The crypto market has seen some dramatic movements in the past few weeks, with sharp rises and falls. With a new week comes fresh hope, as investors (both short- and long-term) seek to enter new opportunities and exploit market trends. Bitcoin, Ripple, and Solana—three of the major cryptocurrencies—always attract a lot of attention, so it’s worth checking out what to expect from them this week.
What you'll learn 👉
Bitcoin (BTC)
Bitcoin is trading at around $97,800 at the time of writing, with a close to 70% increase in trading volume in the past 24 hours.
Although BTC has attracted the attention of many during this bull run, especially because of its volatility around the $100,000 region, its movement has been quite simple. Since mid-November, BTC price has been consolidating within a base price of $91,000 and a top around $108,000.
Reaching the base of the sideways price pattern has been a trigger for an upward recovery. The price got to this baseline a week ago, started to show some reversal patterns, and is now already seeing some recovery already. Today, the price has been up by close to 2%.
With this pattern, we could expect BTC to go towards $100,000, which has been a psychological support and resistance level. A break above the $100,000 zone is expected to trigger a move back to the top of the pattern. However, in case the general crypto market fundamentals become negative, buyers will need the $91,000 support to hold to continue being in control.
Ripple (XRP)
XRP price is trading at $2.4 at the time of writing, down by around 1% in the last 24 hours; however, with around 50% increase in trading volume.
Since the XRP price pullback that occurred during its last 400% price rally in November, the $2.0 level has been a strong support zone for the Ripple token. One could easily say the support could last for long, but a flash crash last week saw XRP price dip to around $1.7 before it recovered above $2.0 again.
The $2.0 level has not been tested well, and looking at the vacuum that the last price rally left, the price could still see a longer retracement in the medium term. The short-term simple moving average is currently above XRP and could serve as short-term resistance to price ascent.
However, for this week, the price of XRP will still be seen as bullish above the $2.0 support. A break below this level could see bigger dips to as low as $1.4 or then $1.1. Key levels to watch in case of a bullish move include $2.7 and then $3.3.
Read Also: ONDO Price Analysis: Why $5 Remains a Realistic Target This Bull Run
Solana (SOL)
SOL price is currently trading at $203, with the trading volume rising by around 38% in the last 24 hours. Solana has also seen a consistent bounce off the $178 zone. With the level serving as consistent support, there has been a close to 10% rally in the past 4 days.
The 50-day SMA combined with the resistance around that price, however, could be a short-term resistance to price at around $217. Breaking above this could see SOL price continue its move to the top of the bigger consolidation around $260. The $178 level is key to the overall bullish outlook.
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