Despite the current negative outlook in the equity market as per the recent technical pattern, the crypto market remains positive. Wil now the crypto market lead causing the stock market to continue with rising prices again throughout this week?
However, the current rotation in the equity sector away from AI- based stocks might also continue to harm the crypto market. Seemingly Anthropic’s best coding abilities have now gotten a huge competitor. China’s Kimi K3 has been released on Thursday last week sending semiconductor stocks to the downside. Nvidia lost about 600 billion USD in market share in one trading session. Kimi is now leading the frontend leaderboard score and moved up from 18th to first place in just one release. The clou about the software: it is free to use for everyone.
The problem in general seems to come from the mining industry. Miners took two years to reposition themselves as AI data center landlords signed long- term leases in an assumption that computing power keeps rising.
Technical analysis:
– BTC: Bitcoin is trading at USD 63,978. Despite the negative headlines the price of the token continued to remain stable over the weekend. BTC was able to jump back above the 50- moving average level based on the daily chart below.
BTCUSD, daily chart
With the renewed push to the upside the positive trend might no re-emerge pushing the market higher. A push beyond the 65,000 USD level might cause the upside to gear up momentum again. A break below the 62,000 USD support zone will ignite fresh downside momentum. The market might then take over the bearish sentiment again.
– ETH: Ethereum is trading at USD 1,845. The positive sentiment of ETH has re-emerged and the token looks set for now to move higher again. With the market being able to regain positive momentum the upside looks open for now.
ETHUSD, weekly chart
Yet, the price has not been able to generate substantial upside in the recent move higher but keeps creeping higher only. As we pointed out before, above the 2,000 USD level the positive momentum might start to increase. Any break of the most recent lows, on the other hand, will likely cause another push to the downside.
– XRP: Ripple is trading at USD 1.0830. The price of this token keeps lagging behind and compared to BTC and ETH rather looks set to weaken further. Last month ended with a bearish candlestick pattern. So far this month the price has not been able to rise much.
XRPUSD, monthly chart
Instead, the market remains capped below the 50- moving average level based on the monthly chart. A substantial break above this zone is needed in order to unleash more upside momentum.
– SOL: Solana is trading at USD 74.58. The trend of Solana shows that no upside momentum has been building so far and that rising prices have usually been used to sell into the small rallies.
SOLUSD, weekly chart
The price has not been able to push beyond the recent support level at 80.00 USD, which turned into a resistance area. With the current trend of the overall market and Solana lagging behind, it looks like that falling prices should be considered for now.
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