Crypto outlook | positive momentum expected after strong correction

Fundamental data:

Crypto markets show mixed potential across the board. On one hand, large tokens can continue to move higher, while on the other hand smaller ones like XRP can also gain. The end of the court case for Ripple is having a positive effect in particular. Futures markets that track XRP are seeing further capital inflows. XRP was thus able to rise even more than Bitcoin. The price rose by 17%. Ripple must now pay USD 125 million in the civil lawsuit and declare that the company will not commit further violations of securities law. However, the proceedings are expected to be appealed by the SEC, which is likely to prolong the case further.

Overall, the positive momentum in the crypto sector continues and the weak Dollar could provide further potential.

Technical analysis:

– BTC: Bitcoin is trading at USD 60,745. However, after the strong correction on Monday last week, the upward trend has resumed. According to the weekly chart, the downward movement continued towards the 50- moving average, which then served as a support zone.

According to the chart, the market could now move towards the USD 70,000 area if the positive trend continues. The weak Dollar could also help the market.

– ETH: Ethereum is trading at USD 2,630.00. Ether was also able to recover after the strong correction and appears to be turning upwards again. However, the price remains weaker than Bitcoin based on the weekly chart. The market continues to trade below the 50-period moving average, which could continue to act as a resistance zone.

The psychological price level of USD 2,900.00 also follows slightly above this zone. This area previously acted as an important support area and could now act as resistance. A retest of the resistance at USD 4,000.00 might only occur above this level.

– XRP: Ripple is trading at USD 0.6040. This token appears to be strong and may rise further. We look back at our old chart and see a possible breakout to the upside in the near future.
Should XRP consolidate above USD 0.6500, a new upward breakout could emerge. The price had previously broken away from the rising red support zone and is now trading close to the aforementioned resistance area.

– LTC: Litecoin is trading at USD 61.50. The token continues to struggle with further upside potential. A strong pin bar candlestick appeared at the end of last week, which could indicate upside potential. Yet, the price has not been able to recover strongly and show positive momentum.

The positive trend could only strengthen above USD 75.00. Until then, the 50- moving average is still in the way. In addition, a break of the psychological price mark there could develop further potential.

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