Fundamental data

Crypto markets have barely risen since the strong downturn of the equity markets on ‘Black Monday’. Although positive momentum can be seen, they are not moving in parallel with the equity sector.

On the other hand, individual tokens could be on the verge of a breakout. ETH, for example, could develop potential. Reduced transaction fees could have an impact here. These have been reduced by 95% and have often signaled a bottom in the market in the past.

Technical analysis:

– BTC: Bitcoin is trading at USD 59,360. The market remained positive last week, after Bitcoin had previously corrected. The weekly chart shows that there might be further upside potential, provided that the important support level of USD 53,700 is not broken to the downside.

At the moment, the positive trend in stock markets could also be transferred to the crypto sector. Falling interest rates could continue to have a positive impact on risk sentiment here and also lead to rising prices for Bitcoin.

The monthly chart shows that Bitcoin currently trades above the resistance zone from April 2021. If this area continues to hold, there could be potential towards the USD 70,000 zone.

– ETH: Ethereum is trading at USD 2,603.00. Although the price is currently trapped below the 50- moving average on the weekly chart, it is showing further upside.

The pinbar candle in particular should provide further positivity, provided the price does not break the USD 2,265.00 area. This zone previously acted as important resistance in January this year, which could now prove to be positive. Sentiment could continue to develop positively if the market breaks through the 50- moving average to the upside and can also leave the psychological price mark of USD 2,900.00 behind. A test of the USD 3,500.00 zone could then be on the cards.

– XRP: Ripple is trading at USD 0.5660 and thus remains trapped in a broad sideways channel. The positive momentum since the last court decision seems to have fizzled out. Although the market has been able to capitalize on the result so far, it does not appear to be moving positively in the long term.

On the other hand, the market remains well supported. Prices are protected to the downside by the 50- moving average. This zone extends to the USD 0.4500 area. A break higher might only happen if the market is able to trade beyond the USD 0.6500 zone. This could then quickly lead to a move towards USD 1.0000.

– LTC: Litecoin is trading at USD 66.70. The market has remained sideways for a long time. Although the price has been able to recover quickly from previous losses in recent months, it has not shown strong upward movement.

A break of the resistance zone in the form of the 50- moving average at around USD 84.00 could then prove positive.

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