The crypto market saw a relief in smaller cap currencies, as XRP makes a significant move in their case. That lead to overall positive sentiment flowing in and things moved fast.
What is next for the crypto market? Let’s get into the charts.
BITCOIN – UPDATED
The chart has been updated. BTC reached its closest resistance once again and that was stated in the last analysis. There is a sizeable liquidity of selling orders between $31 700 – $32 700.
On the other side, there is major support between $29 500 – $30 500, which gives us an impression that we are once again seeing a squeeze. The support are has been further strengthen with buying orders throughout the days and the resistance has stayed the same with some levels even liquidated.
What does that mean? This puts pressure on the bears, as the support seems to be bigger by the days and no new sell orders are in place ever since this consolidation has started. Bulls seem to be active and bears not.
The S&P 500 continued going up and that was beneficial for the crypto market overall. However, there are a few more important factors about the relief in altcoins and why we saw big gains.
FUNDAMENTAL
Ripple scored a partial victory in its fight with the U.S. Securities and Exchange Commission in a court ruling that brought a modicum of regulatory clarity for the cryptocurrency industry.
XRP rallied on the news, and crypto exchange Gemini said it might now list the token. Outside of the XRP situation, the news proved bullish for the longevity of the crypto market – BTC pumped up and the BTC Dominance went down, which created the perfect set up for altcoins to rally.
BITCOIN DOMINANCE
The dominance indicator halted on its move up and that let to a fall down. Looking to see an upside from here and no significant lower levels to be reached on the indicator.
That will most likely mean a slight pullback on altcoins after money flows in BTC again from people taking profit in smaller cap currencies.
SOLANA – UDPATED
The chart has been updated. SOL rallied up to $32.12 for the first time since early November 2022. The move has been majorly influenced by the positive news on XRP, as SOL faces similar problems in terms of lawsuits.
There is minor support between $25.70 and $25.20. It is concerning that this is the most recent support since the pump up and no major orders are seen positioned below current price.
Looking to see how the price moves with the biggest support being between $22.00 – $20.50. This area is highly desired for an accumulation phase.
The First Major Resistance is located between $32.00 – 33.40. Right now the liquidity both up and down is low between the major support/resistance areas, which means the currency is open to volatile moves.
