US indices continue to remain well- bid and this might be a positive sign as well for the crypto market. Despite a potential correction of the Nasdaq during the quieter summer months the upside for Bitcoin among other tokens still remains positive! Yet, the positive momentum is still needed to also drive ETH, SOL and such to higher levels. Currently, technical indicators show mixed sentiment among the tokens as analyzed below but the positive trend is still intact. Especially institutional investors remain a driving factor behind the current positive mood.
Technical analysis:
– BTC: Bitcoin is trading at USD 108,071. Last week the market has tested the USD 110,000 price level again. Despite failing to create a new all- time- high, the positive trend remains intact.
BTCUSD, weekly chart
Based on the weekly chart above we can observe that the positive trend remains strong and the recent correction has already been offset. The market remains in slight sleepy mode for now as a break above the previous high is needed to create fresh upside momentum. Unless this is happening negative momentum might for now take place. A breakout higher within the bullish trend might pave the ways towards the USD 120,000 range.
– ETH: Ethereum is currently trading at USD 2,498. The positive sentiment is also following the bullish run in Bitcoin for now. Despite lagging behind, ETH looks set for another breakout to higher levels at some point soon.
ETHUSD, monthly chart
As the monthly chart above shows, the price has been able to close the month of June in a positive mood by trading above the 50- moving average. This zone should now be taken as a strong support level. If the area does not break, we might see fast upside momentum soon. While some ignition might be needed the trend is closely following the momentum of Bitcoin.
– XRP: XRP is currently trading at USD 2.1999. The technical pattern currently shows that downside momentum seems to cap the market below the critical trendline in blue colour.
XRPUSD, weekly chart
The weekly chart shows the current market momentum well. A failing breakout inhibits the market to push higher. Despite the lawsuit in the US seemingly being over with the cross- appeal ending the market keeps not showing positive signs as of yet. An ETF for XRP might be the game- changer and the way is seemingly being paved.
– SOL: Solana is currently trading at USD 146.05. This market also seems to show the worst performance among all observed tokens. The past two months have ended by offering conflicting signals with two pinbar candlesticks into either direction. The results is a sideways market, which needs a trigger to break higher.
SOLUSD, monthly chart
A breakout of the current pattern is likely showing a sustainable move only above the USD 175.00 level or below the zone of USD 120.00. Until then traders might be better off waiting for more clarity.
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