- After the recent crash, Bitcoin prices have been stable, suggesting a potential bailout rally to $ 34,752.
- Ethereum prices have recovered significantly, but the threat of further crashes remains.
- If the Ripple price does not break above the $ 0.509 barrier, the Ripple price may start to rise again.
Bitcoin prices seem to have hurt bleeding wounds after falling well below support levels. This short pause in the downtrend of the Big Crypto caused Ethereum, Ripple, and other altcoins to rebound violently upwards. However, the LUNA-UST blunder is still going on, and things can go quickly and unfavorably. When the UST pegs became unstable, Terra Labs LUNA prices fell by a whopping 93%.
Do Kwan, the creator of Terra Labs, seems to have moved to AWOL from the last tweet about 9 hours ago.
Get closer … stay strong, fanatic
— Do Kwon (@stablekwon) May 10, 2022
Bitcoin prices are stable so far
Bitcoin prices range from $ 29,700 to $ 32,627, and neither limit has been cleared yet. Given the recent 79% retracement level bounced off at $ 30,315, BTC appears ready to sweep higher in range.
In this case, BTC will recover at least 4% from its current position, allowing altcoin to explode. However, movements above $ 33,100 are unlikely without a proper surge in buying pressure. Assuming the bullsband is together, a large cipher could retest the $ 34,752 hurdle.
This move constitutes a 10% rise from the current position.
BTC / USD 1-hour chart
A decisive move below the $ 29,007 low without a quick recovery indicates that the bulls are weak and invalidate the short-term bullish thesis. In such cases, BTC can wipe out $ 28,500 to collect the liquidity formed in May and July 2021.
Ethereum prices bounce
Ethereum prices have been trading below the rising parallel channel since the breakout on May 6th. So far, ETH has crashed 20% and has tagged a support level of $ 2,199. Currently, the bounce from this barrier seems to be proceeding smoothly.
The resulting rise could push ETH to a resistance barrier of $ 2,541. Investors need to be careful as Bitcoin prices may fall and Altcoin may fall.
ETH / USD 3-day chart
However, if Ethereum’s price recovers above the $ 2,541 barrier and produces daily candlesticks above $ 3,703, a high will be created and the bearish theory will be invalidated.
Ripple price remains high
The XRP price fell below the $ 0.509 low to collect cell stop liquidity below the comparable lows formed in June and July 2021. With a liquidity purge, the relief rally pushed Ripple to recover quickly beyond the $ 0.509 barrier.
As long as the price of XRP is above the above level, it is on the rise of 16% and could be pushed to the immediate hurdle of $ 0.596. Like many altcoins, the uncertain nature of the market can limit the rise in ripple around this level.
XRP / USDT 1-day chart
On the other hand, if the XRP price produces daily candlesticks below $ 0.509 and there is no rapid recovery, it indicates that the seller is in control. In such cases, Ripple’s bullish paper will face invalidation and potentially cause a further crash to $ 0.401.