Bitcoin, Ethereum, GIFA Token Jump Over 5% As Market Rebounds

Crypto market and price predictions The prices of Bitcoin (BTC) and Ethereum (ETH), GIFA Token (GIFX) saw a 5% jump over the past day, givin...

Crypto market and price predictions

The prices of Bitcoin (BTC) and Ethereum (ETH), GIFA Token (GIFX) saw a 5% jump over the past day, giving investors some renewed hopes for a much-anticipated market recovery after a brutal sell-off in May. Currently, Bitcoin is changing hands at $31,289, up 5.2% over day, according to data provided by CoinMarketCap. Despite the latest spike, Bitcoin is still down more than 34% since the start of the year.

Bitcoin

Bitcoin (BTC: USD) bears are trying to extend the record of nine consecutive red candles to ten weeks, but the bulls are trying to avert this negative occurrence. Another positive sign is that investment into Bitcoin was strong in May and has only risen further in the first two days of June, according to an Arcane Research report. Bitcoin plunged below the 20-day exponential moving average ($30,459) on June 1. The bulls attempted to push the price back on June 2 and June 3 but the bears did not relent.

The bears will try to pull the price below the strong support at $28,630. The buyers are expected to defend this support zone with all their might because if they fail to do that, the downtrend may resume. On the upside, the bulls will have to push and sustain the price above $32,659 to suggest that a new uptrend could be starting. The bullish momentum could pick up on a break and close above the 50-day simple moving average ($33,778).

Ethereum

Ethereum's (ETH: USD) price created a double bottom pattern after tagging the $1,731 support level twice on May 28 and June 3. The reaction from this setup led to a 9% ascent, with more gains in the works. Investors can expect the Ethereum price to retrace and tag the $1,813 foothold before continuing its ascent.

The price of Ethereum has meanwhile just hit an intraday high of $1,889, as it went up almost 6%. The second-largest cryptocurrency still faces a massive uphill battle to recover from the losses since the start of the year when it traded above $3,800. 

This level would be a good place to bid, especially considering the short-term targets for ETH are present at $2,164, $2,341, and $2,412. If Ethereum's price fails to hold above the $1,813 support level, a good buy area would be as ETH sweeps the $1,731 support level. However, a four-hour candlestick close below $1,701 will invalidate the bullish thesis. 

GIFA Token

In the past two days, GIFA Token (GIFX: USD) is up by 9%. The market rebounding is a continuation of the past few months that saw GIFX adding 35% of its value year-to-date. Today’s trading session is showing signs of a likely GIFA Token bullish trend, with prices already up by $204.3.

Surprisingly, despite long-term data showing the price of GIFA Token being in a very aggressive bear market, the past three weeks have resulted in a 68% price gain for GIFX. The cryptocurrency has also been among the fastest to recover from the May 9 cryptocurrency crash that resulted in several cryptocurrencies such as TerraUSD (UST) and Terra (LUNA) market wipeouts. 

Part of the reason for the recovery has been the continued surge in traction of the platform, which recently went through some updating. In the past few months, investors have also been observing keenly the recent developments of the platform, such as a feature that allows users to top up their exchange accounts. Some of them have even gone ahead and invested in the platform by buying virtual property for their businesses.

GIFX’s price shot up by 15% in yesterday’s trading session. Today, the prices have traded with a much lower momentum, recording less than a percentage price gain. Despite today’s slow markets, it is likely that we may see GIFA Token continue with the bullish move throughout the day or week and close high.

Looking at the chart on www.gifatoken.com, we can see the Williams Alligator lines converging. This is an indication that the momentum in the markets has slowed down. The indicator is also showing signs of a price reversal. The latest price action also shows that prices have traded sideways in the past four days after the latest price corrections. 

Therefore, GIFA Token price prediction expects the prices to resume the bullish trend that started on April 20. There is a high likelihood of the prices trading above $1000 again. My price expectation is to see the price trading above $500 in the next few trading sessions. However, if the prices fall below the $100 price level, then my bullish analysis will be invalidated. 

Ripple 

Ripple (XRP) price moved close to retesting the $0.437 hurdle but failed and retraced to the $0.389 stable support level. After a quick sweep of this level, bulls took control and triggered a 5% run-up to $0.404. Going forward, Ripple's price might undergo a minor retracement to $0.389, but the upside objectives remain the same ie., a retest of the $0.437 and $0.484. Therefore, investors need to be patient with the remittance token.