Crypto outlook | strong market sentiment continues

Fundamental data

The positive bias in crypto markets continues to drive momentum to the upside. While individual tokens exhibit varying performance, the overall positive trend remains crucial. A key milestone could be testing the USD 100,000 level, which may serve as a significant resistance area. The ongoing positive impact on altcoins remains a strong driving factor in this rally. The weakness in the Greenback might also help here, which could support the positive market sentiment.

Technical analysis:

– BTC: Bitcoin is trading at USD 96,300. The strong positive momentum after the election of President Trump in the US seems not fading. Instead, a test of the next psychological resistance area might be seen, which then could also cause other tokens to act volatile.

The weekly chart above highlights the psychological USD 100,000 level as well as a potential retracement zone below. If the resistance area holds, a slide toward the USD 70,000 level could occur. A stronger Dollar might further intensify this move.

– ETH: Ethereum is currently trading at USD 3,660.00. The price has successfully broken through the recent resistance area, as noted last week. Since this zone now appears to act as a solid support level, prices may continue to move higher from here.

Based on the daily chart above, the market may now exhibit positive momentum toward the USD 4,500.00 area. Any retracement could present opportunities to enter fresh long positions. However, a break below the USD 3,400.00 support area might increase downside pressure. Ether could also benefit, especially if BTC struggles to sustain levels near the USD 100,000 mark.

– XRP: The surge in Ripple appears to have yet to find its peak. After breaking through the recent resistance zone at USD 1.6000, the market seems poised to target the next key level at USD 2.0000. This area was last tested at the end of 2017.

Will markets experience another year-end rally extending into early 2025? Technical indicators suggest that the upside may be limited for now, as strongly overbought conditions point to a potential price correction. On the other hand, the positive sentiment could persist, driven by expectations that the new Trump administration might further reduce barriers in the crypto space, potentially bolstering short-term momentum.

– SOL: Solana has not been able to break beyond the technical resistance area at USD 260.00. Instead, the market was heading towards lower levels last week but then able to move higher again.

Last week’s candlestick pattern based on the weekly chart ended with positive sentiment. Hence it seems just a matter of time, when Solana will break the important psychological level. A clear break might then help the market to move above the USD 300.00 area if the positive sentiment will continue.

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