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Crypto outlook | Cryptos remain weak


Fundamental data

Cryptos have generally suffered further losses last week. One important reason is likely to be the strong Dollar, which could continue to drag markets down. In addition, the US Federal Reserve did not want to reduce the key interest rate, which continues to darken the outlook for cheap money. Smaller tokens in particular have suffered heavy losses, with investors currently tending to shy away from risk. A comparison with stock markets should be allowed here. There too, the Nasdaq in particular continues to perform strongly, with other indices lagging behind.

Technical analysis:

– BTC: Bitcoin is trading at USD 66,063 and thus remains trapped below the previous all-time high. The market currently shows little potential to break out to the upside, although the strength of the US Dollar could also have a negative impact on the market.

The weekly chart illustrates the resistance area, which could now offer further downside potential. However, the fact that BTC continues to trade above the 50- moving average could prove to be positive, which could lead to further upward momentum in the medium term. Only a break of the USD 71,000 zone should provide further upside potential.

– ETH: Ethereum is trading at USD 3,527.00. Can Ether now capitalize on Bitcoin’s weakness and therefore move higher? In general, the path to the important resistance at USD 4,000 is not far away. In addition, the important 50-moving average was tested again last week based on the daily chart and could now continue to support the market.

If the price continues to move upwards, further momentum could quickly materialize.

– XRP: Ripple is trading at USD 0.4835. The price has hardly been able to move last week and continues to search for direction. At the moment, it looks as if there is further downside potential.

The weekly chart indicates a possible break of the red, ascending trend line. If the USD 0.5000 area cannot be maintained, XRP could suffer further losses in the direction of USD 0.3500. Upside potential is only likely to re-emerge in the USD 0.5525 range. Before that, it might make sense to wait on the sideline.

– LTC: Litecoin is trading at USD 79.20. As with XRP, there is no positive momentum in the market either. The long-term monthly chart could rather show further downward pressure.

Upside potential is therefore only likely to emerge in the USD 105.00 range, where the 50- moving average currently limits the market. Based on the daily chart, there could initially be further downward pressure, especially if the price clears the USD 76.30 area. Litecoin lacks any positive momentum, so the token should currently be treated with caution.

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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