After initial weakness earlier last week upside momentum has been restored. Most tokens started to bounce off their recent support zones and moved to the upside again. Led by the rise in Bitcoin also most altcoins started to move to the upside. Recent statements from the chair of SEC in the US might help markets to move higher. He pointed out that global trading should be on- chain based, which would offer new rules for digital assets globally.
Technical analysis:
– BTC: Bitcoin is trading at USD 115,937. The market has resumed fresh upside after the corrective pattern, which had ended last week. Having defended the important support zone at USD 108,000 the market might now be ready for fresh upside momentum.
BTCUSD, weekly chart
As the weekly chart above shows, in particular a break above the USD 120,000 price level might unleash positive momentum moving forward. Bitcoin should still be taken as guidance for the development of the altcoins. Currently the dominance is fading yet the market keeps pushing higher, in particular due to the demand by professional investors.
– ETH: Ethereum is trading at USD 4,727. The recent correction during the early days in September seems over and Ethereum keeps pushing to higher levels for now. Following the retracement the upside in the Nasdaq might be a reason, which also helps ETH moving to the upside.
ETHUSD, monthly chart
The token is now on track to break the all-time- high, which has been created at the end of 2021. A sustained break above that level is likely going to unleash much more momentum moving higher. Some analysts expect ETH to move towards the USD 8.000 zone. A Fibonacci extension offers two targets at USD 6.900 as well as USD 10.300 respectively. The support at USD 3.800 should not break to unleash such positive momentum.
– XRP: Ripple is trading at USD 3.1672. The strong positive momentum from last week might now help Ripple to move higher as well.
XRPUSD, weekly chart
The weekly chart above shows, that the token is not far away from potentially breaking the all- time- high, which has been created in July this year. It might be difficult to determine potential targets if the market rises. Yet, upside momentum has oftentimes occurred without major news, so the positive momentum might continue for now.
– SOL: Solana is trading at USD 242.76. With the break of the major resistance zone at USD 200.00 last week the market might now be open for more positive momentum.
SOLUSD, weekly chart
The weekly chart above shows the upcoming resistance at USD 260.00. While some corrective pattern might occur at that zone, the positive trend is still expected to push the market beyond that level. The strong upside in Solana is also fueled by the potential implementation of new Solana- ETFs, which hence would offer fresh inflows.
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