Crypto outlook | Key Breakouts and Developments

Fundamental Data

Cryptocurrencies surged on Friday, with Bitcoin (BTC) reclaiming USD 63,000 as investors shifted focus from inflation concerns to an upcoming fiscal policy update from China.

Meanwhile, the SEC delayed its decision on allowing options for spot Ethereum ETFs, extending the ruling deadline from October 19 to December 3.

Additionally, Ripple co-founder Chris Larsen donated 1,754,815.29 XRP (valued at USD 1 million) to the Harris-Walz 2024 campaign.

In a separate development, World Liberty Financial, a DeFi protocol backed by Donald Trump, plans to launch token sales three weeks ahead of the presidential election.

Ripple also filed a cross-appeal in its ongoing SEC lawsuit following the final judgment on August 7, 2024.

Technical Analysis:

BTC – The BTCUSD 4-hour chart indicates a potential upside breakout from the downtrend line at USD 63,374. If this breakout is confirmed, the price could rally to the next technical resistance zone which can be found at USD 66,100. Conversely, if the breakout fails, the price may decline to USD 60,116, which is the next major support zone.

After the price has recently fallen, last week marked a sustained strong upside breakout, following the daily chart. The general positive turnaround pattern might hence continue also following the positive risk sentiment in the equity sector.

ETH – The ETHUSD 4-hour chart indicates a potential upside breakout from the downtrend line at USD 2,454. If this breakout holds, the price could target the USD 2,655 level. Conversely, if the breakout fails, the market may see a decline toward USD 2,322.

A break of the green- colored falling trendline could hence intensify upside potential. Since the price is trading above the 50- moving average based on shorter timeframes upside momentum might follow through this week.

XRP – The weekly chart in XRPUSD indicates a strong resistance at USD 0.6350. Two weeks ago, a strong pullback below the 50- moving average might still be of major influence here. The price has broken to the downside now and might be capped in the current range.

Last week there was only limited volatility in XRP, which might continue for now. Downside potential seems to be rather likely indicated by the big red- colored downside candlesticks.

LTC – The LTCUSD daily chart shows that the market seems to be ready to break the recent resistance zone at USD 65.00. If this potential breakout will continue, the price is likely to increase toward the USD 70.00 area.

The positive impact can be seen on the above chart. Since the 50- moving average also acts as additional support the positive sentiment might continue here.

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