Major cryptocurrencies have been resilient over the weekend. The week is looking interesting now.
The weekend saw excellent results on several financial markets that saw strong increases. The crypto sector also performed well, with the main players: Bitcoin, Ethereum and Ripple, becoming special observers. Below are the weekly performances and forecasts of the three main cryptocurrencies.
Bitcoin $BTC Price Rises Again
The chart shows Bitcoin 's strong recovery over the past week. The most notable data is the close above $106,000, a level that has been a strong resistance in recent times.
A steady close above the $109,600 resistance would give Bitcoin room to push towards the top of its major rejection zone.
This level also represents the threshold for a possible rally to a new all-time high, although lower trading volumes during the summer usually make this type of target more difficult to reach.
Another signal to monitor is the sharp drop that Bitcoin shows on the daily chart.
There seems to have been a rejection, which could lead to further declines in the coming days . What is keeping observers on tenterhooks are the possible negative data from the US labor market reports due next week. The market is very sensitive on this front as it is a key element in view of a possible reduction in interest rates.
Ethereum has shown significantly less recovery from the decline it suffered last week.
For now, it is a good sign that Ethereum has managed to break out of a stalemate. But it is clear that its performance still depends heavily on that of Bitcoin.
Not a good sign for the first altcoin that in recent weeks had remained stable thanks to its strength.
It looks like summer stagnation for altcoins has already begun. It is also likely that the next couple of months will make it harder for altcoins to make significant gains.
At the moment, the daily chart of Ethereum looks quite positive and seems to be preparing for a new upside. This leaves room for a growth towards $2730 in the short term.
Above this level, Ethereum has already encountered significant resistance and will also need the support of Bitcoin to grow further.
Ripple $XRP faces a delicate situation
XRP also had a decent week, but it continues to teeter on the edge of its downtrend line. It has tested the critical support six times , weakening it significantly. The probability of a breakout beyond the next test now exceeds 70%.
The daily chart of XRP suggests that it is intent on breaking the resistance line. If it succeeds, there may still be room for Ripple to rise.
In this scenario, the 200 moving average (green line) and the resistance at $2.60 would become very important levels to monitor.
With enough momentum, XRP could even test the upper end of its range , around $3, but it will all depend on the typical summer calm and the behavior of Bitcoin.
The dominant narrative
Despite varying levels of market recovery, Bitcoin remains the strongest component of the crypto sector, giving other cryptocurrencies the best chance to benefit from any upswings.
Bitcoin Hyper ($HYPER) is a cryptocurrency closely tied to the Bitcoin ecosystem. Hyper is the first layer 2 of the network, designed to enable faster transactions and lower on-chain fees.
The project is now in pre-sale and allows investors to get an early entry and balance part of their portfolio. When the token is listed, it will be able to follow the success of Bitcoin , also through the token burning mechanism that maintains a level of scarcity crucial for price control.
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