Recent volatility in the crypto space might have increased due to changing US policies. While new tariffs might not cause a direct impact the currently rising gold price could. Investors continue to favor the shining metal and this could as well shift attention away from this market. Furthermore, the recent rise in tech companies from China is worth an observation. In particular the Hang Seng tech index was gearing up steam. The switch to a decentralization in China could help to boost investing in Chinese blockchain projects. Caution should be applied on potential government crackdowns like seen with Jack Ma in the past.
Technical analysis:
– BTC: Bitcoin is trading at USD 97,480. The price fell back below the psychological 100,000 level and seemingly still faces a tough time to break higher.
As the monthly chart above shows, the momentum could extend in both directions. Currently though, the weakness of the Dollar does not help tokens much to move higher. Instead, potential risk averse moves might cause the market to also correct to lower levels initially. While a breakout above the all- time- high should bring clarity also a push lower towards the USD 72,000 zone should be factored in.
– ETH: Ethereum is trading at USD 2,705.00. Last week the market was able to find some recovery and might continue to rise for now. In general, the recent slide to the downside should still cause caution in finding new entries.
On the other hand, the market continues to trade above the rising trendline, based on the weekly chart. Only a break below that zone could cause falling prices to intensify. Vice versa if the market will be able to also rise above the 50- moving average resistance zone, more upside towards the USD 3,900.00 level could be seen.
– XRP: Ripple is trading at USD 2.7720 and remains strong, yet in a very volatile manner. The technical pinbar candlestick pattern from two weeks ago still acts as a positive zone.
Last week the attempt to run higher caused the sentiment to change and higher prices might be seen. If the upside momentum intensifies a breakout above the all- time- high could also be on the cards. Yet, given the strong upside in December a bigger retracement might also still be on the cards.
– SOL: Solana is trading at USD 193.40 and it looks like that the demand currently remains weak. Despite other tokens seeing some upside, Solana had not shown major attempts to run higher. In this case, the upside might be limited and traders should rather eye the incoming support zone.
The 50- moving average might act as a steady support in this case. Prices below the USD 170.00 level might indicate a continuation to the downside. Only a break above the USD 200.00 zone would then help with fresh upside. As the general trend still looks positive, this could then cause the market to trade above the USD 270.00 target as well.
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