US tech falling, correction on the cards?

Fundamental Data

The crypto market had followed the momentum of US technology stocks for a long time. A potential correction in the Nasdaq for example might hence also cause falling prices in the crypto space. Looking at different tokens we currently observe that the momentum has been receding. A falling USD was also not able to stabilize markets much or even support the upside even further.

On anther note the SEC in the US might have already dropped the lawsuit against Coinbase. The company was accused of having listed unregistered securities as well as operating as an unregistered exchange. An end of this lawsuit might be a big moment for crypto in the United States.

Technical Analysis:

BTC – Bitcoin is trading at USD 96,630. Bitcoin has still not been able to break above the important technical resistance zone at around USD 110,000. With the price remaining in this sideways pattern, the sentiment might turn negative at some point should US tech stocks continue their slide also this week.

Currently, the USD 90,000 zone might act as a broader support zone. Should this range break to the downside, negative sentiment might grow momentum and prices could slide even further.

ETH – Ethereum is currently trading at USD 2,726,00. Also, this token had not been able to move much last week but was able to keep its steady momentum. After the big slide about three weeks ago, the market had stabilized.

A look at the weekly chart reveals, that the upside remains limited and might be capped below the 50- moving average, which can be found near the USD 3,000.00 area. Only a break of that zone would help prices to move higher.

XRP – Ripple is currently trading at USD 2.5800. Last week the price had rather remained in an unchanged sideways trend. Currently the price of Ripple is looking for new direction as the token is trading right at the 50- moving average. A break away from this zone into either direction could be on the cards.

Should the market fall, we might see the price escalating its downtrend quickly and proceed towards the zone at USD 2.0000, if not even further.

SOL – Solana is currently trading at USD 172.50 and has hence not been able to defend its recent uptrend. Instead, the market might be ripe for further losses for now.

The zone above at about USD 220.00 marks a strong technical resistance area, which the market had not been able to break for now. This could now cause prices to decline further towards the early ~USD 90.00 range should the mixed sentiment remain in place. At that price new entry opportunities might be found.