The cryptocurrency market has been in bearish mode since the beginning of the week, but has made an excellent recovery and will end the week with a positive performance
The cryptocurrency market has been in correction mode since the beginning of the week, with the prices of most cryptocurrencies falling over 5%. However, the market has turned in the past 24 hours and appears poised to take further gains.
Bitcoin (BTC) finally climbed back to the $ 47,000 mark after a rally in the past few hours. Ethereum also aims to break the $ 3,300 mark and could be successful if the current market situation persists.
Analysts remain bullish on the long-term prediction of the current bull run. The prices of cryptocurrencies are expected to rise even higher as the market continues to develop.
BTC price outlook
Bitcoin was trading around the $ 44,000 mark yesterday but has risen nearly 6% since then and is now trading a little over $ 47,000 at the time of writing. Bitcoin is trading above the 100-hour Simple Moving Average (SMA) and could break the resistance level at USD 47,500 in the next few hours.
The first major resistance is at $ 48,000, and Bitcoin must cross that level if it intends to hit the $ 50,000 mark. The bulls will have to extend the rally in the coming days to break the next resistance level at USD 50,000.
BTC / USD 4-hour chart. Source: TradingView
However, if BTC does not climb above the $ 48,000 mark, a downside correction could occur, with initial support near the $ 46,800 mark. Any significant breakthrough below $ 46,000 could cause Bitcoin to revisit the region of the $ 45,000 support zone.
XRP price outlook
Ripple (XRP) turned things around after rising nearly 8% in the past 24 hours. The XRP / USD 4 hour chart is now bullish and more gains could be seen in the hours to come. XRP is trading at $ 1.23 per coin and would have to cross the first major resistance level at $ 1.2826 to take further gains.
XRP / USD 4-hour chart. Source: TradingView
In the event of a market breakout, XRP could hit resistance at $ 1.35 with the second major resistance at $ 1.3309.
If the bears return and XRP drops to the $ 1.1867 pivot, the first major support level at $ 1.1385 could come into play in the hours ahead. Unless there is an extensive market sell-off, XRP should comfortably stay above the $ 1 mark for the next few days.
DOGE price outlook
Dogecoin’s performance mirrors that of Bitcoin’s over the past few hours. The DOGE / USD 4 hour chart is bullish, much like the other two. DOGE is trading at $ 0.32 per coin, above its 200-day simple moving average ($ 0.3013).
If the current trend continues, DOGE could break the USD 0.35 resistance level in the next few hours. Despite the current rally, DOGE has not exceeded this level for more than a month. An extended rally could bring DOGE above the $ 0.40 region for the first time since May, when prices fell sharply.
DOGE / USD 4 hour chart. Source: TradingView
However, should it not be able to break above the USD 0.35 resistance in the coming hours, DOGE may struggle to maintain the support level at USD 0.301. DOGE has comfortably held its large support level at $ 0.26 for the past few weeks and should do so if the market turns bearish.