Key Pointers:
- Bitcoin rallied back to $106,000, just shy of its all-time high of $108,353.
- The Official Trump memecoin surged to $79, boosting Solana (SOL) to $295.
- XRP, SOL, and other major altcoins are preparing for potential breakouts alongside Bitcoin.
- Market anticipates volatility as Trump’s inauguration draws closer, sparking pro-crypto sentiment.
The cryptocurrency market is buzzing ahead of Donald Trump’s inauguration as Bitcoin climbs back to its all-time high of $108,353. However, stealing the show this weekend is the Official Trump memecoin (TRUMP), which launched just days ago and has already caught traders’ attention.
Launched on the Solana network on January 17, the TRUMP token soared to a peak of $79 on January 19, briefly lifting Solana (SOL) to a record high of $295. While both have cooled off slightly since then, the rally has fueled speculation about further price action.
Bitcoin Eyes New All-Time High
https://twitter.com/cz_binance/status/1881247250950832546
Bitcoin is steadily climbing toward its all-time high of $108,353, with bulls pushing to break through key resistance levels.
BTC Price Overview:
- The 20-day EMA sits at $98,800, showing upward momentum.
- The Relative Strength Index (RSI) remains in the positive zone, favoring buyers.
- Now that Bitcoin has cleared $108,353, analysts predict a breakout toward $126,706.
However, a rejection at resistance could trigger a pullback to the 20-day EMA, where bulls will need to defend the $90,000 to $108,353 range.
BTC Short-Term Outlook:
On the 4-hour chart, Bitcoin shows bullish momentum as the moving averages slope upward. The key challenge remains at $108,353, and any failure to hold above the 20-EMA could push prices back to $100,000 or even the 50-SMA.
XRP Holds Strong Amid Minor Correction
https://twitter.com/SirRobArtII1/status/1879556589839147486
XRP, currently trading at $3.24, has seen a slight correction as short-term traders take profits. However, the uptrend remains intact, with strong support levels in play.
XRP Price Outlook:
- The $2.91 breakout level is critical support.
- If bulls defend this level, XRP could aim for $3.40, with a potential rally to $4.84.
- On the downside, a break below $2.91 could lead to deeper corrections toward $2.44.
On the 4-hour chart, XRP’s 20-EMA is acting as a pivot point. A sustained move above $3.40 could spark the next leg of the rally, while a failure to hold above $2.91 risks a drop to $2.60.
Solana Shows Strength as Bulls Defend Key Levels
Solana (SOL) surged to an all-time high of $295 on January 19 before retracing slightly. The token is now battling to hold above its $260 breakout level.
SOL Price Analysis:
- Buyers are defending the $260 support, aiming for a push toward $300 and $375.
- A drop below $260, however, could trigger a deeper pullback to $240 or the 20-day EMA at $212.
On the 4-hour chart, bulls need a strong rebound off $260 to maintain momentum. A weak bounce could open the door for further declines to $220.
Official Trump Memecoin Takes Center Stage
https://twitter.com/realDonaldTrump/status/1880446012168249386
The newly launched Official Trump memecoin (TRUMP) has taken the crypto world by storm, drawing significant trading volume since its debut.
TRUMP/USDT Analysis:
- The TRUMP token hit a peak of $79 but is finding support at the 20-EMA on the 30-minute chart.
- If bulls reclaim the $79 resistance, the token could rally toward $109.
- On the flip side, a close below the 20-EMA would indicate profit-taking, potentially pushing the price down to $53 or even the 50-SMA.
Market Sentiment and Takeaways
As Bitcoin, XRP, Solana, and TRUMP tokens make headlines, market sentiment remains bullish. However, traders should exercise caution as major resistance levels approach. With Trump’s inauguration just hourse away, the crypto market could see heightened volatility fueled by speculation about pro-crypto policies under his administration.