Technical factors are ‘playing out’ currently
The market situation didn’t change significantly last week. The key altcoins have locked and volumes which can act as new key resistance and send the coin prices down, however, overall positive market sentiment is still present, 8848 Invest’s analyst Mark Sorokin insists.
Over the past week, the digital asset market situation hasn’t changed significantly. All key tools demonstrate large accumulations. BTC has expanded the lower flat border. it’s can be characterized as a false breakout.
‘Then the tool has returned to flat, so we’re waiting for the accumulation to continue,’ the expert notes.
Generally, it’s too early to talk about where the price of the key digital currency will go. Still, it should be taken into account that ETH, XRP, and LTC, as well as other key altcoins, have locked volumes that can act as new key resistance and send the asset price down.
‘Taking into account the current dynamics, it’s worth assuming that as there was a liquidity seizure of at the bottom, asset prices will strive to go up and we’ll see growth continuation,’ Mark Sorokin says.
From the point of view of fundamental factors, it’s still difficult to note something significant. It’s worth noting only the statistics of BTC coins which are ‘on the hold’, as well as the BTC hashrate dynamics. However, it’s unlikely these indicators will have an impact on the market.
‘Technical factors are playing out now, so you need to monitor carefully how the market tool’s price acts at the boundaries of the key resistance range. Any moment the seller can prove himself and send the price down,’ the expert summarises.