CRYPTO NEWS: Latest Bitcoin Price, Ethereum Price and XRP Price Prediction: Relief Rally Begins
Bitcoin Price Is Ready to Break Out
BTC has been falling underneath a descending wedge since reaching a high of $25,211 on Aug. 25. The descending wedge is considered a bullish pattern, meaning that a breakout from it is expected.
So far, the BTC price has reached a low of $18,125 on Sept. 21. The low seemingly caused a breakdown from the $18,800 horizontal support area.
Nevertheless, the price regained its footing shortly afterward and reclaimed the support area, rendering the preceding breakout as only a deviation (green circle). This is a sign that often precedes movements in the other direction.
Moreover, BTC created a bullish hammer candlestick on Oct. 13 (green icon), further supporting the possibility of the breakout.
Finally, the bullish divergence trend line in the daily RSI is still intact, and the indicator is in the process of moving above 50.
If a Bitcoin price breakout occurs, the closest resistance area would be at $22,500.
Ethereum Reclaims Crucial Support
ETH has been falling underneath a descending parallel channel since Aug. 14. Similar to the descending wedge, the descending parallel channel usually leads to breakouts.
While decreasing inside it, the ETH price fell to a low of $1,190 on Oct. 13. While it initially seemed that this had caused a breakdown below the $1,280 horizontal support area, the Ethereum price reclaimed the area shortly afterwards and created a long lower wick (green icon).
Afterward, it moved above the middle of the channel. This is a sign that an eventual breakout is expected.
Additionally, the daily RSI is in the process of breaking out from its bearish trend line (green line), validating the possibility of an upward movement.
XRP Price in a Neutral Pattern, but Breakout Likely
Unlike BTC and ETH, XRP is trading inside a symmetrical triangle, which is considered a neutral pattern. However, since the pattern is transpiring after an upward movement and breakout from an ascending parallel channel, a breakout from it would be the most likely scenario.
Additionally, the growing hidden bullish divergence in the RSI (green line) is another sign that a breakout is expected.
If one occurs, the next closest resistance area would be at $0.64. This is both a Fib and horizontal resistance area.
A decrease below the wave C low of $0.44 (red line) would invalidate this possibility and indicate that XRP is correcting instead.
While the price prediction for XRP is less bullish than those for BTC and ETH, the hidden bullish divergence and the preceding breakout from the channel support the continuation of the upward movement.
Big Firms Entering the Metaverse
The metaverse is a virtual world that people share and use to communicate with others. According to some estimates, it will reach 5 billion users by 2030. However, there are some negative aspects of this new technology. One such dark side is that the virtual world has high volatility, which makes it susceptible to money laundering and trading scams. For this reason, big firms are well positioned to take advantage of the metaverse. They have a large budget to invest in the project and can implement trust measures to protect their users’ information.
Several major companies are investing in the metaverse, including Microsoft, NVIDIA, and Epic Games. Some video game companies have even entered the metaverse by partnering with online game creation platforms, such as Roblox. These brands have created digital accessories in the form of NFTs, which users can use to purchase items in the metaverse.
The new metaverse will also enable users to create and resell Limited Edition digital objects. Facebook’s plan is to make it easier for people to buy, display, and sell limited editions. The Facebook metaverse will be different than other open source metaverses, in that it will use NFTs and its Novi crypto wallet. It will also feature a new stablecoin called Diem. However, the proposed stablecoin has been delayed in the US.
Many blockchain-based games are gaining popularity. Many players are now building their virtual kingdoms and playing for money. This has led to an increase in the value of AXS tokens, which are non-fungible, but are used to play games and earn money. SecondLive, Decentraland, and Axie Infinity are a few of the more popular metaverses on the market today. Decentraland has already cultivated a large community and several big firms have already started marketing on the platform.