Market experiences slight uptick after crypto expert provides analysis on major altcoins

Senior market analyst at FxPro, Alex Kuptsikevich, has observed a period of stagnation in the crypto market, which has recently seen a boost in market cap after a decline.
The price of Ethereum (
ETH
) has risen by 2.6% in the last 24 hours, reaching $2,977.88. Its market cap has also increased by 2.64% to over $357 billion, solidifying its position as the second-largest cryptocurrency.
Kuptsikevich pointed out the challenges facing Ethereum, such as its consolidation at the lower end of its price range and a “death cross” below its 200-day average, indicating potential long-term declines. This juxtaposition of short-term gains and medium-term concerns underscores the complexities of predicting market trends.
Similarly, Cardano (
ADA
) has experienced a 2.43% price increase to $0.4461, with its market cap growing by 2.42%. Despite this recent uptick, ADA’s trading near the lower end of its range suggests a cautious outlook, mirroring Ethereum’s consolidation pattern.
Litecoin (
LTC
) has seen its price rise by 1.81% to $80.98, with a 1.82% increase in market cap. As the 19th largest cryptocurrency, LTC continues to test its 200-day average, indicating a potential struggle to regain bullish momentum. Kuptsikevich warned that Litecoin may face prolonged bearish trends if it fails to reclaim higher levels soon.
XRP is currently trading around $0.50, facing resistance after losing key support in April. Kuptsikevich suggested a bearish scenario for XRP, potentially pulling back to long-term support levels 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.
On the other hand, Solana (
SOL
) has shown speculative potential, with forecasts by Merkle Tree Capital predicting a rise to $400 by November 2024, driven by meme coin popularity associated with the U.S. election campaign.
Following the Merkle Tree analysis, SOL has witnessed a significant surge, with its price increasing by 7.54% to $152.76. Its market cap has also expanded by 7.53%, making it the fifth largest cryptocurrency.
While short-term data from CoinMarketCap indicates promising gains for these cryptocurrencies following U.S. inflation data, Kuptsikevich’s medium-to-long-term analyses present a more nuanced outlook that could be influenced by external economic factors.
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