The crypto market has witnessed a significant price spike over the past few weeks, suggesting that there is room for improvement for the top 5 cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA) and Shiba Inu (SHIB ) could give even more upside potential ).
Ripple (XRP) and other major crypto projects have seen a sharp surge, surging over 60% in less than 12 hours after Ripple (XRP) won its lawsuit against the United States Securities and Exchange Commission (SEC).
This price increase suggests that more price increases could be on the horizon for these top 5 cryptocurrencies (BTC, ETH, XRP, ADA, SHIB).
Top 5 Cryptos – Daily Timeframe Price Analysis for Bitcoin (BTC)
Bitcoin 1D price chart
Despite showing incredible strength from a low of $25,500, Bitcoin (BTC) price has struggled to break the yearly high of $31,500, which acted as a strong resistance for BTC price.
For the bulls to push the price to a high of $34,000, BTC price needs to break the daily range of $31,500 and close above it.
If the price of BTC, one of the top five cryptocurrencies to watch, fails to break above $31,500, there are high chances for the price to retest the $28,500 support area if the $30,200 support area Dollar is lost as this has acted as a range bound price of BTC for weeks.
Bitcoin 4H (four hour) time frame analysis
Bitcoin 4H time frame analysis
The price of Bitcoin has remained range bound for the past 20 days, suggesting that the price of BTC could head in a direction where there are more buy or sell options in the coming days or weeks.
Bitcoin price action suggests that the price could rise if the range to the upside breaks from $31,500. The price stayed well above the 200 Exponential Moving Average (EMA) and acted as a support zone for long positions.
Ethereum (ETH) price analysis on daily (1D) time frame
Daily ETH price chart
Ethereum’s price action hasn’t been as compelling as the other crypto assets, which have surged over 60%. ETH has been struggling with large swings in the range as a rejection does not allow the price to comfortably push above $2,000.
The $2,020 area remains an area of interest for many sellers as there are more short positions in this area. A break and close of ETH above $2,020 could see ETH rally further to a high of $2,200 or $2,500.
Key areas for buyers to look for include $1,800, where a long position can be opened, or $2,020, where a short entry position can be opened.
The 50 Exponential Moving Average (EMA) of $1,860 is temporary support for long positions; A break below this area could signify a retest of the key $1,800 support.
Top 5 Cryptos – Ethereum 4H Price Analysis
Ethereum 4H price analysis
Ethereum price continues to trade above the key 50 and 200 exponential moving average (EMA) levels, which correspond to $1,900 and $1,870, which serve as minor support areas for ETH price.
Ethereum price has to break through and close $2,050 within four hours as this will convince the bulls to push the price to a high of $2,500.
Daily (1D) price analysis of Ripple (XRP) after winning lawsuit against SEC
Daily 1D Ripple XRP price chart
The announcement that Ripple (XRP) won its lawsuit against the SEC has been going on for years. The news was a catalyst for this top crypto asset as XRP’s price broke out of its descending triangle and surged to a high of $0.93, hitting a fresh yearly high of over 80% in less than 12 hours.
As this news is a good development, if this hype continues, we could see XRP further rally to $1 as the price looks good, staying above $0.55 and acting as a support zone for many buyers.
Ripple (XRP) four-hour chart analysis (4H).
Analysis of the XRP four hour chart
XRP price holding above the $0.60 high suggests that XRP price is increasingly bullish above its $0.60 support area. At the beginning of the new week, more and more buy orders in XRP are coming in.
We could see the price breaking through the $1 mark in the coming weeks or days as it is among the top 5 cryptocurrencies to watch out for.
Cardano price speculation on the daily (1D) timeframe
ADA Daily 1D price chart
Unsurprisingly, Cardano (ADA) has emerged as one of the top 5 cryptocurrencies to pay close attention to as data suggests ADA price could surge above $0.60.
ADA price has been struggling to show large price moves above $0.40 for weeks as ADA price is facing strong resistance at $0.35 and $0.40 which is preventing the price from rising.
If the price of ADA breaks above $0.40 and closes above these regions, the bulls could retake the $0.60 region in no time.
Cardano (ADA) 4H chart analysis
ADA 4H chart analysis
The price of ADA on the 4-hour time frame suggests that the price is repelled by its 4-hour resistance of $0.35 as the ADA price could retest the $0.30 area and as a temporary one Support zone above the 50 and 200 EMA.
If ADA price fails to sustain above $0.30, ADA price would likely reach the $0.26 area where most buy orders would be filled.
Shiba Inu (SHIB) price analysis on daily (1D) time frame
SHIB Daily 1D price chart
Shiba Inu (SHIB) is among the top 5 cryptocurrencies to hold in a trending market as it has the potential to help build a robust portfolio. SHIB’s price struggled to show large price moves as its price fell to a low of $0.000006 while in that region the price bounced to a high of $0.000008.
SHIB price has formed an ascending triangle as it is facing resistance at $0.0000820 to break out to the upside. A break and close of SHIB above $0.00000820 and $0.00000990 could result in SHIB price rallying to a high of $0.000012.
Shiba Inu (SHIB) 4H Technical Analysis
SHIB 4H price chart
SHIB price needs to close above the high of $0.00000850 to continue another bullish price move. Given their potential for price increases, SHIB’s army would want to invest more in these top 5 cryptos.
A break and close above $0.00000990 for SHIB could propel the price to a high of $0.00001500.
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Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may represent the personal opinion of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic accepts no liability for any financial loss.
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