Key Takeaways
- Bitcoin struggles to break above the resistance of $95,000 as the price continues to range ahead of the monthly close.
- Ethereum price trades on key trendline liquidity with a potential price crash looming.
- The key support zones for XRP, SOL, and DOGE to watch are $2, $120, and $0.1, respectively.
The cryptocurrency market saw a sharp start to the week following Bitcoin’s (BTC) rally from a region of $82,000 to a high of $88,500. Considering its range movement, it gained much price attention, affecting the price from rallying to the upside.
Despite the price of BTC rallying to such a high, it failed to break above its key resistance of $95,000. BTC was rejected from around $88,500, and it currently trades around $86,500 to $87,500.
Altcoins have also shown some strength rallying with BTC, but a notable price action among altcoins was Solana (SOL), which rallied from a region of $125 to a high of $143 as the price faced key resistance to resume strong bullish price action to the upside. Other altcoins include XRP, ETH, and DOGE, which have shown less price action to the upside in the last few weeks.
Let us discuss the market analysis of BTC, ETH, DOGE, XRP, and SOL, and where the price could be headed as the month ends.
Bitcoin (BTC) Price Analysis
According to top crypto analyst ColinTCrypto on his X post speculated the price of Bitcoin (BTC) from technical analysis has formed a mini local top after the price of BTC failed to break above $92,000, acting as resistance, which was followed by a sharp price drop towards $85,800.
If the price of BTC fails to break above its $92,000, acting as resistance for the price ahead of a monthly close, we could see the price eye a minor correction towards $70,000 to $65,000 before a major move to the upside.
ColinTCrypto hints that the overall trend for BTC remains bullish despite the current price action for BTC, suggesting a weak price trend with bears having more price advantage.
Ethereum (ETH) Price Analysis
Tradebeta, a crypto analyst, speculated that the price of Ethereum (ETH) is still bearish. The price trades in a trendline, acting as support. A break below this line could see the price trade towards a region of $1,600 in the coming weeks.
A break to the downside will allow bears to push prices to the downside, leading to much sell pressure from traders and investors.
Ripple (XRP) Price Analysis
Ali Martinez, an on-chain crypto expert, has hinted that nothing has changed for XRP despite recent news of a partnership with Chipper Cash to extend blockchain payment to Africa and its settlement with the US SEC (Securities and Exchange Commission).
The price of XRP has struggled to break out of its range price movement towards the high of $3, as the price was rejected around $2.55, and the price trades just above its key support of $2. If the price of XRP breaks below its $2 support, we could see that XRP bears a dominating price in a lower price region of $1.9 and below.
Solana (SOL) And DOGE Price Analysis
Despite a brief rally towards their key resistance zones, Solana (SOL) and Dogecoin (DOGE) have struggled to break above $152 and $0.25 resistance, respectively, as a break above these zones could mean bullish price action for the price.
If the price actions of SOL and DOGE are to maintain bullish price movement in the coming weeks or months, key zones to be protected for SOL and DOGE bulls remain $110 and $0.1.
