The cryptocurrency market continues to consolidate after the unexpected January rally. Although many investors do not believe in the potential of the cryptocurrency, the technical analysis sheds light on previous bullish scenarios that align with the current one.
The price of Ripple (XRP) starts the new week with a big bang as all three major cryptocurrencies appear in a synchronized upward move. Cryptocurrency bulls are taking advantage of the window of opportunity as the economic calendar is quite light this week and Fed policymakers are in a period of inactivity ahead of the first US Fed decision in February. As the markets are in full swing, traders are taking advantage of the appearance of headwinds and headwinds that ease up a bit.
The price of Dogecoin (DOGE) is likely to gain further momentum as markets enter an area where trading conditions are good and offer some upside potential. Don’t expect Dogecoin price to improve, but rather consider this a profitable trade with limited closing price targets. With Fed speakers entering a blackout period and softer economic data coming out this week, conditions look good for a good 13% uptick.