Price Analysis: XRP Bullish, THETA and IOTA Declining
XRP has been rallying over the past few days and is set to continue heading into the weekend. THETA and IOTA are trading in the red and could sustain further losses over the same period
The cryptocurrency market has mostly recovered from last week’s crash, with Bitcoin’s market cap reaching $1 trillion again. Ethereum continued its superb start to the year after setting another all-time high above $2,700.
XRP is also bullish, rising by nearly 50% over the past week to continue its march towards $2. Although THETA and IOTA recorded excellent gains this week, they are currently bearish after suffering losses over the past 24 hours.
— Mr. Yoyo ®️™ (@GemHuntersYoyo) April 29, 2021
XRP price outlook
XRP is the most bullish of the three cryptocurrencies. The XRP/USD 4-hour chart shows a cryptocurrency on a hot streak, and it could maintain the run this weekend. It is currently trading above $1.50 and could reach $2 by the weekend. XRP is trading above its 100-day SMA and EMA after establishing strong support at $1.31.
A rally past the $1.74 resistance could lead to further breakout towards the $2 mark. XRP hasn’t traded above $2 since 2018 but could surpass that mark if the current trend continues.
XRP/USD 4-hour chart. Source: Coinalyze
However, failure to mount a serious challenge past the next resistance point could see XRP decline towards $1.31. Regardless, the $0.90 support level is strong, and bulls can defend it with ease in case the market turns bearish.
THETA price outlook
THETA is having a net positive week despite the slight decline in the past few hours. The bears are in control, and if the trend persists, THETA could drop to the $10 region over the coming hours. Further losses could bring the $7.90 support level into focus.
THETA/USD 4-hour chart/ source: Coinalyze
However, THETA’s technical indicators are still positive, which means the cryptocurrency can still turn things around this weekend. A breakout past $11.90 will provide the platform for THETA to rally higher and aim for the $13.50 resistance point.
IOTA price outlook
Similar to THETA, IOTA had a net positive week despite recent losses. The IOTA/USD 4-hour chart shows the cryptocurrency battling to break out of its stagnation and run towards the $2.30 resistance point. It is trading above its 100-day SMA while its RSI and MACD both show bullish levels. IOTA could reverse the trend and rally to a new monthly high above $3 with the help of the general cryptocurrency market.
IOTA/USD 4-hour chart. Source: Coinalyze
However, if the current trend continues, IOTA could dip below the $1.9 support level. Further losses could see the cryptocurrency drop to the $1.50 range again.