XRP Shows Weakest Performance in Top 10, Unless This Happens, Biggest Bitcoin (BTC) Breakout of 2024 Is in, Solana (SOL) Explodes Above $165: Is $200 Next?
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In comparison to its rivals, XRP has been underperforming among the top 10 cryptocurrencies exhibiting the least amount of price movement. The asset has been stuck in a declining range for the past few weeks, unable to break through local resistance levels. XRP is still unable to push higher despite bulls' attempts to buck the trend, which worries investors about the possibility of a protracted decline.
As of right now, XRP's technical outlook is not good. The 200 EMA is currently a strong resistance barrier and has been the asset's biggest obstacle to breaking above important levels on multiple occasions. XRP is unlikely to enter a more sustained recovery unless it breaks above this important moving average.
Arman ShirinyanThe declining volume pattern, which indicates waning interest from traders and investors, highlights XRP's poor performance even more. Furthermore, the general sentiment of the market has not been in favor of XRP, as other top 10 assets have demonstrated signs of recovery or growth while XRP has lagged behind.
The potential for XRP to break through the 200 EMA is its only chance. If this level is successfully pushed up, buying interest may increase, and the asset may begin a much-needed reversal. Until that occurs, though, XRP is still vulnerable to additional drops, with support levels at $0.50 and below offering some temporary stability.
Bitcoin's comeback
Bitcoin has successfully breached a crucial resistance level at $67,000, indicating one of its largest breakouts of 2024. This breakout could lead to a huge price increase on the entire cryptocurrency market and indicates a significant change in market sentiment. The breakout demonstrates that Bitcoin has broken out of a long-term downward trendline that has controlled the price since March 2024.
This upward trend is crucial because it seems that Bitcoin is now well-positioned to reach new heights, with $70,000 serving as the next major psychological barrier. Bitcoin might target $75,000 if the bullish trend continues. At that price, more traders and institutional investors might enter the market, which could push prices even higher. Looking beyond that, many investors' ultimate objective is to see Bitcoin reach its highest point ever, which was close to $69,000 in 2021.
The market has been cautious, but if Bitcoin keeps up its momentum and holds above important support zones, this breakout might rekindle hopes of hitting those levels. The closest immediate support is $65,900, and Bitcoin would have a stronger case for more bullish movement if it could hold above this level.
Bitcoin's breakout has, all things considered, given the market much-needed optimism. If the volume keeps increasing, we may witness a further push toward higher price targets, with the possibility that it will surpass its prior all-time highs and set new records in the months to come.
Solana looks at $200
Solana recently surged above the $165 price level, leaving many wondering if $200 might be the next important target. The strength that Solana is displaying is reminiscent of its previous bull runs, after it broke through a number of resistance levels, including the $160 range.
The market's spirit and SOL's capacity to maintain above the important moving averages, such as the 50, 100 and 200 EMAs, are supporting the current uptrend. In the short term, though, there are certain worries that might limit the upside. Notably, SOL tokens valued at $88 million are about to be unlocked in the next few days. Increased selling pressure brought on by this infusion of liquidity onto the market may cause Solana's remarkable ascent to stall or slow.
Tomiwabold OlajideThe market's response to this event and its timing will be critical factors in determining SOL's short-term performance. On the plus side, the $180 mark becomes the next psychological barrier that bulls must overcome if Solana can maintain its momentum and withstand any possible selling pressure from the unlocking event. If the market's bullish sentiment and high volume persist, $200 is a significant target that may become reachable.
The $150 and $140 levels, which have historically served as support, will be used by traders as a safeguard against the downside. In spite of possible obstacles, Solana's ability to maintain above these levels would indicate that the upward trend is still strong.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team