ETH remains stagnant despite the current bullish sentiment across the market. It has yet to make any major leaps at a breakout. However, other altcoins are significantly up.
Bonk started the day at $0.000048, surging after a brief decline. It is trading at $0.000056 after attaining a new all-time high a few hours ago. The asset is up by over 15%, with the bulls keeping prices closer to the ATH.
The memecoin craze continues as another such cryptocurrency attained a new high. The viral squirrel token climbed closer to its ATH. It started the day at $1.59, surging to a high of $1.87 following a brief decline to $1.50. Currently up by 11%, it is a contender for top gainer.
The crypto market is teeming with activity, as the total market cap has risen by over 3%. However, trading volume is considerably lower than the previous day’s.
Fundamentals are positive at the time of writing. Coinbase co-founder Brian Armstrong may meet Donald Trump in the coming days to discuss potential personnel appointments. The latest move strengthens the conviction that the president-elect will maintain his pro-crypto stance.
Other news made the rounds over the last 24 hours. However, none has any adverse effect on prices. Here is how the chart predicts prices may play out this week.
Top Four Cryptocurrencies
BTC/USD
Bitcoin recently attained a new all-time high. It started the day at $90,514, surging above $92k and hitting $93k. It continued upwards, crushing the previous ATH as it broke above $94,000. Currently trading lower, the apex coin may be gearing for a further price surge.
The latest milestone happened after the asset broke out from a trend it maintained over the last seven days. During the previous intraday session, it briefly flipped $93,000 for the first time in five days. Although it retraced to its opening price, the bulls continued the attempt a few hours ago.
The relative strength index continues to issue warnings amidst the growing bullish sentiment. It is at 77 after breaking out from 70 a few days ago. Bitcoin has been overbought since Nov. 6. If the market trend remains constant, it risks a massive correction.
Previous price movements show notable demand concentration at $89k if the asset may slip as low as $84k if the bulls fail to defend the mark.
On the other hand, the Bollinger band shows room for more surges. The upper band is closer to $100k, hinting at a possible attempt at this critical level. Bitcoin will break the $95k barrier within the next five days.
ETH/USD
Ethereum had an excellent start to the week on Monday. It started trading at $3,076, breaking the $3,200 barrier as buying volume increased. Despite growing bearish sentiment across the crypto market, it closed at its peak for the day.
The apex coin struggles to continue the uptrend as it grapples with notable selling pressure. It is exchanging at $3,125 and has lost almost 3% since the day started. The most recent price performance spreads fears of further declines. However, indicators hint at impending recovery.
ETH is trading between the upper and middle SMA on the Bollinger bands. The upper band stretches closer to $3,600, hinting at huge room for more uptrends. RSI points to the exact prediction. It is below 70 after its brief spell above 70.
Price movement over the last seven points to growing demand concentration at $3k. The bears also stage massive selloffs at $3,200, resulting in the asset’s failure to decisively breakout. The bulls will look to break the resistance. Such a flip will result in another attempt at $3,400. A close at the current price will guarantee such a trial.
Nonetheless, ETH risks a drop below $3,000. There are notable buy orders around $2,800, which may be the coin’s next destination.
SOL/USD
Solana had one of its most significant bullish moves on Sunday. It started the day at $215 and surged after a brief decline. It revisited a level it hasn’t since over 2021, breaking above $225. It continued upwards, peaking at $241 and closing with gains exceeding 10%.
The altcoin has since struggled to replicate the surge but gradually edged closer to $250. It hit a high of $248 during the previous intraday session. SOL attained the same level a few hours ago but is exchanging at $243.
The most recent price performance shows growing bearish sentiment among traders. Some are taking profits while the bulls struggle to keep the uptrend on. However, the relative strength index is above 75; the asset is overbought and due for corrections.
Price declines may set in the coming days as the altcoin loses momentum. The Bollinger bands point to an impending downhill movement. Solana consistently tests its upper band, which mostly happens when the uphill movement is nearing its end.
The $225 mark served as a strong barrier a few days ago. The buyer may stage a buyback at this mark in the event of a downtrend. SOL risk further dip below $220. Nonetheless, it may break above $250 this week and edge closer to $260.
XRP/USD
XRP bulls were thrilled when Ripple’s co-founder had a meeting with President-elect Donald Trump. They registered their support for the move with a massive buying bullish action on Saturday. The coin started the day at $0.89 and surged above $1 for the first time in years. It peaked at $1.28 but met massive rejections, closing at $1.12. However, the asset gained 25%.
The altcoin has since struggled to continue the uptrend. It registered losses exceeding 5% on Sunday but attempted recovery on Monday. It started the session at $1.05 and surged closer to $1.20 but retraced.
The current-day price performance suggests an ongoing struggle for dominance between the bulls and bears. XRP dropped to a low of $1.06 and peaked at $1.14. Currently, printing a doji, there is no decisive winner, increasing price uncertainty.
Nonetheless, the relative strength index shows that the asset may experience a further price decline in the coming days. It is at 84 after peaking at 93 on Sunday. The asset is still overbought, as the RSI remains above 70.
If trading conditions worsen, the altcoin may lose its $1 status this week. The bears will look to push prices as low as $0.90. To prevent this, it is important that the bulls resume the uptrend. A bullish round will send XRP above $1.30.
