Crypto outlook | signs of moderate upside potential

Fundamental data

Crypto markets currently appear to be lagging behind equities. In general the positive trend in the stock market is not reflected in the crypto markets. Indices such as the S&P 500 are close to their all-time highs, but we are a long way from this with Bitcoin. However, the trends in the crypto sector also appear to be positive again, as data from ETFs suggests. Capital inflows on Friday of last week indicated volumes of more than USD 260 million. This therefore probably ended the negative trend from the previous week.

Technical analysis:

– BTC: Bitcoin is trading at USD 59,930. The market was able to break out of the falling trend and move upwards again directly at the 50- moving average based on the weekly chart. Further potential could therefore now emerge. The market is also showing a positive picture on the daily chart, but is trading at the 50- moving average, which could act as resistance.

New momentum could only emerge if the psychological USD 60,000 mark can be broken on the upside.

– ETH: Ethereum is trading at USD 2,417.00.  ETH is often unable to perform so positively when market participants are active in Bitcoin. In this case, ETH also falls back slightly. On the monthly chart, however, it is still positive that the important 50- moving average is holding as a support zone. This could provide positive potential for the market in the short term.

Should there be a positive movement, ETH could move up to the USD 2,800.00 area. However, a break of the 50- moving average negates further upside potential.

– XRP: Ripple is trading at USD 0.5870 and continues to indicate that the positive trend appears to be intact. However, the market has not yet been able to break out of the sideways potential that has existed since March last year.

As the monthly chart indicates, an upward breakout must first take place and the important resistance zone at USD 0.6500 must be broken. Only then could an impulsive breakout to the upside materialize. However, it is currently positive that the market is able to continue within this zone without falling back.

– LTC: Litecoin is trading at USD 66.13. The price continues to fall back to lower levels and can hardly move positively. In general, the pinbar trading candles indicate that a support zone now exists, but these are repeatedly broken to the downside.

The long-term monthly chart shows this trend impressively. On the other hand, however, the falling trend line in red color also acts as resistance. Only if this zone can be broken could there be fresh potential to reach the 50- moving average in the 84.20 area. Until then, the road seems to be rocky.

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