Author: Rizqie Atsir Fadhlullah, Business Development of Tokenomy
Bitcoin and other crypto assets have rebounded and broken through several key resistance levels. Is this the beginning of a bullish trend, or is the rebound just a correction?
- Bitcoin is around key resistance
Bitcoin has finally broken through the key trendline, which last week had struggled with its minor bullish momentum. Now Bitcoin is back in its big sideways zone and is testing a key resistance level at $42,000. If BTC overcomes the resistance level, the bullish trend will likely resume, and BTC will approach $48,000. However, if BTC there is a rejection supported by price action confirmation, it will again fall towards $36,500, its closest support.
- Ethereum awaits price action confirmation
Ethereum overcame its key trendline level in last week’s trade and is currently looking to cross the $2,400 resistance level. The above analysis indicates that ETH had a rejection. We need to wait for confirmation from the price action to determine whether ETH will actually reject and return to the support level, or overcome the resistance and continue to move bullishly towards the $2,900 key resistance level.
- Ripple to potentially grow to $0.73
After overcoming the key trendline level last week, Ripple now has the potential to continue rising up to the $0.73 resistance level. For those who may be lagging behind the “Buy” momentum, XRP is currently in a gray area where the market is moving from support to resistance. It is not advisable to open a position in order to pursue the target price. Nevertheless, we can wait until XRP is at the $0.73 resistance level. If there is a price reversal confirmation, XRP has the opportunity to return to the $0.60 support level around the 200 MA (blue line). However, if there is no reversal, then XRP will continue up, approaching the key resistance level at $0.78.
- Cardano still eyeing $1.50 resistance
Similar to XRP, ADA is also currently approaching the $1.50 resistance level which is its potential target. If the resistance level is successfully crossed, ADA will continue growing towards the $1.60 key resistance level. However, if we see a rejection followed by price action confirmation at $1.50, ADA may potentially return to the $1.21 support level around the 200 MA (blue line).
- Litecoin grows to $151
Just like other assets, Litecoin also managed to break through its key trendline and is now moving up towards the $151 resistance level. If the resistance level is crossed, the next target will be $180. However, if LTC rejects the resistance level, it will likely fall back towards the support level at $124, around the 200 MA (blue line) and the previously broken trendline.