Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH, and XRP face pullbacks after key resistance rejections
- Bitcoin price hovers around $103,000 on Wednesday after being rejected at the key resistance level earlier this week.
- Ethereum corrects lower after retesting $3,592, signaling fading short-term momentum.
- XRP declines after encountering resistance at the 50-day EMA near $2.55, suggesting limited upside.
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are steady at the time of writing on Wednesday as market momentum cools following recent resistance rejections. BTC and ETH slide more than 1% and 4% so far this week, while XRP gains 1.5% despite the recent correction. The momentum indicators for these top three cryptocurrencies signal weakening strength and suggest the potential for further downside.
Bitcoin drops to $103,000 after facing rejection from key level
Bitcoin price rose slightly and retested the key resistance at $106,453 —the 38.2% Fibonacci retracement — on Monday and declined 2.78% the next day. At the time of writing on Wednesday, BTC hovers at around $103,000.
If BTC continues its correction, it could extend the decline toward the key support at $100,353.
The Relative Strength Index (RSI) reads 41, below the neutral level of 50, indicating bearish momentum gaining traction. However, the Moving Average Convergence Divergence (MACD) lines are converging, suggesting indecisiveness among the traders.
On the other hand, if BTC closes above the 38.2% Fibonacci retracement at $106,453 on a daily basis, it could extend the recovery toward the 50-day Exponential Moving Average (EMA) at $109,698.
Ethereum corrects after retesting its $3,592 resistance level
Ethereum price found support around the 50% retracement level at $3,171 on November 5 and recovered nearly 5% until Sunday. However, ETH faced rejection around $3,592 on Monday and declined 4.2% the following day. At the time of writing on Wednesday, ETH hovers at around $3,425.
If ETH continues its pullback, it could extend the decline toward the 50% retracement level at $3,171.
Like Bitcoin, Ethereum’s RSI signals bearish momentum, while the MACD indicates indecision among traders.
However, if ETH recovers and closes above $3,592, it could extend the rally toward the 50-day EMA at $3,868.
XRP could recover if the daily support at $2.35 holds
XRP price surged 6.75% on Monday, retesting the 50-day EMA at $2.55. However, it surrendered most of those gains on Tuesday after failing to break through that same resistance level. At the time of writing on Wednesday, XRP hovers around $2.39, nearing its daily support at $2.35.
If the daily support at $2.35 holds, XRP could extend the rally toward the 50-day EMA at $2.55.
The RSI slips below the neutral 50 level to 47, indicating slight weakness in momentum. However, the MACD showed a bullish crossover on Monday, which remains intact, supporting a bullish view.
However, if XRP closes below the daily support at $2.35, it could extend the correction toward the next daily support at $1.96.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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