The cryptocurrency market experienced a slight uptick in the past week, largely driven by the volatility of the leading cryptocurrency. Nonetheless, the technical outlook for major digital assets remains largely unchanged.
The market capitalization decreased further, reaching $958 billion compared to the previous week's $1.04 trillion. Bitcoin saw a modest 3.0% gain over the course of seven days, while Ethereum and Litecoin demonstrated nearly stagnant dynamics. Ripple, on the other hand, saw a decline of nearly 3.0%."
Bitcoin has climbed to the upper boundary of the range between 25,201 and 26,480 and is currently putting its strength to the test. In the absence of significant fundamental drivers of volatility, there is a possibility that the price will continue to consolidate within this range.
However, should 26,480 be broken out, the leading cryptocurrency may extend its upward trajectory towards the $28,000 per coin territory.
Ripple experienced a decline, breaking out the 0.4828 level, and subsequently finding support at 0.4552 marked with green dotted lines.
Currently, the XRP/USD price is attempting to reenter the range between 0.4828 and 0.5097. However, if it proves challenging to surpass the 0.4828 level and consolidate above it, the price may shift into a decline pattern within the sideways range of 0.4828 to 0.4552.
Ethereum witnessed a decline on Monday, breaching the support level marked by the dotted line at 1606.16, but managed to recover its losses within three days.
Based on this technical scenario, there is potential for price appreciation towards the resistance at 1678.21. However, if the price cannot establish firm consolidation above the 1606.16 level marked with dotted lines, it is likely to drop toward the support at 1484.77.
Litecoin, as a result of the fall this week, found support at 55.68 marked with dotted lines, but then recovered its losses and is approaching the resistance at 64.70, having a small room to move to it.
Upon reaching the horizontal at 64.70, LTC/USD may either turn down and return to the support at 55.68, or attempt to consolidate higher, which would pave Litecoin’s way to the area of $70 per coin.