The cryptocurrency market is witnessing varied trends among major altcoins. XRP shows bearish signals, Ethereum continues to grow, and Bitcoin is experiencing fatigue.
XRP Shows Bearish Signals
XRP is displaying signs of a bearish reversal pattern known as the 'falling star'. The latest daily chart indicates strong rejections at higher price levels, signaling a possible short-term reversal. The cryptocurrency peaked around $3.70 but has since retraced to $3.49. The Relative Strength Index (RSI) has crossed into overbought territory and is hovering around 88, indicating potential for a correction.
Ethereum Rides the Wave of Growth
Ethereum continues to experience market euphoria, surging over 40% in a day and more than 150% since April. The cryptocurrency successfully breached the significant psychological level of $3,000 and is pushing to upper boundaries. The RSI for Ethereum stands at about 85, which also indicates potential overheating, although high levels can persist in rising markets.
Bitcoin Shows Signs of Exhaustion
After its recent surge to $123,000, Bitcoin is showing signs of fatigue, reverting to around $118,000. While the macro upward trend remains, technical indicators suggest a likely correction towards $110,000. Recent data indicates declining trading volumes, which may signal waning demand.
The situation in the cryptocurrency market continues to evolve, with clear bearish signals from XRP, strong growth in Ethereum, and Bitcoin fatigue. Investors should closely monitor market changes.
