Alejandro Zala, Country Manager of Bitpanda Spainshared with Cointelegraph en Español his weekly analysis of the cryptocurrency market, which during this week experienced a strong positive momentum during the last week and generated that the total capitalization exceeded one billion euros for the first time in more than a month. .
In this sense, Zala has highlighted that bitcoin exceeded its consolidation range of 22,300 euros and passed the level of 23,000 euros, testing the critical resistance of the 200-day moving average. “With a successful weekly close, the next major price target for the bulls could be around €27,000-30,000”commented.
Also, he pointed out that after a record 74-day run in the low sentiment zone, the fear and greed index has slowly moved away from extreme fear but underlined that although sentiment remains in fear territory, at 31, this represents a substantial improvement , as the score is up 13 points from last week.
Bitcoin dominance falls
Regarding the dominance of Bitcoin, Zala has said that after a long process of consolidation within the wedge pattern, the price of Bitcoin finally broke above the overhead resistance, causing Bitcoin to break the €22,000 level and reach €24,000, its highest peak since mid-2000s. June.
“Over the past month, Bitcoin market dominance has dropped from a high of 48.8% to 42%, indicating that optimism is returning to the market as smaller, more volatile coins are pushed higher.Zala said.
“Part of this market share has also been absorbed by Ethereum, which has seen its dominance increase in the same period, from 14% to 18.9%. However, it is still a long way from Ethereum’s all-time high of 32% in the 2017 bull market.”he added.
Major gains in altcoins
In relation to altcoins, Zala mentioned that this week investors aggressively bought major altcoins, driving prices to double-digit gains over the past 7 days.
Regarding Ethereum, Zala mentioned that it rose to the level of 1,600 euros, almost 60% in a week. “Price bounced off rising trend line support before a major move higher”he detailed.
“The strength of ETH has caused a rotation of Bitcoin and stablecoins towards Ethereum, and the smaller altcoins have enjoyed the general bullish trend of the market. Major altcoins such as Solana, Link, XRP and Avalanche are among the best performing assets”he pointed.
SUN. For this altcoin, Zala explained that it managed to break the wedge formation upwards and has reached the level of 46 euros, turning out to be the highest since May 26. “The price is up 80% from the low formed in mid-June. The €40 level acts as support, while the €50 level is the next resistance for the bulls.”he explained.
for the price of ADAZala commented that he is still stuck in the trading channel and has been left behind in recent rallies. “The price is bouncing between 0.41 and 0.50 euros. A breakout to the upside could trigger further gains, while support on the downside lies at €0.40he detailed.
With AVAXZala said that it was one of the biggest gains, as it rose 50% in the last 7 sessions where the price managed to break the resistance zone of 20 euros with great magnitude, which led it to reach a maximum of 26 euros , the highest price of the last 2 months.
With respect to LINKZala explained that it had gained 25% since it touched the support of 5.8 euros, which has caused the price to approach a higher resistance level at 7.7 euros. “Momentum indicators are in bullish territory and further gains are possible”,said.
Lastly, for XRPZala said that it managed to break the resistance of the downward dynamic trend line it had been trading under since early May. “Price managed to gain 20% in the last 7 days, with momentum indicators still pointing higher”he concluded.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
It may interest you:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.