Markets
Cryptocurrency Expert Provides Analysis of Major Altcoins, Market Sees Slight Upside
According to FxPro senior market analyst Alex Kuptsikevich, the cryptocurrency market has been relatively stagnant, showing a decline in market capitalization until today’s increase.
Ethereum (ET) is trading at $2,977.88, an increase of 2.6% in the last 24 hours. Its market capitalization grew by 2.64% to more than $357 billion, remaining the second largest cryptocurrency.
Kuptsikevich highlighted Ethereum’s challenges, pointing to its continued consolidation near the lower end of its price range and a “death cross” below its 200-day average, suggesting potential long-term declines. This contrast between the short-term increase and the analyst’s medium-term concerns shows the complexity of market forecasts.
24 hour price of ETH from CoinMarketCap
Similarly to Ethereum, Cardano (ADA) saw a 2.43% increase in its price to $0.4461, with the market cap rising 2.42%. Positioned as one of the 10 largest cryptocurrencies, ADA trading near the lower end of its range suggests a cautious outlook despite the recent rally, mirroring Ethereum’s consolidation trend.
ADA round-the-clock price from CoinMarketCap
Litecoin (LTC) the price increased by 1.81% to $80.98, and its market capitalization increased by 1.82%. As the 19th largest cryptocurrency, LTC continues to test its 200-day average, indicating a potential ongoing struggle to regain stronger bullish momentum. According to Kuptsikevich, Litecoin could face a long period of downtrends if it fails to recover higher levels soon.
Around the clock price of LTC from CoinMarketCap
XRP is trading around the historically significant $0.50 level after losing key support in early April.
“XRP broke below an ascending support line, turning it into resistance for subsequent peaks. This creates a bearish scenario, which could return to long-term support at $0.25-30,” Kuptsikevich noted, suggesting a cautious approach to investors.
XRP’s modest price increase of 1.57% to $0.5135 contrasts with a slight 0.56% increase in market capitalization. XRP’s break below key support levels earlier in the month, the seventh largest cryptocurrency, indicates a challenging road ahead despite some recovery, as indicated by the analyst.
XRP price around the clock from CoinMarketCap
On the contrary, Solana (SOL) shows speculative potential, with forecasts from Merkle Tree Capital suggesting a rise to $400 by November 2024, driven by the popularity of meme coins linked to the US election campaign.
From the Merkle Tree analysis, SOL showed a notable increase. Its price increased by 7.54% to $152.76, while its market capitalization increased by 7.53%, making it the fifth largest cryptocurrency.
Around the clock price of SOL from CoinMarketCap
While short-term data from CoinMarketCap shows promising gains for these cryptocurrencies from US inflation data, Kuptsikevich’s medium- and long-term analyzes paint a more nuanced picture that could be influenced by other external economic factors.