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The cryptocurrency market has been in a bearish mode since the start of the week but has recovered excellently and will end the week with a positive performance
The cryptocurrency market was in a correction mode since the start of the week, with the prices of most cryptocurrencies dropping by over 5%. However, the market has turned things around in the last 24 hours and looks poised to record further gains.
Bitcoin (BTC) finally climbed back to the $47k mark again after a rally over the past few hours. Ethereum is also looking to surpass the $3,300 mark and could succeed if the current market situation persists.
Analysts are still optimistic about the long-term prediction of the current bull run. The prices of cryptocurrencies are expected to surge even higher as the market continues to progress.
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Bitcoin was trading around the $44k mark yesterday but has since risen by nearly 6% to now trade slightly above $47k at the time of writing. Bitcoin is trading above close to the 100 hourly simple moving average (SMA) and could break the resistance level at $47,500 over the next few hours.
The first major resistance is at $48,000, and Bitcoin needs to move past this level if it intends to make a run for the $50k mark. The bulls will have to extend the rally over the coming days for breaching the next resistance level at $50,000.
BTC/USD 4-hour chart. Source: TradingView
However, if BTC fails to climb past the $48k mark, there could be a downside correction, with the initial support lying close to the $46,800 level. Any clear break below $46k could see Bitcoin revisit the $45,000 support zone region.
Ripple (XRP) has turned things around after rallying by nearly 8% in the past 24 hours. The XRP/USD 4-hour chart is bullish now, and more gains could be recorded in the coming hours. XRP is trading at $1.23 per coin and would need to surpass the first major resistance level at $1.2826 to enjoy further gains.
XRP/USD 4-hour chart. Source: TradingView
In the event of a market breakout, XRP could make a run for the resistance at $1.35, with the second major resistance level sitting at $1.3309.
If bears return and XRP falls to the $1.1867 pivot, the first major support level at $1.1385 could come into play in the coming hours. Unless there is an extended market sell-off, XRP should comfortably stay above the $1 mark in the next few days.
Dogecoin’s performance mirrors that of Bitcoin in the past few hours. The DOGE/USD 4-hour chart is bullish, similar to 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 past the $0.35 resistance mark in the next few hours. DOGE hasn’t surpassed that level for more than a month now despite the current rally. An extended rally could take DOGE above the $0.40 region for the first time since May when the prices had fallen sharply.
DOGE/USD 4-hour chart. Source: TradingView
However, failure to surpass the $0.35 resistance in the coming hours could see DOGE struggle to maintain the support level around $0.301. DOGE has comfortably defended its major support level at $0.26 in the past few weeks and should do so if the market turns bearish.
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BTC, XRP and DOGE Analysis: Trio Recover to end the Week on a Winning Note
