After some whales took profits in the crypto market most tokens resumed fresh upside momentum towards the end of last week. Jerome Powell pointed out that a potential rate cut might be around the corner and hence the Dollar started to lose some steam again. Vice versa major indices like the Nasdaq resumed some upside momentum and this helped most tokens to move higher as well.
In particular that Ethereum broke the high of the year again might suggest that also other altcoins might follow with positive sentiment as well if respective resistance levels will give way. In particular XRP might face fresh upside, as renewed optimism in regards to the adaption of ETFs supports such view by retail investors.
Technical Analysis
BTC – Bitcoin is trading at USD 114,796. The technical resistance zone at around USD 120,000 still seems to cause friction in market participants. Only a break of the all- time- high, which had been created two weeks ago, might offer fresh upside momentum.
BTCUSD weekly chart
Currently the major resistance zone seems to be in the way, whereas the support area is helping the market to not fall further. The daily chart also shows that the price is trading above the 50- moving average, which is a positive sign moving forward.
ETH – Ethereum is currently trading at USD 4,774 and might be on track to move to new highs soon. The market initially retraced from the major resistance zone at USD 4,600, when it formed a double top.
ETHUSD monthly chart
However, it seems that the area has now been broken successfully and the upside might continue. A potential target might be the USD 6,000 price level. To the downside the market should be well supported with the major zone of USD 3,800. Only a break of that level should be worrisome for traders. As long as the weakness of the Dollar continues fresh upside momentum should be observed.
XRP – Ripple is currently trading at USD 3.0346. As the market also stopped falling last week fresh upside momentum might now emerge. Especially a push above the USD 3.0500 level might offer the positive sentiment to return.
XRPUSD weekly chart
In general, Ethereum might be ready to break higher, in particular with the given bullish trend. The market continues to trade well above the 50- moving average trendline indicating more upside momentum in the token. An initial target might be the USD 4.5000 level.
SOL – Solana is currently trading at USD 207.84. The price development market shows, that technical resistance zone at USD 200.00 has seemingly been broken now after the initial retest.
SOLUSD weekly chart
With the positive trend Solana might be ready to proceed towards the next important resistance at USD 260.00. Furthermore any news in regards to developments of an ETF might also help with inflows of fresh funds into the token.
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