The weekly chart’s long lower wick indicates the bulls’ struggle during the recent Bitcoin (BTC) price drop, with BTC stabilizing above $41,500. The approval of an ETF led to a high wallet profitability rate of up to 95%, setting the stage for a sharp price correction. The market has now balanced out, and outflows from the Grayscale Bitcoin Trust (GBTC) are diminishing. The status of altcoins, however, remains uncertain.
XRP Coin is trading below the parallel channel and briefly lost its $0.5 support, currently finding buyers at $0.52, which is still not considered safe. The XRP ETF narrative ended abruptly, quashed by BlackRock’s official statement amid social media speculation. XRP investors are set to remain on edge due to an upcoming collective appeal process.
For XRP to recover strongly, it needs to close above $0.58, potentially climbing to $0.647 and $0.74, with a medium-term goal of reaching $0.94.
DOGE, the largest meme coin by market value, has a crucial support level at $0.07760, which has been tested nearly ten times without success by bears in January. However, DOGE has struggled to maintain strength above $0.088. The absence of Elon Musk, who previously fueled DOGE’s social media hype, is being acutely felt.
If DOGE can reclaim the support-turned-resistance of the parallel channel, it may target $0.0954 again. AVAX’s price resilience, bolstered by a strong recovery in BTC, indicates positive investor sentiment towards 2024 and 2025, with anticipation building for the BTC halving and potential interest rate cuts by mid-year. AVAX could aim for $38 and $45.5 if it maintains its current price zone.