Crypto outlook | Markets with further potential

Fundamental data

The crypto markets are showing renewed strength and can continue the positive trend of the previous week. Donald Trump’s appearance at the crypto conference in Nashville in the US, which took place on Saturday last week, could also have a positive effect. The Republican presidential candidate had recently spoken in favor of digital currencies. He is also supportive of a US currency, and strategic reserves in digital currencies could also be on the agenda. In the event of a re-election, the positive trend in markets could therefore continue.

On the other hand, the Chinese central bank signaled possible negative impulses. With the second interest rate cut in a row, risk aversion could continue here. This could also weigh on the crypto sector. The current correction of the equity market could also have a negative impact here.

Technical analysis:

– BTC: Bitcoin is trading at USD 68,100 and remains stable. A breakout to the upside could occur here, although the market showed a setback last week. This extended to the 10-period moving average. The following upward trend could now continue if a breakout above the USD 70,000 zone can follow.

The weekly chart above illustrates this zone impressively. The monthly chart also shows that the negative trend at the beginning of July has turned positive. All signs for August could therefore be green.

– ETH: Ethereum is trading at USD 3,278.00. The token is not performing as strong as Bitcoin. On a positive note, however, the market did move downwards last week, but was also able to rebound afterwards.

The weekly chart could now show potential above the USD 3,500.00 zone. The market could then test the price at USD 4,000.00. It will then have to be decided whether ETH can develop further potential.

– XRP: Ripple is trading at USD 0.6060 and was able to further consolidate the recent positive trend. With the breakout through the 50- moving average, the negative trend appears to have been broken for the time being. However, the upcoming zone at USD 0.6500 could now become a problem in trading.

Further momentum is only likely to emerge if this area can be left to the upside.

– LTC: Litecoin is trading at USD 71.90. Here, too, there is slight potential on the way up. In general, however, as with XRP, there is rather moderate momentum on the way up. The 50-period moving average appears to be standing in the way here, appearing at USD 77.65.

Should the market break this zone to the upside, there could be potential towards the USD 95.00 mark

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