Weekly Crypto Market Brief

🎯 Crypto Fear & Greed Index breaks over the 50 level for the first time since March 2022.

Bitcoin continued its ascendancy over the past week, rising from the $21k level to a daily high of $23.3k, in the process breaking past the $22.5k support and holding over it. Bitcoin will be seeking to register higher lows and higher highs in the upcoming weeks, which would confirm a sustained rally to the upside. These developments come at a time of improved optimism in global markets, with decreasing bond yields and inflation rates.

🎯 ETH breaking over the 200 weekly MA represents a major bullish milestone for the premier altcoin.

Ethereum (ETH) also continued to rise, going briefly over the $1,660 resistance level before closing below it. Ethereum will look to target the $1,800 and $1,950 price levels in the upcoming period, should it continue its current rally. Further price appreciation for the coin would likely add more positive sentiment and volatility to the altcoin market overall.

🎯 Litecoin experiences 80% price appreciation since November 2022.

Litecoin (LTC) has also sustained its notable ascendancy in recent weeks, rising from the $63 level on December 19, 2022, and reaching a local top of $92 on January 21, 2023. In doing so, it has broken past successive resistances, including the $70, $78 and $84 levels. Its bullish price action has been impressive since November and could be on its way to register new highs in the market should its market performance remain.

🎯 Ripple has been bullish this month.

Ripple (XRP) has continued to form healthy market structure over the past several weeks, while printing successive higher lows and higher highs on the daily chart. It broke above the critical $0.39-0.40 price zone as well as the 200 daily MA, confirming both levels as support in the process. Should its bullish movement continue, it will be targeting the $0.45, $0.50 and $0.55 levels in the upcoming period. If this happens, it would pave the way towards the potential formation of a huge double bottom pattern, its creation extending back to May 2022.

 

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