BTC experienced a significant increase a few hours ago. It is the top gainer in the top 10 as other crypto assets grapple with indecisive actions from investors.
Nonetheless, the apex coin is one of the biggest contributors to the over 90% increase in trading volume across the crypto market. The global cryptocurrency market cap surged above $2.73 trillion as BTC saw fresh liquidity.
Fundamentals flipped bullish earlier on Monday, resulting in improved trading conditions. US President Donald Trump directed the Federal Reserve to cut interest rates. Historically, such cuts have boosted several cryptocurrencies. This prospect may be a remedy to the ongoing downtrend across the sector.
Investors believe that the cut may happen soon, as the President promised to terminate the Fed Reserve chair’s contract following repeated failure to satisfy requests to slash rates. Jerome Powell may succumb this time to keep his job.
Nonetheless, most cryptocurrencies have yet to react to this news. This is a sign of mixed sentiment: while some believe a positive shift is on hand, others are more cautious.
It is worth noting that the previous week was unimpressive for the crypto market, as several assets grappled with low volatility. The new week shows some coins and tokens attempting key levels. Let’s see how they perform this week.
Top Five Cryptocurrencies
BTC/USD
Bitcoin broke above its fourteen-day high a few hours ago. It surged from $85,197 to $88,527 but retraced and now trades at $87k. The asset received a boost as gold surged at the prospect of a possible interest rate cut.
The latest breakout marks a huge shift in the asset’s trend. It traded almost flat last week as trading volume plummeted. It experienced low volatility during this period, keeping prices relatively stable. It maintained the $83k support amid price actions.
However, indicators are pointing to an impending decline. BTC surge above $88k saw it retest bollinger’s upper band. Such attempts mostly signify the end of an uptrend. Nonetheless, the band may widen if the uptrend continues.
The moving average convergence divergence hints at further uphill movement. The metric shows no signs of halting its advances, and the bulls continue to sustain the current momentum. This is the same reading on the relative strength index. The metric saw a sharp rise as buying pressure spiked. This may mean that BTC may attempt $90k.
XRP/USD
A few hours ago, XRP saw a sharp rise in price, hitting a high of $2.14. However, the bullish event soon changed, and the asset plummeted. It is trading at its opening price at the time of writing.
The latest failed attempt at surging marks another strong indication that the asset has yet to see notable buying pressure. The bears started a selloff after the slight increase, mimicking trading actions last Monday. If last week’s price actions repeat, the asset may continue the low volatility trend and hover around $2.
Nonetheless, many assets may react to the slight shift in fundamentals. Like BTC, the altcoin may break above the $2.20 resistance.
The bollinger band is shrinking and trending almost on a straight line. This trend is indicative of an impending change in price action, and a breakout may be imminent. MACD’s uptrend may support this claim.
SOL/USD
Solana broke above $140 on Sunday, surging from $135 to $141. However, it failed to close above this key level as the asset experienced notable selling pressure afterward.
Nonetheless, it broke the mark again a few hours ago but retraced. SOL peaked at $143, sparking predictions of a return to $150.Trading at $136 at the time of writing, printing a red signal, the coin is back to its opening price.
The surge above $140 saw it edge closer to reclaiming the 100% fib level at $149. Its failure to sustain momentum above this mark may result in the altcoin testing the $130 support. The Bollinger band showed that SOL tested the upper band during its recent surge. This may mean the end of the upticks.
The moving average convergence divergence prints a bearish signal. Although the metric is seeing notable uphill movement, its histogram displayed a small bar on Monday, which may indicate a slight shift in its trajectory. It may signal the start of a bearish divergence.
HYPE/USD
Hyperliquid may close Monday with a green candle like BTC. The session had a good start, surging from $17.2 to a high of $18.4. Although it saw a slight decline, it is up by almost 3%. The asset resumes its uptrend after a short pause on Sunday.
The one-day chart shows that the altcoin experienced significant price increases over the last two weeks. The previous week was no exception, as it gained over 14%.
HYPE is off to a good and may look to continue the uptrend. The relative strength index is at 63, showing more room for further increases. Previous price movements suggest that the altcoin may retest the $20 resistance within the next six days.
However, its failure to break above the $18.5 may hint an impending change in price trajectory. It is worth noting that its tested bollinger’s upper band but failed. Nonetheless, prices have since struggled to surge significantly higher.
ENA/USD
Like BTC, Ethena had a significant increase in price earlier on Monday. It retested the bollinger middle band but retraced to its opening price. Nonetheless, it prints a green candle, marking its fifth in a row.
However, the one-day chart shows that the asset did not see any significant price increase in the last three days. It registered slight volatility during this period. It is worth noting that the slight increases caused MACD to flip bullish, displaying a positive divergence, which may signal further increases.
Nonetheless, based on previous price movements, it may continue its trend. Conversely, indicators lean toward a breakout to the top. The asset may break above $0.30.
