Crypto outlook | negative sentiment continues

Fundamental data

The negative trend in the crypto markets appears to be continuing, with no signs of a positive trend emerging. Although equities were in the process of moving upwards again, the situation is also characterized by limited positive sentiment. We are still in an important election year, with the presidential elections in the US in particular. If the US Dollar also strengthens again, this could push prices down further.

In the case of XRP, the court judgements in the US have so far failed to provide any further positive impetus. As local courts have different views on the extent to which Ripple can be categorized as a security, the market remains weak, as we will explain below.

Technical analysis:

– BTC: Bitcoin is trading at USD 61,100. The long-term monthly chart shows that the price remains above the important support level of USD 60,000, although the trend could point to further declines.

Above all, a break of the current support level could then open up further pressure towards lower regions.

– ETH: Ethereum is trading at USD 3,404. Although the market is currently correcting based on the weekly chart, it remains above the red ascending trend line.

At the moment, the situation continues to look positive, meaning that the price could continue to move upwards. However, if this zone is broken to the downside, potential towards USD 2,900 could quickly materialize. According to the daily chart, however, the upcoming resistance zone at USD 3,500 must first be broken upwards in order to send positive signals again. This is also where the 50- moving average is located, which is currently acting as a resistance zone.

– XRP: Ripple is trading at USD 0.4790. The market remains trapped in its downtrend. According to the charts, no upward momentum can be found, which means that the downward pressure is likely to continue.

According to the weekly chart, there is a lack of impetus for a new upward movement, which is why the downward erosion of prices is likely to continue. It is still a long way down to the important support zone at USD 0.3000.

– LTC: Litecoin is trading at USD 74.50. Last week, the price stabilized further above the important support zone. The positive-looking pinbar candlestick in particular could now move the trend upwards again.

However, the ascending trendline must not be broken to the downside. A break of the 50- moving average could quickly unleash new price potential. Prices towards USD 85.00 could then follow. As the monthly chart also shows a similar picture to the weekly basis, trading in July could open up new opportunities, provided traders return to the market.

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