
Ethereum is flipping bullish again after stalling slightly above $1,600. Immediate support has been established at the 100 SMA, allowing bulls to focus on higher price levels. The MACD indicator cements the bulls’ position in the market. For instance, the MACD line (blue) is almost crossing into the positive territory while widening the signal line’s divergence.
Notably, a breakout past the 38.2% Fibonacci retracement level will leave Ether open-air to explore toward the hurdle at $1,700, as illustrated by the 50 SMA on the 4-hour chart.
ETH/USD 4-hour chart
It is vital to keep in mind that failing to step above the 38.2% Fibo allows the bears to increase their positions while aiming for losses back to $1,500 and $1,400, respectively. Moreover, the resistance at $1,600 must come down to bring Ether out of the woods.
Ripple prepares for a 30% move
The cross-border token is in consolidation after meeting the barrier at $0.45. The rebound from $0.4 was slow but consistent. Meanwhile, XRP’s price action over the last couple of weeks has printed a symmetrical triangle pattern.
This pattern does not have a bullish or bearish bias. It can lead to a massive breakout or breakdown. If the price slices through the upper trendline, XRP will hit a 30% target of around $0.575. The international money transfer token is currently doddering at $0.44 and drawing closer to the potentially massive upswing.
XRP/USD 4-hour chart
It is worth keeping in mind that the symmetrical triangle can lead to a breakdown as far as $0.3 if the lower trendline support is shattered. Similarly, bulls seem exhausted, as observed by the Relative Strength Index (RSI), stalling under the overbought area. In other words, the uptrend might have already lost steam, invalidating the symmetrical triangle breakout.