The cryptocurrency market has experienced a period of stagnation, with a decline in market cap until a recent increase, as noted by FxPro senior market analyst Alex Kuptsikevich.
Ethereum (ETH) is currently trading at $2,977.88, showing a 2.6% increase in the last 24 hours. Its market cap has also grown by 2.64% to over $357 billion, maintaining its position as the second-largest cryptocurrency. Kuptsikevich pointed out the challenges facing Ethereum, including consolidation near the lower end of its price range and a “death cross” under its 200-day average, indicating potential longer-term declines. This juxtaposition between short-term gains and medium-term concerns highlights the complexities of predicting market trends.
Similarly, Cardano (ADA) has seen a 2.43% rise in its price to $0.4461, with a corresponding 2.42% increase in its market cap. Despite being one of the top 10 cryptocurrencies, ADA’s trading near the lower end of its range suggests a cautious outlook, mirroring Ethereum’s consolidation pattern.
Litecoin (LTC) has experienced a 1.81% price increase to $80.98, with its market cap rising by 1.82%. As the 19th largest cryptocurrency, LTC continues to test its 200-day average, indicating a potential struggle to regain strong bullish momentum. Kuptsikevich warned that Litecoin may face an extended period of bearish trends if it fails to reclaim higher levels soon.
XRP is currently trading around $0.50, facing challenges after losing key support in April. Kuptsikevich suggested a bearish scenario for XRP, potentially pulling back to long-term support at $0.25-30. Despite a modest 1.57% price increase to $0.5135, XRP’s market cap only rose by 0.56%, indicating a challenging road ahead despite some recovery.
In contrast, Solana (SOL) shows speculative potential, with predictions suggesting a rise to $400 by November 2024, driven by meme coin popularity linked to the U.S. election campaign. Following this analysis, SOL has surged significantly, with a 7.54% price increase to $152.76 and a 7.53% expansion in market cap, making it the fifth largest cryptocurrency.
While short-term data indicates promising gains for these cryptocurrencies following U.S. inflation data, Kuptsikevich’s medium-to-long-term analyses present a more nuanced picture that could be influenced by external economic factors.