According to Alex Kuptsikevich, Senior Market Analyst at FxPro, the cryptocurrency market has been relatively stagnant, showing a decline in market capitalization until today's rise.
Ethereum (ETH) is trading at $2,977.88, up 2.6% over the past 24 hours. Its market value increased by 2.64% to reach more than $357 billion, remaining the second largest cryptocurrency.
Kubtsikevich highlighted the challenges facing Ethereum, pointing to its continued stability near the lower end of the price range and a “death cross” below its 200-day average, indicating potential long-term declines. This discrepancy between the short-term increase and analysts' medium-term concerns shows the complexities of the market outlook.
Similar to Ethereum, Cardano (ADA) saw a 2.43% rise in its price to $0.4461, with the market cap increasing by 2.42%. Ranked as one of the top 10 cryptocurrencies, ADA trading near the lower end of its range indicates a cautious outlook despite the recent rally, reflecting Ethereum's consolidation trend.
Litecoin (LTC) price rose 1.81% to $80.98, and its market cap rose 1.82%. As the 19th largest coin by volume, LTC continues to test its 200-day moving average, indicating a potential ongoing struggle to regain stronger upward momentum. According to Kubtsikevich, Litecoin may face a prolonged period of downtrends if it fails to recover to higher levels soon.
XRP is trading around the historically important level of $0.50 after losing key support earlier in April.
“XRP has broken through the ascending support line, turning it into resistance at subsequent highs. This sets up a bearish scenario, with it likely to pull back to the long-term support at $0.25-30, indicating a cautious approach for investors,” Kubtskevich noted.
The modest 1.57% increase in XRP prices to $0.5135 contrasts with a slight 0.56% increase in market cap. XRP, the seventh-largest cryptocurrency, breaking below key support levels earlier in the month indicates a challenging road ahead despite some recovery, the analyst noted.
In contrast, Solana (SOL) shows speculative potential, with Merkle Tree Capital forecasts suggesting a rise to $400 by November 2024, driven by the popularity of the meme coin linked to the US election campaign.
Since the Merkle Tree analysis, SOL has shown a significant increase. Its price rose by 7.54% to $152.76, while its market capitalization expanded by 7.53%, making it the fifth largest cryptocurrency.
While the short-term data from CoinMarketCap Promising gains for these cryptocurrencies are emerging from US inflation data, and Kubtsikevich's medium-to-long-term analyzes paint a more nuanced picture that could be influenced by other external economies.
