Top 3 Bitcoin, Ethereum, Ripple Price Predictions: What Wall Street Doesn’t Want You To Know pt.2 | Cryptocurrency

  • Bitcoin price shows smart money accumulation signals. A bottom may be near.
  • Ethereum price is likely to witness an influx of volatility, a swing trader’s approach may be most appropriate.
  • Ripple price remains in a bearish stronghold based on the recent bearish influence.

Part two of an Elliott Wave, Technical and On-Chain Analytical Thesis used to assess current market behavior and predict upcoming directional moves in the cryptocurrency market.

Bitcoin price looks bullish under the hood

Bitcoin price is currently trading at $19,982. The recent breach of the $20,000 barrier has many analysts calling for a sweeping event of the June 18 lows at $17,622. Based on the techniques, the call is justified. The volume profile shows an uptick near the top of the August bullrun, signaling smart money involvement. Additionally, traders have consistently rejected Bitcoin’s re-entry of the $20,000 barrier on intra-hourly timeframes.

However, a few on-chain analysis tools convey a different message. For example, Santiments’ 365-day Bitcoin circulation map shows a massive decline in tokens in annual circulation. There are currently 5.96 million tokens in circulation, which is the lowest reading in the past six years. The last time this amount of tokens were in active circulation was in 2016, when Bitcoin traded at $5,711.

Santiment Price, 365 Day Supply and Circulation Trading Indicators

The Total Bitcoin Supply On All Crypto Exchanges indicator continues to decline. At 1.74 million currently, exchanges hold the lowest amount of liquid Bitcoin since October 2018, just before Bitcoin fell from $6,000 to $3,000.

Finally, the OTC supply indicator becomes parabolic. At a new all-time high of 2.75 million Bitcoin, this indicator suggests that whoever buys Bitcoin is not interested in short-term gains. In theory, the lower supply of tokens on exchanges creates more demand for the token among retail and institutional investors.

In the following video, our analysts dive into Bitcoin’s price action, analyzing key levels of interest in the market. -Netcost-Security team

Ethereum price tells a different story

Ethereum price has outperformed Bitcoin this summer by almost 150%. Compared to Bitcoin’s 42% rally, the decentralized smart contract has seen a 126% increase since the June 18 liquidation.

The price of ETH is currently selling at auction at $1,571. The technical data shows a drop in volume amid the current selloff, which is an optimistic signal of further gains to come.

Still, on-chain analysis tools suggest that ETH will struggle to repeat its impressive performance. Unlike Bitcoin, the total supply indicator on Santiment exchanges is trending higher.

tm/eth/9/1/22

Santiment Price, Volume, 365 Day Circulation – Exchange Supply Indicators

Currently at 17.6 million tokens, the last time Ethereum inventory was this high across all exchanges was in November 2021 when the price of ETH was auctioned between $4,200 and $4,600.

In theory, the indicator suggests that Ethereum price could be an ideal volatile token for day traders in the coming weeks. However, new all-time highs will be more difficult to reach than for its Bitcoin counterpart.

In the following video, our analysts dive into Ethereum’s price action, analyzing key levels of interest in the market. -Netcost-Security team

Ripple price remains in bearish limbo

XRP price is currently selling at auction at $0.325 as the digital money transfer continues to underperform against its peers. Since June, the digital discount token has grown by 35%. What once appeared to be a take-profit consolidation near $0.37 eventually turned into an all-out selling frenzy, with Ripple price dropping 10% in one day on August 19.

The August 19 bearish engulfing candle is now the biggest candle of the summer, suggesting that traders are now in control. The volume profile indicator gradually increases in trades in the middle of each market decline. Finally, XRP price witnessed a rejection of the 8-day and 21-day simple moving averages, which will likely prompt the spread bears to jump for more downside potential.

tm/xrp/9/1/22

XRP/USDT 1-Day Chart

When combined, XRP price could dispel a whirlwind of pain in the coming weeks. The bears are likely aiming for targets between $0.28 and $0.24. Traders looking to join the trend should maintain an invalidation point above $0.41.

Traders should beware of placing an entry too early, as a candle close above $0.33 on the daily level could catalyze a sharp rise towards $0.37 in the near term.

In the following video, our analysts dive into Ripple’s price action, analyzing key levels of interest in the market. -Netcost-Security team

We would like to thank the author of this post for this outstanding web content

Top 3 Bitcoin, Ethereum, Ripple Price Predictions: What Wall Street Doesn’t Want You To Know pt.2 | Cryptocurrency


We have our social media profiles here as well as other related pages herehttps://metfabtech.com/related-pages/