A cryptocurrency analyst from the popular CryptoTV channel predicted a major breakout for several top cryptocurrencies in a daily YouTube video posted on December 4.
Analysts have pointed to recent price movements in assets such as Bitcoin (BTC), Ethereum (ETH), and XRP as early confirmation that the expected rally is underway.
As you can see across the board with this cryptocurrency, we are breaking through.
Notably, the analyst believes Bitcoin could continue to rise above what he identifies as a key “bullish fractal” resistance level after the two-day close. However, he warned that Bitcoin is approaching overbought territory on the Relative Strength Index (RSI).
Likewise, in the analyst’s view, Ethereum shows a bullish setup after two daily closes above “key price caps.” He said he took a leveraged long position in Ethereum to take advantage of this move.
Analysts seem to be most enthusiastic about the prospects of the XRP token. He highlights how XRP appears to be breaking out of the “bull flag” technical pattern that has seen it outpace major uptrends on several occasions over the past year.
If history repeats itself, analysts suggest that XRP could soon rise to its target price. Nonetheless, he notes that the journey higher could be volatile given XRP’s tendency for “big swings” in price movements.
We expect the price of XRP to easily rise to 70 cents, maybe even 83 cents. Keep your eyes peeled because this is a breakthrough.
Overall, cryptocurrency analysts cite improving technical indicators and the breaking of key overhead resistance levels as reasons to predict a sustainable upward trend across cryptocurrency markets.