Bitcoin has been able to defend its positive momentum, despite the correction towards the end last week. The outflows from Bitcoin- ETFs might offer some positive sentiment for altcoins with in particular ETH being extremely popular. Since the 16th of May, listed ETH products received more than USD 830 million of fresh capital inflows, compared to the outflows of nearly USD 350 million for Bitcoin. Market sentiment towards Ethereum may have improved further due to developments in the Ethereum ecosystem, which includes primarily the stablecoin adoption and infrastructure growth.
Technical analysis:
– BTC: Bitcoin is trading at USD 105,517. Last week the market was not able to defend the recent support zone and was sliding to the downside. The negative momentum did not last long, though. Buyers stepped in around the 50- moving average, which can be found around the USD 101,000 area.
BTCUSD, daily chart
Since upside momentum has been resumed positive prices should be expected. If the market can break the technical resistance pattern at USD 107,000 the positive trend might continue.
– ETH: Ethereum is currently trading at USD 2,513. As we mentioned above, the current inflows might be very supportive for Ethereum right now. The chart is also suggesting that the sentiment is due to continue.
ETHUSD, monthly chart
The month of May ended in a bullish pattern. The positive trend might hence push the price to higher levels. More upside momentum might occur if the market can break above the USD 2,600 level, which should unleash fresh buying power, while an attempt to crush the USD 3,000 zone is expected to bring the market towards new all- time- highs as analysts predict.
– XRP: Ripple is trading at USD 2.1760. The price remains in a sideways trading zone, without offering any signs of breaking out into any direction. The current price action is expected to last longer.
XRPUSD, weekly chart
The market might hence be capped in between the blue lines as shown above. With the start of the altcoin season also XRP should gear up fresh market momentum. However, most buying motivation currently seems to go to ETH leaving traders of XRP in the dark.
– SOL: Solana is trading at USD 158.56. Similarly to XRP also this token seems to be rather in bad shape for now.
SOLUSD, weekly chart
With the break of the 50- moving average to the downside, the negative market sentiment might continue to push prices lower. The monthly chart had even printed a very bearish looking pinbar candlestick pattern in May, which might push the bulls away in a scary manner. However, the current sideways pattern also offers a lot of support all the way towards the USD 120.00 level. At some point the positive momentum might hence be ignited again.
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