- The bitcoin price prediction shows weak retaliation after last week’s sharp selloff, although network indicators suggest the bottom may be close.
- Ethereum price and bullish outlook for the upcoming reversal of the crash as bears threaten to drive prices down.
- The price of XRP shows a reversal after a sharp decline in the weekly trend. If a rally ever happens, it’s now or never.
At the end of August, retail traders spent a week deciphering the true intentions of the crypto markets. After a sharp fall last week, the market found itself in a congestion zone. The ground price action is likely to lead to a sharp directional move that many analysts hope will be bullish. However, a further decline cannot be ruled out.
Bitcoin price close to bottom
The price of bitcoin has been moving sideways all week since last Friday’s 16% sell-off. At best, the peer-to-peer digital currency recovered 3% of accumulated losses. The lack of effort shown after the decline is the first noteworthy anomaly in the underlying bullish strength. The VolumeProfile indicator raises reasonable doubts as trading continues to decline.
However, chain analysis tools suggest that there is more optimism under the hood of the cryptocurrency. In particular, Santiment’s indicator of daily active addresses shows that large-cap players have become inactive this week. 484,000 active wallets is a new low in terms of activity for 2022. The June 2021 low of 505,000 active wallets resulted in another minor jump from $35,000 to $31,000. The price of bitcoin then began to increase profits by 100% between July and November 2021.
Santiment active address and price indicator
In the following video, our analysts dive into bitcoin price action by analyzing key levels of interest in the market – Netcost-Security Team
Ethereum price says otherwise
The price of Ethereum is currently trading at $1,606. Ethereum dominates the cryptocurrency space in terms of performance, offering several lucrative capture opportunities over the course of several weeks. The decentralized smart contract token was the trader’s chart. However, manual type methods are unlikely to last forever. On-chain analysis suggests that something very important happened behind the scenes.
Santiments Daily Active Addresses shows the largest influx of active ETH participants this year. The current influx of participants is $1.08 million, which is a third higher than the annual high of $700,000 in 2021. Immediately after the influx in 2021, the price of ETH fell sharply from an all-time high of $4,500 to $2,400 a few weeks later. Historically, the indicator says that high inflows lead to massive sales. In particular, the infamous cryptocurrency sell-offs in May and December 2021 and the all-time highs of 2018 around $1,400.
Taken together, the price of ETH could trigger an inconspicuous catastrophic sell-off for technical analysis-only traders.
Sentiment Price and Daily Active Address Indicator
In the following video, our analysts dive into Ethereum price action by analyzing key levels of market interest – Netcost-Security Team
XRP price is already losing hope
The price of XRP has been an underperforming digital asset for most of the summer. The digital rebate token, whose price rose by 30% over the summer, has already lost 50% of the profits accumulated on rallies. Right now, the XRP price is hovering above the rising trend line, providing support for most of the summer. A candle closing below an ascending support line could hurt the price of Ripple.
The price of XRP is currently being auctioned at $0.34. Unfortunately, there is no chain data from Santiment, IntoTheBlock or Glassnode. Therefore, traders can only use classic technical analysis. According to the Bitstamp exchange, an influx of volume entered the market near the rising border, which is the first warning signal of trouble. In addition, the bulls lost support from the 8- and 21-day simple moving averages.
After the assembly, the price of XRP suggests that more drops may occur in the coming days. Therefore, being an early buyer is always reckless.
XRP/USDT 12 hour chart
In the following video, our analysts dive into Ripple’s price behavior by analyzing key levels of market interest – Netcost-Security Team