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Weekly Price Analysis: Bitcoin Remains Rangebound while Altcoins Fly

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  • Prices rose over the first week of the year as open interest in the CME improved.
  • Altcoins outperformed Bitcoin as the largest crypto remained rangebound.
  • Meanwhile, ETF flows remained net negative.

Bitcoin

Bitcoin’s price improved last week but remained within the range established in previous trading sessions. BTC logged a weekly low of 91,271.19 and a high of $98,972.29. Bitcoin closed last week at $98,198.52.

Open interest in the CME improved over the last week as more contracts were added. Comparing that with price movement suggests that more long contracts were opened.

Meanwhile, BTC ETF flows were net negative next week as outflows totalled $652.10Mn.

Outlook

BTC found support within the demand zone on the H4 time frame and has begun a rise (supported by new futures longs). BTC will need to first break above the range high at $99,596.57.

BTC trades at $101,978.76 as of publishing.

Ethereum

Ethereum’s price action was more bullish as it broke above the range formed in the previous week’s trading session. The weekly low and high were $3,293.19 and $3,675.77, respectively. ETH closed last week at $3,637.39.

Similar to Bitcoin’s open interest charts, Ethereum OI reached a weekly low on Jan. 1 and has been rising since as new longs enter the derivatives market.

Meanwhile, spot ETH ETF inflows logged a negative week as $97.00Mn flowed out of ETFs in the US.

Outlook

While the price has broken through the last range high, it must clear the recent high, which is at the $4,096.44 level, to resume a bullish trend. In the interim, a demand level at the $3,500.00 level could serve as liquidity for an upward.

ETH trades at $3,679.36 as of publishing.

Solana

Solana’s price action was bullish last week as it broke above the local range high from the previous week’s trading session. Weekly low and high formed were $185.55 and $219.67.

Open interest in Solana followed a similar pattern as that of Bitcoin and Ethereum, picking up from Jan. 1.

Outlook

Despite failing to break its all-time high, Solana’s trend is bullish. However, the price has logged consecutive lower lows on the H4 time frame and must break the $230 level and then the $260 level to continue its bullish trend.

SOL trades at $218.28 as of publishing.

Ripple

Ripple’s price action improved last week after logging a low of $1.99 and a high of $2.50.

However, price was incongruent with open interest as an increase in long contracts did not buoy the price.

Outlook

Since breaking above the range high and pulling back for liquidity at the last higher low at $2.34, XRP’s price has logged higher highs and lows, climbing towards the next supply zone around $2.72.

XRP trades at  $2.44 as of publishing.



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XRP Price Sets the Stage for More Gains: Bulls Hold the Momentum

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

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At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Donald Trump Unaware of TRUMP Meme Coin’s Success

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In a press conference on January 21, US President Donald Trump responded to questions about his meme coin, TRUMP, admitting that he had limited knowledge of the token despite its market success.

His comments led to a brief dip in the token’s price, which subsequently rebounded.

Donald Trump Talks TRUMP Coin: Price Fluctuates

Speaking from the White House, Trump responded to inquiries about whether he was personally benefiting from the token, stating that he was unsure if he had profited from it.

The conference primarily focused on the announcement of a $500 billion investment in the “Stargate AI” artificial intelligence infrastructure project. President Trump was joined by OpenAI CEO Sam Altman, Oracle’s Chief Technology Officer Larry Ellison, and SoftBank CEO Masayoshi Son.

When asked about TRUMP, the President appeared uncertain about its details. 

“I don’t know where it is. I don’t know much about it other than I launched it, other than it was very successful,” Trump said.

Following his remarks, the token’s value briefly plummeted, prompting reactions from the financial community. Alex Krüger, founder of Aike Capital, highlighted the decline on social media platform X (formerly Twitter).

Bloomberg analyst James Seyffart also weighed in.

“Trump just nuked his own memecoin, Seyffart noted on X.

Despite the temporary setback, TRUMP quickly rebounded. At the time of reporting, it was trading at $41.24, reflecting a 15% increase in the past 24 hours.

Trump memecoin
TRUMP price performance. Source: CoinGecko

The meme coin’s market capitalization stood at $8.24 billion. This marked a notable increase as the token’s market cap dropped to $7.5 billion after inauguration day.

When informed that his token generated billions, Trump remarked, “Several billion … that’s peanuts for these guys,” gesturing toward the CEOs accompanying him.

The “Official Trump” token, launched last week, experienced a rapid surge of over 1,100%, rising from $6 to $75 within 36 hours. However, the ownership stake remains unclear, with two entities tied to the Trump Organization controlling 80% of the supply

Notably, the latest Forbes analysis debunked claims of a $58 billion windfall for Trump. The analysis highlighted that these estimates were based on the token’s fully diluted valuation, which factors in non-circulating tokens. With 800 million tokens locked, an 80% stake is estimated at $6.2 billion, though this figure is subject to market fluctuations.

Despite the volatility, the broader market has shown significant interest in meme coins. As BeInCrypto reported earlier, Rex Shares recently filed for meme coin exchange-traded funds (ETFs) that include TRUMP, BONK, and DOGE.

Meanwhile, meme coins stay true to their volatile nature, with TRUMP not being the only one experiencing sharp fluctuations. First Lady Melania Trump’s meme coin, MELANIA, hit an all-time high of $13 on January 20 but later dropped to around $4. 

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Solana (SOL) Ignites New Momentum: Bulls Target Higher Ground

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Solana started a fresh increase above the $240 resistance. SOL price is back above $2500 and might aim for a fresh increase above the $262 zone.

  • SOL price started a fresh increase above the $240 and $250 levels against the US Dollar.
  • The price is now trading above $250 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $245 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could start a fresh increase if the bulls clear the $262 zone.

Solana Price Reclaims $250

Solana price formed a base above $225 and started a decent upward move, like Bitcoin and Ethereum. SOL was able to climb above the $235 and $240 resistance levels.

There was a break above a key bearish trend line with resistance at $245 on the hourly chart of the SOL/USD pair. The pair even cleared the 50% Fib retracement level of the downward move from the $272 swing high to the $230 low.

Solana is now trading above $250 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $262 level or the 76.4% Fib retracement level of the downward move from the $272 swing high to the $230 low.

Solana Price

The next major resistance is near the $272 level. The main resistance could be $280. A successful close above the $280 resistance zone could set the pace for another steady increase. The next key resistance is $292. Any more gains might send the price toward the $300 level.

Another Decline in SOL?

If SOL fails to rise above the $262 resistance, it could start another decline. Initial support on the downside is near the $250 zone and the 100-hourly simple moving average.

The first major support is near the $240 level. A break below the $240 level might send the price toward the $230 zone. If there is a close below the $230 support, the price could decline toward the $215 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $250 and $240.

Major Resistance Levels – $262 and $272.



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