Mixed risk sentiment leads to stagnation in the rally

Fundamental data:

The crypto space lost positive momentum after the release of the US- NFP data on Friday last week. Furthermore, also the US Supreme Court did not deliver a ruling, which would deem US tariffs being illegal. This caused the general risk sentiment to weaken slightly, especially in the crypto sector. The positive risk sentiment in the stock market has not been taken over to the crypto market, which keeps lagging behind. Also, crypto related stocks have weakened, as the investor sentiment seems to shift slightly away from the AI and also the crypto sector. Further rate cuts of the Fed might help in the long- run, as weakness of the Dollar would support markets.

Technical analysis:

– BTC: Bitcoin is trading at USD 90,733. Initially, the last trading week offered further upside momentum as the positive sentiment above the technical 50- moving average geared up some pace. Yet the market stalled at higher levels and was then not able to finish trading above the technical resistance level. 

BTCUSD, weekly chart

A break of the zone of USD 94,200 is now needed to unleash fresh upside momentum. It remains positive that the market keeps trading above the 50- moving average zone. If that level can be defended more upside might be found, which might help the positive sentiment in markets in general.

– ETH: Ethereum is currently trading at USD 3,099. Similar to Bitcoin the positive sentiment has faded as well leaving the market with potential negative momentum for now. A clear break of the USD 3,200 price level is needed in order to unleash fresh upside momentum. 

ETHUSD, weekly chart

As the market keeps trading above the 50- moving average for now the positive sentiment might still return pushing this market higher again. The sentiment is only expected to fade if the market will trade below the psychological USD 3,000 level. Sliding prices towards the area of USD 2,300 might then be on the cards.

– XRP: Ripple is trading at USD 2.0913. The recent upside momentum of Ripple has given way and the market started to move lower again. Based on the monthly chart a potential slide in prices might now emerge, especially if the technical support zone of USD 1.8500 will break.

XRPUSD, monthly chart

However, the market keeps trading above the psychological support level of USD 2.0000, which might indicate that upside momentum might still be on the cards. Yet, based on the weekly chart last week ended with a negative pinbar candlestick pattern. This might cause the market to lose some steam this week.

– SOL: Solana is trading at USD 136.35. The market continues to trade above the 50- moving average and with that might still be ready to push higher. Especially, a break of the USD 140.00 level might indicate fresh upside momentum.

SOLUSD, daily chart

A push above this technical resistance level might offer a push towards the USD 175.00 level, where the next technical resistance zone can be found. Only a slide below the 50- moving average might indicate that the negative momentum might increase some steam, as seen in most other tokens as well.