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Top 3 Trending Coins: ICP, UNI Surge As Key Levels Broken, XRP Lags

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·5 min read
In this article:
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Key Points

  • Cryptocurrency prices look set to end the week near highs despite strong US jobs data underpinning Fed tightening expectations.

  • Bitcoin was last trading just above $21,500, while Ethereum found support above $1,200.

  • ICP and UNI are the best performers in the crypto top 50 while XRP is the laggard.

Market Update

It’s been a strong week for most major cryptocurrencies. Total crypto market capitalization is up by nearly $85 billion on the week and is currently around $935 billion. That’s an approximately 10% gain.

Bitcoin broke out to near four-week highs and at current levels in the mid-$21,000s, is on course to post weekly gains of around 12%. Ethereum, meanwhile, looks on course to post weekly gains of nearly 14%. ETH/USD is currently trading well supported to the north of the $1,200 level.

Technically speaking, cryptocurrency markets look on the verge of a fresh bullish breakout. Total crypto market cap run into resistance in the $960 billion area on Friday. But total crypto market cap appears to have formed an ascending triangle structure over the past few weeks.

These patterns often proceed a bullish breakout. A decisive push above $960 billion could see total crypto market cap quickly push beyond the $1 trillion mark and have a run at early-May lows around $1.08 trillion.

Strength Despite Fed Tightening Bets

The cryptocurrency market’s strong performance so far this week comes amid strength in US equities, particularly the tech sector. Crypto has developed a close correlation to US tech stocks in recent months, given the speculative nature of both investments.

The Nasdaq 100 ended the trading week over 4.5% higher. Strength in US tech and crypto came despite strong US jobs data for June on Friday that spurred a pickup in US yields and rebuilding of Fed tightening bets.

There seems to be a growing conviction that the US and global economy is weakening towards recession and this will bring inflation back under control. This conviction is already in the early stages of becoming a self-fulfilling prophecy, with commodity prices down sharply in recent weeks nearly across the board.

This may be attracting investors back into speculative assets, despite still elevated concerns about Fed tightening and the macroeconomic backdrop.

Internet Computer (ICP)

The native token to the Internet Computer blockchain ICP is the best performing cryptocurrency in the top 50 by market capitalization in the last 24 hours with gains of above 17%, according to CoinMarketCap. ICP/USD was last changing hands near $7.10 per token, having at one point nearly hit $7.50 on Friday.

ICP’s latest rally takes its on-the-week gains to around 35%. That would mark the cryptocurrency’s best weekly performance since August 2021. ICP/USD’s bullish momentum really got kicking when the cryptocurrency rallied above a key level of resistance at $6.50.

$6.50 has been capping the price action since early June and is also where the 50-Day Moving Average resides. But since mid-June ICP/USD has been posting higher lows, resulting in the creation of an ascending triangle. This pattern often proceeds a bullish breakout, which has been the case for ICP.

With Internet Computer having also surpassed a key level of resistance in the $6.75 area and the $7.0 level, the door is open for a run higher towards the next area of resistance at $8.0. Should broad cryptocurrency sentiment remain robust going forward as has been the case this week, a test of June highs at $9.80 is possible.

ICP/USD breaks above $6.50 resistance, pushes into $7.0s. Source: FX Empire
ICP/USD breaks above $6.50 resistance, pushes into $7.0s. Source: FX Empire

Uniswap (UNI)

Uniswap is the next best performer in the top 50 cryptocurrencies by market cap over the last 24 hours, according to CoinMarketCap. Over that time period, the cryptocurrency has rallied nearly 10%.

UNI/USD broke out to fresh nearly two-month highs on Saturday in the $6.20s per token. The pair was last trading higher by around 7.5% on Saturday alone, taking weekly gains to nearly 27%.

The latest push above $6.0 is significant, as it means UNI/USD has broken out of a $3.50-$6.0ish range that had been in play since mid-May. The next level of major resistance for UNI/USD is a late-April low at $6.35.

If the pair can break above this level, it stands a very good chance of testing the $8.0 area. $8.0 was an important level of support in Q1 2022 before turning into resistance in early May.

UNI/USD pushes above $6.0, breaks out of recent range. Source: FX Empire
UNI/USD pushes above $6.0, breaks out of recent range. Source: FX Empire

Ripple (XRP)

Ripple’s XRP token is the most subdued performer in the crypto top 50 over the last 24 hours. According to CoinMarketCap, the token was trading around 2.4% lower over this time period. Ripple has failed to benefit from the broader market rally in recent days amid nerves about an upcoming ruling in the Ripple vs SEC case.

The SEC is suing Ripple over its issuance of XRP tokens to raise capital, which it claims was an unregistered security offering. Uncertainty is for now keeping XRP/USD contained in the low-$0.30s per token.

The pair was last changing hands around $0.3450, up just under 7.5% on the week. XRP nearly made it as high as $0.36 on Friday. But selling pressure in wake of the latest US jobs data and ahead of the 21DMA saw it reverse lower.

Recent price action is consistent with XRP continuing to consolidate within a pennant structure. This pennant has been in formation since mid-May. A favorable Ripple vs SEC lawsuit ruling combined with further upside for broader crypto markets could trigger a bullish breakout.

A bullish break could see XRP swiftly rally back above late-June highs near $0.39 and push above $0.40.

XRP/USD still stuck in a consolidation pattern, but the potential for a future bullish break is there. Source: FX Empire
XRP/USD still stuck in a consolidation pattern, but the potential for a future bullish break is there. Source: FX Empire

This article was originally posted on FX Empire

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