Altcoin continue with the Rallye

Fundamental data:

Last week saw a tremendous run to the upside in most coins. In particular altcoins have moved higher with some tokens offering an exceptional performance. ETH has moved beyond the high of the year and with the break of the USD 4,000 level might now offer more upside momentum. XRP also looks set to push beyond those levels potentially creating a new all- time- high as well.

Technical analysis:

– BTC: Bitcoin is trading at USD 117,414 and has resumed some upside momentum during the last week of trading. With the break to the upside starting on Thursday last week another run to the all- time- high and beyond might now be initiated.

BTCUSD, weekly chart

As the weekly chart above shows the recently created all- time- high is in reach again and might break soon. Furthermore, the pace of positive momentum might then be ignited again pushing the market quickly towards the USD 130,000 price level.

– ETH: Ethereum is currently trading at USD 4,210. Leading the current altcoin Rallye ETH has been able to grow in terms of market capitalization. With the break of the psychological resistance level of USD 4,000 more upside momentum might now emerge

ETHUSD, monthly chart

As the monthly chart above shows, the token might be on track towards the All- time- high, which had been created in November 2021. A retest of the recent breakout zone might still occur, potentially attracting new buyers into this market. Only a break below the USD 3,700 level might offer negative momentum, which currently seems unlikely for now.

– XRP: Ripple is trading at USD 3.31. With the breakout above the recent resistance zone of USD 3.05 more upside momentum might now emerge. Some market observers currently predict prices of USD 7.00 – 8.00, which does not seem unlikely given the recent strong performance earlier this year.

XRPUSD, monthly chart

However, the rise in volatility can work in both ways! Traders should hence be careful of potential setbacks as prices can also fall sharply for various reasons. In general, the breakout above the resistance zone might now continue ushing markets higher given the generally positive sentiment in markets. The weakness of the Dollar might help the positive mood as well.

– SOL: Solana is trading at USD 181,36. Last week marked an important milestone in this token as well. AS the chart below shows, Solana was able to climb above the 50- moving average zone, which can be seen as a positive move.

SOLUSD, weekly chart

If now the market can also break the USD 200.00 price level, more upside momentum might occur. An easy target might then be the USD 250.00 level, which had been tested in 2021 as well as January this year. A push beyond that level might then also be on the cards, while a break below the 50- moving average would offer a potential sharp decline as well.