Crypto outlook | markets still attempt to run higher….

Fundamental data

The crypto space shows some slight signs of fading positive momentum. Yet, the upside in most tokens remains consistent, with in particular Bitcoin currently trading above the 100k level. BlackRock has accumulated more than USD 35 billion in investments since the start of the Bitcoin- ETF. The company now recommends to add up to 2% of such ETF for a balanced portfolio. Furthermore, Dogecoin was attacked through a security vulnerability, which had been done by a software engineer. He reduced the number of active nodes from 647 to 205. Downside momentum remained limited as prices stabilized quickly.

Technical analysis:

– BTC: Bitcoin is trading at USD 101,650. Last week the market had seen some turbulent times with prices moving as low as USD 91.000. Since the market had been able to regain fresh momentum thereafter, the upside might now still be open.

Based on the weekly chart above, the positive momentum might continue, if the price can remain above the USD 100,000 area. A break lower might open up room for a bigger correction. Especially if the recent lows from the past three weeks can be broken to the downside. The next important support zone would only kick in at around the USD 70,000 zone.

– ETH: Ethereum is trading at USD 3,915.00. The positive sentiment can also be seen in the most famous altcoin, with upside momentum still being present. The market is not trading far away from the recent resistance area at USD 4,060.00.

Should this zone be broken, another attempt towards the 4,800.00 level might be seen. If the positive trend in the crypto market remains in place, this might happen. Also, potential weakness in the Dollar might support the positive market sentiment.

– XRP: Ripple is trading at USD 2.4580 and still remains bound for higher levels. The recent bearish sentiment from early last week has been made up with prices moving higher again. Based on the daily chart the market currently trades in a triangle formation, with a breakout potentially in the making.

The monthly chart above shows, that the market might still be capped near the highs in the current sideways trend. Traders should still apply caution here, as volatile moves to lower levels might be seen at some point.

– SOL: Solana is trading at USD 226.20. The positive trend is still ongoing and the upside above the USD 260.00 zone still open. Especially after prices had tested the lows near the USD 200.00 level the positive momentum might continue.

An entry to higher levels might be found above the USD 260.00 zone. The price could then proceed towards the USD 320.00 area. Only a break below the USD 200.00 area might offer fresh downside momentum.

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