Markets looking for new direction

Fundamental Data

The introduction of the TRUMP meme- coin also helped supporting Solana. Trading on the Solana- based decentralized exchange, Meteora initially helped to support the demand for USDC, driving demand for the stablecoin. Record- high supply for the stablecoin might also have been supported by the demand of Donald Trump’s meme-coin. Solana’s high- speed and low- cost design might also have helped the frenzy, which got broad support in general after the election of the designated US President. Markets in general remain mixed where as the weakness of the Dollar might be of support for the crypto space similarly to the rise in equtieis, which helps boosting the positive risk sentiment.

Technical Analysis:

BTC – Bitcoin is trading at USD 104,800. Bitcoin’s recent run has seemingly slowed with upside momentum having mostly stopped. In general, the positive sentiment remains intact, as the token is trading well above the psychological USD 100,000 level. However, since the breakout to the upside, momentum has been limited. To move to higher levels, a break of the next resistance zone at USD 110,000 should offer fresh positive momentum.

If the zone can be broken, fresh momentum towards the USD 120,000 level might be seen. On the other hand, lower prices might occur, if the market will break the USD 95,000 level. Then, the 50 – moving average might then be tested again.

ETH – Ethereum is currently trading at USD 3,305,00. As usual the recent momentum has been slightly fading, when in turn Bitcoin moved to higher levels. The monthly chart below might suggest, that falling prices could be on the horizon.

In this case, the market is limited below the major resistance area of USD 4,000.00. Another leg lower might hence follow towards the rising trendline, here marked in blue color. Should that zone break, the 50 -moving average at around USD 2,250.00 could act as support as well. Medium term, only a break of the psychological 4k zone might add fresh positive sentiment to markets.

XRP – Ripple is currently trading at USD 3.1175. After the recent strong push higher after the re- election of Donald Trump the token had remained in a sideways pattern again. Only a break of the USD 3.3500 zone might ignite fresh upside momentum again.

The triangle pattern off the daily chart above shows, that the positive momentum within the upside trend might still offer higher prices. However, the long- term monthly chart also shows, that the market has moved tremendously higher after the breakout in November. A correction might hence be on the cards.

SOL – Solana is currently trading at USD 250.00 and with that right at the important psychological resistance zone. With crypto markets currently mixed, a breakout to higher levels might still take some time to unfold. However, the positive sentiment is still likely to occur pushing this market higher.

As the weekly chart above shows, the strong candlestick pattern from the third week of January might still ignite further upside momentum. A break of the resistance zone might then push the token towards the USD 320,00 area.