Positive momentum despite USD- strength

Fundamental data

Last week, the Federal Reserve Central Bank from the United States increased the interest rate. The rate hike did not cause much impact for the general market sentiment as the move had been expected before. Equity markets started to weaken after the news event took place but quickly resumed upside momentum in the following days. Also, the crypto market started to resume its uptrend again. Despite the strength of the Greenback Bitcoin has been able to move higher, which also acted as a catalyst for the entire crypto market. 

With the month of September coming to a close soon, more upside momentum might continue to build. The seasonal factor might now support the market. 

Technical analysis:

– BTC: Bitcoin is trading at USD 80,506. Since the price of BTC has been able to trade above the 50- moving average level more upside might soon follow. Furthermore, also the push above the 80,000 USD zone might add to the positive market sentiment.

BTCUSD, weekly chart

Based on the weekly chart above the market might only need another trigger to move higher. Above the 81,500 USD level more momentum might then cause the price to increase again. The rise of Bitcoin might then help pushing other tokens towards higher levels as well. On the other hand, a break of the 75,000 USD zone might cause prices to weaken slightly as well. Yet, a move lower might not automatically cause prices to fall much but might only cause a small retracement.

– ETH: Ethereum is trading at USD 2,580. While the upside based on fundamental data remains possible also technical momentum keeps building up steam. Ethereum is currently working on a break above the 50- moving average level based on the monthly chart.

ETHUSD, monthly chart

A clear break above the 2,600 USD level might then cause the price to move sharply to the upside. That zone marks a strong technical resistance level and had inhibited the market from rising further several times in the past. Seasonal factors continue to support a breakout to the upside as well. Based on momentum from the past the month of September should help prices to increase again.

– XRP: Ripple is trading at 1.3776 USD. While the market continues to trade within the range between 1.5000 USD and 1.3000 USD upside momentum still remains in reach. The positive trend above the 50- moving average level at 1.2900 USD continues to support the positive market sentiment.

XRPUSD, daily chart

However, only a clear break above 1.5000 USD might cause the price of XRP to increase significantly and a push below 1.3000 USD might cause the market to fall back to previous levels. The momentum of XRP might depend on the general trend of Bitcoin. Rising prices in BTC will certainly support the positive sentiment.

– SOL: Solana is trading at USD 108.11. With the clear break above the psychological 100.00 USD level more upside is also building up in Solana. Also, the renewed push above the 50- moving average level is supporting this token. Above that range the positive momentum had usually helped Solana to rise further.

SOLUSD, weekly chart

Above the technical resistance level of 115.00 USD more positive momentum might be building as well. In general, the trend of Solana looks as positive as compared to the other tokens examined above as well. Renewed strength of the dollar seems not to cause any negative impact.