Bitcoin had a massive rally yesterday but stalled at $37,935. Although the coin’s price has reversed, it is still above crucial support levels, suggesting that investors are not hurrying to take profits. Meanwhile, analytics firm Glassnode reports that Bitcoin held by long-term investors (people holding BTC for 155 days or more) is almost touching an all-time high. This is good for the oldest coin since less supply in the market will boost its value.
Besides Bitcoin, altcoins have also rallied in recent days, with some breaking out of the trading ranges they were stuck in for several months. While it is likely that altcoin investors will book profit at higher prices, these crypto assets might continue trending upwards if Bitcoin stays above $30,000.
Let’s now explore the charts to determine whether the current bullish momentum will continue or crypto assets will soon enter a corrective phase.
Bitcoin Price Analysis
The ascending channel pattern in which Bitcoin is trading continues to narrow, suggesting that the bulls are taking caution at current prices. Still, the Relative Strength Index (70.94) indicates buyers control the Bitcoin market. So, if they can thrust BTC above that channel or $38,000, we could see the coin rally to $40,352 for the first time since late April last year.
Conversely, the bulls’ failure to defend a strong support at the 20-day Exponential Moving Average (EMA) of $33,902 could lead to Bitcoin collapsing to $30,900.
Ethereum Price Analysis
Following news that asset manager BlackRock had filed for an Ethereum spot Exchange-Traded Fund (ETF) on Thursday, ETH bulls became active again, pushing the second-biggest cryptocurrency by market valuation to $2,107.05 as of this writing. The $2,004.94 resistance level had been hard for the bulls to conquer this year. We now wait to see what happens at $2,205.48. If the buyers sustain Ethereum’s price above this level, a move to $3,490.89 will seem likely.
BNB Price Analysis
BNB recovery rally was stalled at $256.90 on Monday. But the bulls’ move to reject a drop below $243.80 the following day shows they have not given up on thrusting BNB above $256.90. The token has risen to $253.94 as of this writing. If it crosses above $256.90, a rally to $265.11 is anticipated. On the other hand, if $243.80 crumbles, BNB may start a second downward move to the 20-day EMA of $231.98.
XRP Price Analysis
Buying pressure has not been sufficient enough to let XRP trade above $0.6809463 for longer. The token has now dropped to $0.6596321. However, based on the long-tailed candlestick formed on XRP’s 1-day Price chart, lower prices are attracting buyers. That said, if the Ripple-issued token stays above the $0.6383297 support level, prospects of a rally to $0.7399802 will improve. However, if $0.6383297 cracks, XRP will decline to find support at the 20-day Exponential Moving Average of $0.6084029.
Solana Price Analysis
SOL bulls have finally pushed the crypto asset above the $48.03 resistance level, and it now trades at $50.57. If buyers sustain Solana above this crucial barrier, the token could grow to retest $60.50. On the contrary, if increased selling pressure forces SOL to plummet below the 20-day EMA of $37.04, a dip to the 50-day Simple Moving Average of $27.32 is possible.
Dogecoin Price Analysis
DOGE bears gave up on guarding $0.0700894 earlier this week, allowing the bulls to thrust the memecoin to $0.0742350 as press time. But they have another opportunity to defend a key resistance level at $0.0809104. If they fail to do so, we anticipate Dogecoin to rise to $0.1028301. On the negative side, the memecoin could hit $0.0600472 if $0.0700894 gives way.
Chainlink Price Analysis
Investors who bought LINK 30 days ago have now broken even, considering the token is up 101% over the past month. Chainlink conquered a tough barrier at $13.84 to trade at $14.69 as of this writing. The bulls are looking to push the 12th largest crypto asset by market cap to $15.49 and then to $18.09, where selling pressure is expected to mount.
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