With the trading day nearing its end, Bitcoin (BTC)
$117,401is maintaining support at $117,000. The high-profile meeting between Vladimir Putin and Donald Trump remains ongoing, with initial statements expected to be released in a few hours. Martinez has identified a concerning technical setup for XLMCoin, providing a target for the cryptocurrency‘s price movement.
Prediction for XLM Coin
As of the time of writing, XLM Coin is trading near $0.42, and currently, with BTC holding strong, it has halted further sell-offs. Despite several significant developments occurring in recent hours, none have managed to uplift the overall market sentiment.
Following the release of the latest Producer Price Index (PPI) data, the significance of the upcoming Federal Reserve minutes and the Jackson Hole Symposium has increased. Given that this symposium is one of the most crucial events of the year, especially in the context of the latest PPI data reflecting the impact of tariffs, short-term risk appetite may remain weak, causing concern over anticipated volatility.
Focusing back on XLM Coin
Martinez suggests that if the bearish flag pattern is confirmed, the altcoin‘s price might drop to $0.378. Considering the cautious sentiment and the typical market lull during weekends, this prediction appears plausible.
Potential Decline in Cryptocurrencies Next Week
Earlier, we touched on why current news flow is making investors cautious. Technical analysis helps identify potential outcomes on the charts, and knowing the probable direction can be advantageous. Given the current news-driven market conditions, sideways or downward trends are expected in the upcoming days. However, unexpected developments or statements from the Trump and Putin meeting may influence markets either positively or negatively.
Michael Poppe, pointing to the above chart, commented, “You’ll find better buying opportunities next week.” Given the prevailing sentiment, discussing potential declines is more comfortable.
Lark Davis anticipates that BTC will test the $108,000 to $112,000 range again.
“This range coincides with:
– 0.5 and 0.618 Fibonacci levels
– Rising weekly EMA 20,” – Lark Davis
Recognizing the risks in the coming days is critical. Despite the macroeconomic pressures bearing down on the market, there’s still potential for unexpected upward movements in cryptocurrencies, as the market has witnessed improbable scenarios many times before.
