- What happened in crypto this week
- Bitcoin: ETF approval could propel it towards $50,000, while rejection might cause a steep drop to $38,000.
- Polkadot: Holding steady at $7.2 support could trigger a rally beyond $10.
- Solana: Crucial moment at $85 resistance; break above confirms bullish momentum, break below signals significant decline.
- Arbitrum: Retesting the previous ATH ($1.82) could lead to further gains.
- XRP: Symmetric triangle breakout suggests a potential 52% surge to $0.85 or higher.
The bullish movement in crypto over the last week wasn’t so impressive. But it wasn’t bad either.
Bitcoin managed to keep a steady average price of around $43,000, despite a flash crash to as low as $40,000 in the middle of the week.
In this section, we will be going over some of the best cryptocurrencies to keep an eye out for this week.
Without taking further time, the first is:
1. Crypto: Bitcoin
Bitcoin is the OG cryptocurrency, and it only makes sense that we put it at the very top of the list.
Bitcoin is bound to experience some inevitable volatility this week, considering how we will either get ETF approvals, rejections, postponements or even all of the above for the several companies waiting for an ETF approval.
In the charts, Bitcoin is strongly bullish from the long-term perspective and is even trading atop a strong ascending trendline.
If we see an ETF approval, Bitcoin will likely continue further upward, and may even hit $50,000 for a start (assuming the ETF approval isn’t a sell-the-news scenario).
However, if we see ETF rejections, Bitcoin is expected to crash strongly and hit $38,000 or even lower or a start.
Few other cryptocurrencies can compare to Polkadot in terms of bullishness since the crypto boom in October 2023.
The cryptocurrency started from a low of around $3.4 to about $9.6 in late December.
However, Polkadot entered a slight correction from here, and has reversed for a retest of the $7.2 support as shown:
If we see Polkadot hold its ground this week, we are bound to witness another rally that takes the cryptocurrency straight up past $10.
Solana was by far the hottest among the top cryptocurrencies between October and December 2023.
However, the window has not closed yet. The cryptocurrency currently trades under the psychological $100 resistance, but its technical outlook suggests that there might be a chance at redemption.
Solana broke above an ascending resistance on 21 December, on its way up to the $124 mark.
At the time of writing, Solana has reversed for a retest of this line and is at a crucial juncture.
Solana has a chance to continue further upwards and even break above $124. However, if we see a decisive break below the $85 resistance, the resulting decline in Solana is bound to be drastic.
On the daily chart, Arbitrum broke above its previous all-time high of around $1.82 and made a new one for itself at around $2.1.
However, the bears quickly brought it into a decline below its previous ATH.
Arbitrum, as shown above, appears to still have some fight left in it. This means that if the cryptocurrency successfully breaks above $1.82 again, it is bound to continue its journey further upwards this week.
XRP hasn’t been in the news very much lately but is in the middle of some interesting price action.
According to the snapshot showing the weekly chart above, XRP is currently in a symmetric triangle and has just rebounded from the lower support of the formation.
This means that the cryptocurrency is poised for an extra 52% move to the upside from here, to as high as $0.85 or even higher.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.