Of late the crypto market is submerged into a bearish pull with Bitcoin retracing below $42,000. This has forced other altcoins too to follow Bitcoin. The global cryptocurrency market capitalization has drastically fallen below $2 trillion positioning at $1.88 trillion with a fall of 4.63% over the last 24hrs.
Where Is Bitcoin, Ethereum & Ripple Heading to?
The Bitcoin bulls couldn’t sustain even the $42,000 level as the price has dropped below this level and retraced around the $41,100 level. On March 28th, Bitcoin saw an upswing towards $48,238 before retesting $42,076 and is currently below the $41,2000 level.
The thing that is to be looked at is how Bitcoin price has coincided with the $40,490 and $42,316 demand zone and this also supports the 50-day and 100-day Simple Moving Averages (SMAs). Hence, investors can expect Bitcoin to move towards $44,580. If buyers push a bit harder, this might turn into a support zone where bulls might retest the $48,248 level.
If the bull run continues, the flagship currency might even retest $50,000 and $52,000 and account for a 21% upswing.
And if bears take over, the price might drop to the $40,490 level which will make way for bears to pull Bitcoin price to even $34,752.
It’s been four days since Ethereum, the second-largest cryptocurrency by market capitalization is trading around $3,136 before it retraced back at the $3,044 level with a plunge of 6.48% over the last 24hrs.
If bulls manage to take over Ethereum price at $3,500, then the price might skyrocket to $3,703. In a highly bullish scenario, the Ethereum bulls might even head towards $4,040 accounting for more than a 27% bull rally.
However, if bulls fail to do so, then Ethereum bears might slide from $2,820 to $2,966 also supporting the 50-day and 100-day SMAs.
If Ethereum’s price decides to close daily candlestick below $2,820, then Ethereum’s price could even drop downside at $2,584.
Ripple’s native coin XRP did manage to maintain a bullish cycle for nearly a month before the price fell to the $0.771 level on April 6. This is the level where 2022’s most volume is traded.
At the time of writing, XRP Price is trading at $0.7127 saw a plunge of 6.22% over the last 24hrs, and retracing below the $0.771 level indicating that bears have taken over Bitcoin. With the present bearish cycle, investors can expect Ripple to downtrend towards the $0.657 support level.
If XRP had to face a bull rally, then the price must grab the $0.771 level so that there is a chance for Ripple price to revisit $1