Markets continue to fade

Fundamental data:

Crypto markets look vulnerable for potential losses in the coming weeks ahead. The strong Dollar might cause a burden for markets in general, whereas a potential correction seems overdue in general. As prices are currently rather fading, lower levels might also be used by investors to find fresh entries at cheaper prices. In general, a break of recent highs on the other hand could offer further upside momentum in general.

Technical analysis:

– BTC: Bitcoin is trading at USD 94,295. Last week the market saw another leg of lower prices, which also pushed Bitcoin initially below the 50- moving average. As the market is currently trading around that zone, the initial support of this range might add more buyers for now.

However, a break below this zone could also cause the market to fall towards the next major support zone at USD 92,000.

The daily chart suggests that potentially falling prices might be on the horizon, as prices keep fading. Yet, if the 50- moving average can be regained positive momentum might also be on the cards offering further upside in this token.

– ETH: Ethereum is trading at USD 3,271.50. Based on the weekly chart, the market has also seen another leg lower last week. A break of the USD 3,200.00 support zone could unleash potential for further losses.

Should that price range break to the downside, the market might first test the technical support area with the 50- moving average. Should also that zone give way, a test of the upward rising trendline in blue color might be seen. Vice versa the market remains in a positive trend and a retest of the USD 4,000.00 zone could also be seen. Prices might then explode to the upside.

– XRP: Ripple is trading at USD 2.4500 and has been able to rise again last week. The short- term bias might remain positive for now. Yet, the general major resistance zone at USD 2.9500 is likely still to offer strong resistance to the upside.

The weekly chart currently shows rather downside potential and might cause the recent push to the upside being retraced.

– SOL: Solana is trading at USD 186.24. The price of the token is also suggesting that bearish market sentiment might be here to stay for now. The negative sentiment can be seen best at the monthly chart.

Since the positive market sentiment has given way and the market not been able to break the USD major USD 259.00 resistance zone falling prices might now be the case. A break of the rising trendline in blue color might hence ignite fresh selling pressure. A test of the USD 125.00 zone could then be on the cards. Only a break of the aforementioned resistance zone might ignite upside potential.