The Rallye in the crypto sector continues to be supported by the rise of US equities. In particular the renewed strength of the NASDAQ helped the crypto market to rush higher. Investor sentiment remains strong and with the run higher in Bitcoin also several altcoins continue to push to the upside. Medium term the expected adding of more than 70 ETF on several altcoins might offer access to the crypto market in particular for institutional investors. This could further drive the demand in the long- run. Should BTC also be able to break the most recent ceiling of USD 110,000 more upside might be seen.
Technical analysis:
– BTC: Bitcoin is trading at USD 103,577. Towards the end of last week, the token was finally able to move higher again. The USD 100,000 zone has now finally been regained and the price might be able to test the all- time- highs, which have been created not long ago.
BTCUSD, daily chart
A test of the next technical resistance zone at around USD 106,650 seems now on the cards. The market might also be fueled by the recent news about the potential trade deals being done by the Trump administration.
– ETH: Ethereum is currently trading at USD 2,453. As usual the Rallye in any of the altcoins seems to remain delayed as before. After the market had left the price range of about USD 1,800 to the upside the market momentum might continue to remain strong. Last week’s candlestick pattern might now suggest more positive momentum ahead.
ETHUSD, weekly chart
A clear break of the technical resistance zone of USD 2,500 might then push prices to higher levels. If also the 50- moving average zone above breaks, a short- term target might be the USD 3,000 area. The positive sentiment is expected to drive the market for now as long as also Bitcoin remains in positive shape.
– XRP: Ripple is trading at USD 2.4125. The market has also started to break higher again, following the rise in Bitcoin. However, the upside momentum for XRP remains rather limited as compared to other tokens. Looking at the charts, though, the price had not fallen sharply in the past after creating the all- time- highs, which might have to do with the potential approval of some spot- ETF at some point soon.
XRPUSD, weekly chart
The weekly chart above shows the important upcoming resistance zone at USD 2,6000. If the area is being tested, there might still be the risk of falling prices due to a potential head and should formation, as the circles show. The chance that the market follows other tokens and continues to rise further might be more feasible.
– SOL: Solana is trading at USD 171.45. Also, Solana seems finally able to push higher. Given the recent price action, upside momentum towards the USD 200,00 seems to be on the cards for now.
SOLUSD, monthly chart
Above the USD 200,00 price level, the sentiment might turn more positive, causing prices to rise further testing the all- time- high as well. While also Solana ETF are awaiting approval anytime soon, a Futures ETF can already be traded. Further inflows in markets might hence offer positive support for altcoin at some point.
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