Altcoins ready to run higher, BTC dominance fading

Fundamental Data

Last week, crypto markets ended in a rather sideways pattern. In general, the bullish momentum is expected to continue. The underlying strength of the Nasdaq index from the US might also support the bullish trend. As long as the market continues to move upwards also cryptos should move to the upside.

On another note, the altcoin season continues potentially helping tokens like ETH and SOL moving higher. The debut of XRP as well as Dogecoin ETFs was positive. Both tokens received inflows of nearly USD 55 million during their first day of trading. The US SEC also approved new generic listing rules that make it easier to launch spot crypto ETFs, which also includes ones for XRP & SOL.

Technical Analysis

BTC – Bitcoin is trading at USD 115,875. The market has been rising again so far this month as the positive market sentiment continues. Despite less inflows into Bitcoin the upside might continue further, especially if the market will be able to break the USD 120,000. 

BTCUSD monthly chart

ETH – Ethereum is currently trading at USD 4,495. Last week, the market failed to break above the recent high at USD 4,800, which is needed to unleash more positive momentum. The outlook is still positive, since the low of USD 4,290 has not been broken. It might just be a matter of time until the market will attempt another break to the upside.

ETHUSD weekly chart

An initial target could be found at around USD 6,000 if the upside continues. The market might even run towards the USD 8,0000 price level if the momentum remains positive. Big whales also continue to support the market in particular with their ability to make use of investments through ETFs.

XRP – Ripple is currently trading at USD 2.9827. The market attempted to move higher again but failed to break the major resistance zone at USD 3.2000. A break of that level is needed in order to cause a major break to the upside. As mentioned before the positive sentiment might also be fueled by the new leveraged XRP- ETF in the US. 

 XRPUSD monthly chart

With potential positive inflows the rise in the market is expected to continue anytime soon, especially if institutional investors will also jump in and make use of new ETFs. Regulatory clarity in the US in particular should also help the market.

SOL – Solana is currently trading at USD 239.75. This token seems to offer the most upside for now as the strong trend remains intact.

SOLUSD weekly chart

Furthermore, last week’s doji candlestick might also indicate that the upside will continue. Only a break below the USD 200.00 zone would cause the trend to turn bearish. A break above USD 260.00 is expected to unleash fresh strong momentum.