The cryptocurrency market concluded November on a bullish note, with top cryptocurrencies recording a significant price rally. Moreover, with Bitcoin’s price hovering close to the $100k mark, the crypto space has achieved a new ATH.
Will the top 3 cryptocurrencies resume the month of December on a bullish note? In this article, we have covered the short-term market sentiments of Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) crypto tokens.
Bitcoin (BTC)
Despite recording a neutral trend over the last seven days, the BTC price surged ~39% in November. Moreover, with a market capitalization of $1.909 billion, the Bitcoin token currently holds a market dominance of 56.13%.
The Simple Moving Average (SMA) supports the BTC price chart in the daily time frame. Further, the RSI indicator is hovering close to its overbought range. This indicates an increase in the market’s bullish sentiment for the star crypto.
If the bullish sentiment sustains, the Bitcoin price will surpass its target price of $100k and head toward its upper high of $110k. On the flip side, a bearish reversal could pull the price toward its lower support level of $81,000.
To understand the long-term possibilities of the BTC token? Read CoinPedia’s Bitcoin Price Prediction!
Ethereum (ETH)
The ETH price has gained significant attention over the past few days. This has resulted in the Ethereum price adding ~8% this week. Further, with a monthly return of 47.07%, this altcoin has surpassed the $3,650 level.
The Moving Average Convergence Divergence (MACD) shows a constant green histogram with its averages recording a steady rise. Moreover, the EMA 50/200-day displays a Golden Cross daily, highlighting a bullish outlook.
Maintaining the price above its resistance level of $3,697 could set the stage for the ETH coin price to head toward its high of $4,100. Conversely, if the bears outrun the bulls, the altcoin leader may retest its lower support level of $3,000.
Ripple (XRP)
The XRP price has continued gaining momentum despite ongoing market turmoil. The Ripple price has soared 264.89% this month, resulting in it surpassing the $1.8 mark. With a market cap of $106.76 billion, it has secured the 05th position.
The Relative Strength Index (RSI) continues hovering above its overbought range in the 1D time frame, with its average trendline experiencing a bullish crossover. This suggests that the Ripple token may continue gaining momentum in the upcoming week.
If the market favors the bulls, the XRP price will head toward its upper high of $2.5. On the contrary, if a trend reversal occurs, the Ripple crypto token may retest its support trendline of $1.50 this year.
To find out the answers to questions like when the Ripple price will hit the new ATH, Read our XRP Price Prediction!
FAQs
If the bullish sentiment sustains, the Bitcoin price will surpass the $160,000 in 2025.
For this altcoin to achieve this price target, it will require a jump of 35.56% in valuation.
The Ripple price may conclude the year 2024 with a high of $2.
