Market experiences slight uptick as crypto expert analyzes major altcoins
According to FxPro’s senior market analyst, Alex Kuptsikevich, the cryptocurrency market has experienced a relative lull, with a market cap decline until a recent surge. Ethereum (ETH), currently trading at $2,977.88, has seen a 2.6% increase over the past 24 hours, boosting its market cap to over $357 billion, maintaining its position as the second-largest cryptocurrency. Despite the short-term gain, Kuptsikevich underlines Ethereum’s challenges, pointing to its ongoing consolidation near the lower end of its price range and a “death cross” below its 200-day moving average, suggesting a potential longer-term decline, which contrasts with the short-term increase.
Cardano (ADA), another major coin, has seen a 2.43% price rise to $0.4461, with a market cap increase of 2.42%. Despite the recent uptick, its trading near the lower end mirrors Ethereum’s consolidation trend, indicating a cautious outlook. Litecoin (LTC), ranked 19th, has increased by 1.81% to $80.98, but its market cap has risen by 1.82%, suggesting a struggle to regain bullish momentum as it tests its 200-day average. Kuptsikevich predicts a prolonged bearish trend if Litecoin fails to recover.
XRP, the 7th largest cryptocurrency, is trading near a significant level at $0.50, with a 1.57% price increase but a minor 0.56% increase in market cap. A break below key support levels earlier in April has set up a bearish scenario, potentially leading to a retest of long-term support between $0.25 and $30, according to Kuptsikevich, advising caution for investors.
In contrast, Solana (SOL) exhibits speculative potential, with Merkle Tree Capital predicting a price surge to $400 by November 2024, driven by the popularity of meme coins linked to the US election campaign. SOL has indeed seen a significant surge since the analysis, with a 7.54% increase to $152.76 and a market cap growth of 7.53%, making it the fifth-largest cryptocurrency.
While the inflation-related gains from CoinMarketCap’s short-term data are promising, Kuptsikevich’s medium-to-long-term analysis highlights the complexity and external economic influences that could impact these crypto performances. Investors should be cautious and consider these factors when interpreting the market trends.
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