Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC steadies, ETH finds support, XRP breaks bullish pattern

Bitcoin could hit $120,000 if it closes above $116,000

Bitcoin price continued its second consecutive week of recovery, increasing by 3.72% last week. However, it found resistance around the $116,000 daily level on Saturday and declined slightly the next day. At the time of writing on Monday, it hovers around $115,300.

If BTC closes above the daily resistance level at $116,000 on a daily basis, it could extend the rally toward its psychological level at $120,000.

The Relative Strength Index (RSI) on the daily chart reads 56, which is above its neutral level of 50, showing that bullish momentum is gaining traction. The Moving Average Convergence (MACD) indicator displayed a bullish crossover on September 6, which remains in effect, indicating sustained bullish momentum and an upward trend ahead.

BTC/USDT daily chart

On the contrary, if BTC fails to close above the $116,000 resistance level and continues to correct, it could extend the decline toward its 50-day Exponential Moving Average (EMA) at $113,416.

Ethereum bulls aiming for record highs

Ethereum price broke above the upper consolidating boundary at $4,488 on Friday and rallied by 5.68%. However, it failed to maintain its upward momentum and declined 2.25% in the next two days. At the time of writing on Monday, it trades at around $4,620.

If ETH finds support around the upper consolidating boundary at $4,488, it could extend the rally towards its record high at $4,956.

The RSI on the daily chart reads 59 above its neutral level of 50, showing that bullish momentum is gaining traction. The MACD exhibited a bullish crossover on Friday, providing a buy signal and further bolstering the bullish thesis.

ETH/USDT daily chart

However, if ETH closes below the $4,488 level, it could extend the decline toward the lower boundary at $4,232.

XRP breaks above falling wedge pattern

Ripple price broke above the falling wedge pattern (drawn by connecting multiple highs and lows with two trendlines since mid-July) on Thursday; a breakout of this pattern favors the bulls. XRP rallied 2.5% in the next two days but declined slightly on Sunday. At the time of writing on Monday, it hovers around $3.03.

If XRP continues its upward momentum, it could extend the rally toward its daily resistance at $3.40.

Like Bitcoin and Ethereum, XRP’s RSI stands above the neutral level of 50, indicating bullish momentum. Additionally, the MACD showed a bullish crossover last week, which remains in effect, indicating sustained bullish momentum and an upward trend ahead.

XRP/USDT daily chart

On the other hand, if XRP faces a correction, it could extend the decline toward its 50-day EMA at $2.94.

Cryptocurrency prices FAQs

How do new token launches or listings affect cryptocurrency prices?

Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.

How do hacks affect cryptocurrency prices?

A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.

How do macroeconomic releases and events affect cryptocurrency prices?

Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.

How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?

Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.