The cryptocurrency market has shown weak price performance since the beginning of the month, indicating an increase in selling pressure in the crypto space. In addition, the global cryptocurrency market capitalization has declined by 10.27%, from $2.53 trillion on June 1 to $2.27 on June 30.
Furthermore, the elite cryptocurrencies continue to remain near their crucial support levels, indicating an increasingly pessimistic sentiment in the crypto market.
With the increasing volatility in the cryptocurrency market, the question is whether the top three tokens will see a bullish turnaround in July or crash to new lows. Dive in, as in this article, we have covered Bitcoin, Ethereum, and XRP price analysis and targets for the week ahead.
The BTC price is forming a channel pattern:
Bitcoin (BTC) price has formed a parallel channel pattern on the 1D time frame, indicating weak price action for the star cryptocurrency in the market. Moreover, BTC price is fluctuating near its crucial support level of $60,819.50, the outcome of which is unpredictable.
The Simple Moving Average (SMA) is about to record a bullish crossover on its price chart, indicating an increase in buying over selling pressure and a high probability of a bullish reversal for the Bitcoin price in the cryptocurrency space.
On the other hand, the technical indicator RSI successfully retested its oversold zone. This resulted in the BTC token experiencing a positive convergence.
If the market sustains the Bitcoin crypto price above its crucial support level of $6,819.50, the bulls will head towards the resistance level of $67,775. On the other hand, if the bears continue to dominate the market, the BTC price will crash to its lower support trend line.
The ETH coin price is showing an increasingly bearish trend:
Amid the ongoing cross-border market correction, Ethereum price has formed a descending channel pattern and has been trading within this channel since the beginning of June. Moreover, the altcoin market leader has lost 3.37% in the last seven days and 9.40% in the last 30 days.
The 50-day EMA is constantly acting as a resistance on the ETH price chart on the 1D time frame and is indicating a weak bullish price movement in the crypto market.
Moreover, the Moving Average Convergence Divergence (MACD) has shown a consistent decline in the red histogram. Moreover, the averages show a high probability of bullish convergence, indicating a possible positive reversal in the coming period.
If the bulls regain momentum, the ETH price will break out of its resistance trend line and prepare to test its resistance level of $3,730 in the coming week. However, if the bears gain control, the Ethereum cryptocurrency will crash to its lower support level of $3,000.
Ripple price is about to test its crucial support:
The XRP price has formed a symmetrical triangle pattern on the 1D time frame and has continued to trade within this pattern since mid-April. Moreover, the altcoin has come close to its crucial support trend line with a decline of about 3% within the last seven days.
The MACD technical indicator is showing a constant flat line on its price chart, indicating weak buying and selling pressure in the crypto space. Moreover, the averages are showing a neutral trend, highlighting the uncertainty regarding the future price movement of the XRP cryptocurrency.
If the market regains momentum, Ripple price will prepare to retest its resistance trend line of the symmetrical triangle pattern in the coming week. On the negative side, a bearish price action could drag the XRP coin price to its low of $0.420 in the coming period.
