Summary
• Bitcoin (BTC) attempted a mild 2% recovery in the previous 48 hours, but is unlikely to close the week above $30K.
• Ethereum token Ether (ETH) slipped below its EMA-20 and is expected to retest or breach the support at $1,860 by the end of the week.
• XRP coin price gained 6% to $0.81 on July 20, following an explosive 75%-plus surge due to Ripple’s major win in a lawsuit against the SEC.
Crypto Market Overview
On July 20, the crypto sector picked up 1%, following Bitcoin’s move above $30,000 and XRP’s explosive rally. Several altcoins including Ethereum’s Ether (ETH), Binance coin (BNB), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Polygon (MATIC), Litecoin (LTC), and Polkadot (DOT) followed suit.
Bitcoin Price Prediction
Despite the uptick, Bitcoin fell below its 20-day exponential moving average (EMA-20; red wave). The MACD oscillator was also still in bearish zone predicting more losses ahead along with the relative strength index (RSI). Thus, it is unlikely that Bitcoin will close this week above $30K and may test support at $29K before July 23rd.
Ethereum Price Prediction
Ethereum token reached over $1,910 on July 20 after a moderate 1% upward correction similar to Bitcoin’s price action. However, ETH slipped below its EMA-20 indicating that it might not see any substantial uptrend before the week ends. Furthermore, Ethereum’s RSI rang warning bells like Bitcoin confirming bearish expectations and predicting a possible retest or even breach of support at $1,860 by this Friday.
XRP Price Prediction
XRP coin price gained 6% to reach an impressive 17-month high of $0.81 on July 20 as a result of second leg-up after an explosive 75%-plus surge since mid-July due to Ripple’s major win in its lawsuit against US Securities and Exchange Commission(SEC). If trading volumes continue declining there might be further corrections before this Friday for XRP too.
The crypto market has been highly volatile this past week with several altcoins making significant gains while others have posted minor losses or remained relatively stable despite bearish signals from technical indicators predicting more losses ahead for some cryptocurrencies such as BTC and ETH by Friday’s closing bell..