Bitcoin, XRP and MKR Price Analysis

Bitcoin, XRP and MKR Price Analysis

With the recent increase of bullish momentum in the crypto market, these assets are piercing through crucial barriers for a prolonged recovery.

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Over the last two days, the crypto market has experienced a significant capital inflow, prompting the Bitcoin price to bounce back from its $26,000 psychological support level. This bullish reversal has sparked a newfound optimism across the broader crypto market, fueling gains in several altcoins this week. Yet, it’s still an open question whether this upward momentum is robust enough to sustain a longer-term recovery.

At 12:06 p.m. on Friday, the global crypto market cap stands at $1.07 Trillion, projecting a 1.2% gain. Meanwhile, the 24-hour crypto market volume has seen a notable rise of 43% touching $38.2 Billion.

Also Read: Veteran Trader Reveals Bullish Bitcoin Signal; Finally Time To Enter BTC?

BTC Price Analysis: Bullish Pattern Prepares Rally to $28000

BTC Price AnalysisSource- Tradingview

Throughout September, the Bitcoin price traded largely in a sideways trend, forming an inverted head-and-shoulder pattern. This bullish reversal pattern is most notable at market bottoms and could offer significant upside potential upon completion. 

As of now, the Bitcoin price is wrestling with the neckline resistance of this pattern at $26,828. A bullish breakout from this level could offer a robust platform for further gains. The first hurdle in this bullish journey would be a combined resistance at $28200 and a downward-sloping resistance line. 

Surpassing this level would be a strong indicator of sustained bullish recovery and could potentially target the $28,000 level.

XRP Price Analysis: Triangle Breakout Pattern Hints Rally Above $0.55

XRP Price AnalysisSource- Tradingview

The daily time frame chart of the XRP price reveals a symmetrical triangle that has been guiding the asset’s price in a sideways trajectory for about six weeks. 

With the recent uptick in the crypto market, the XRP price showed a recent 4% price surge has broken through the upper trendline of the triangle. 

Currently priced at $0.50, if the buyers can sustain this level, it would likely serve as a strong support for further bullish momentum. The immediate upside targets post-breakout would be $0.55, followed by a move toward the $0.6 mark.

MKR Price Analysis: Rebound from Accumulation zone

MKR Price AnalysisSource- Tradingview

On the weekly time frame, the Maker coin price shows the formation of a bullish reversal pattern called a rounding bottom pattern around the $500 mark. This suggests that the asset has found a strong bottom and is likely in an accumulation phase. 

A recent breakout from the horizontal resistance zone between $1355-$1350 indicates a probable end to the downward trend. Currently trading at $1465, sustaining above this breakout level could open doors for a further rally. 

The next upside target in this scenario would be around $1668, marking a potential 15% increase from current levels.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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