The rise and fall of Bitcoin are actively replicated by most of the other cryptocurrencies. Sometimes the surge could be steeper than the rise of BTC. On the other hand, there are times when the drop is much deeper than the decline of Bitcoin.
Currencies such as Ripple (XRPUSD), Ethereum (ETHUSD) are traded very actively and are quite volatile while some such as Bitcoin Cash, Tether (USDTUSD) are much less volatile.
Price analysis and prediction of BCHUSD
The daily-timeframe price chart for Bitcoin Cash shows that the highest volume traded was following the massive dip on March 12. Since then, the traded volumes for BCHUSD continued to decline.
Now, the decreasing volume is not a very good sign to look forward to for any cryptocurrency. However, there has been no significant sell-off in Bitcoin Cash, either. It indicates that the dip in prices was an attractive opportunity for investors to buy and that investors are bullish on BCH.
Bitcoin Cash is trading around $244 and is approximately down by 1.3% since its previous close.
Ethereum technical analysis and outlook
Ethereum seems to be less affected by Bitcoin’s movement than most other cryptos. ETHUSD has a significant reason for its immunization from BTCUSD, and that is the anticipation and speculation regarding ETH 2.0.
Ethereum’s daily chart reveals that ETHUSD has managed to rise above the 20-day Exponential Moving Average. It has always been a crucial support level for Ethereum. The MACD line might soon cross-over the signal line indicating bullish momentum.
Technical analysis and prediction for Ripple
The daily-chart for Ripple or XRPUSD seems to be at a crucial junction of sorts. It is breaking out of a long term converging triangle pattern. Without the rise in volume, this could be a fake break-out, and the prices would likely fall after an initial surge.
Both the MACD and RSI indicators are currently neutral for XRPUSD.
Check out XRPUSD Chart on tradingview.