With the ongoing debate on the fate of the future market in terms of dominant store of value, where cryptoindustry challenges precious metals, the conventional financiers keep treating crypto with a fair share of doubt and suspicion, whereas cryptoenthusiasts view it as means to liberate the world from centralized approaches exercised by the banking institutions.
It is only natural for an emerging asset class to mount challenge on the already existing and relatively stable operating system to encounter severe criticism, and while some of the countries on the globe decide to embrace the changes, there are always those who fail to accept them due to their conventional nature. Here you will be able to decide for yourself whether the doubts actually have any grounds, and if not – where to invest your funds better.
Let us start with the most dominant pair in today’s market, which is Bitcoin/US dollar. BTC price shows bullish activity, with almost 6,900 US dollars price, and bears intend to aggressively hold the currency between this mark and the 50-day SMA. However, the analysts suggest that this range will be exceeded, as this infamous trading pair has finally escaped the 20-day EMA, where it has been trapped since the first weeks of this May. Moreover, this pair has bounced back subsequently to a beneficial RSI divergence, which is interpreted by the analysts as a setup for Bitcoin price to enter the ballpark in-between 7,500 and 8,000 USD. However, the bears may abandon the aforementioned resistances, making BTC fall well below the region of 6,000 USD.
The second world’s most popular currency, Ethereum, is also experiencing positive trends, withstanding the bears’ attempts to bring it under the 450 USD levels. Should the trading pair successfully enter the 500 USD region, it may rally further, potentially being able to reach the 600 USD price levels, which means that at the time this currency is very well worth investing in, however, the analysts mention that the position size should better be small.
XRP has reached its 20-day EMA at last. It Ripple coin successfully gets out of its downtrend, its price might increase to the amount of nearly 0.56 US dollars. The only problem with this is that the 0.42-0.45 USD ballpark will remain a potent support level. However, such tight trading ranges have proven to signify a price increase for this trading pair before.