Bitcoin, Ethereum, and XRP are three of the most prominent cryptocurrencies in the market. These cryptocurrencies are on the brink of simultaneously forming a 3-day golden cross, which is a rare signal that has occurred only a few times in the past for each individual asset. The golden cross is formed when a short-term moving average crosses above a long-term moving average, and it is typically viewed as a bullish signal that could lead to a potential trend reversal.
This signal is viewed as a positive technical indicator that could signal the beginning of an uptrend in the crypto market. This development comes at a time when the crypto market outlook is improving, with institutions seeking to launch Bitcoin ETFs and XRP and Ripple winning a significant legal battle against the US Securities and Exchange Commission.
While the crypto market has been volatile in recent months, the technical environment is starting to show signs of a possible uptrend brewing. Several top cryptocurrencies are inching closer to a golden cross on the 3-day timeframe, which has only occurred a handful of times in the past. The fact that Bitcoin, Ethereum, and XRP are all on the verge of forming a golden cross simultaneously for the first time in their history is a significant development that has caught the attention of many investors and analysts.
In the past, a stronger rally started only after all three coins had golden crossed, which previously happened at different phases of previous bull markets. Therefore, if all three coins manage to form a golden cross simultaneously, it could potentially trigger a stronger rally in the crypto market. This signal is a positive development for crypto enthusiasts, who are hoping that the market will continue to recover from the recent lows and reach new heights in the coming months.
Source: NEWSBTC
