Crypto outlook | Markets continue to run higher

Fundamental data

The crypto market continues to show positive momentum and could make gains. The general appetite for risk, which also moved the stock markets last week, may also have a positive effect. Individual news from the crypto world could also further strengthen the current trend. In general, also the fear of missing out could be one reason, why especially Bitcoin might run beyond the USD 70.000 at some point soon.

Technical analysis:

– BTC: Bitcoin is trading at USD 65,700. The coin continued to move upwards last week. The market is now trading at the resistance zone and could break out further to the upside. However, the resistance area at the red zone must be broken through first.

Further upward potential could then emerge, with the USD 70,000 mark not far away.

– ETH: Ethereum is trading at USD 2,672.00. According to the daily chart, Ether continues to trade above the 50-period moving average, which means that further momentum could develop. Last week, the market retested the zone after the previous upward breakout, which can be seen as confirmation.

If the resistance area at USD 2,805.00 is then tested, further upward potential could develop. On the weekly chart, however, the market is further away from the 50-moving average.

This could also act as an important resistance area and initially exert downward pressure. However, the upward trend continues to look positive and Ether is following the positive market sentiment.

– XRP: Ripple is trading at USD 0.6236 and is thus still waiting for an upward breakout. The positive trend is also clearly visible here, with the market continuing to trade above the 50-moving average.

However, if a breakout to the upside is still a long time coming, there could also be another setback to the downside. Further downward momentum would then be likely. Above USD 0.6440, the positive trend could strengthen. Especially after the long-term sideways trend, a quick breakout to a higher level would then be likely.

– LTC: Litecoin is trading at USD 70.25. According to the monthly chart, the market can continue to hold at the current support level but, like XRP, shows little potential to move to higher levels. In addition, the price remains below the 50- moving average, which makes an imminent upward breakout rather unlikely.

The current level, which marks a very broad support zone, is positive. Due to the current positive sentiment in the market, Litecoin could also move upwards. A test of the psychological price mark of USD 100.00 is still pending, above which there could be strong potential.

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