BeInCrypto takes a look at the price movement for seven different cryptocurrencies, including Cosmos (ATOM), which may have completed its short-term correction.
B T c
BTC has been declining since reaching an all-time high of $69,000 on November 10th. The decline continued until January 24, when BTC hit a low of $32,917.
However, it bounced off shortly thereafter, creating a long bottom wick in the process. The bounce also acted to validate the support line of an ascending parallel channel (green icon), which has been in force since April.
If the upward move continues, the $40,500 horizontal area will be expected to act as resistance once again.
ETH
ETH has also been declining since reaching an all-time high of $4,838 on November 10th. The downside momentum accelerated once the coin broke above an ascending support line and validated it as resistance on December 27th.
While the coin initially jumped at the 0.618 Fibonacci retracement support level (green icon) on January 10, it eventually broke out.
Currently, it is trading just above the $2,400 horizontal support area.
Even though there are no signs of a bullish reversal, ETH is trading just above an important horizontal support area.
XRP
XRP has been declining since November 10 along a descending resistance line. Initially, there was a rally above the $0.72 horizontal support area. However, it broke with it on January 21.
Despite the breakout, XRP bounced above the ascending support line since June. This is the third time it has validated the line as support.
As long as it is trading above it, there is a possibility of a bounce.
ftt
The FTT has been decreasing along a descending resistance line since September 8th. Furthermore, it looks like the coin is trading inside a descending wedge, which is considered a bullish pattern.
On January 8 and 24, FTT rebounded above the 0.786 Fibonacci retracement support level at $35.25. While it fell below it for the second time, it has since reclaimed the support area.
Such a deviation is usually considered to be rapid growth. When combined with the fact that the descending wedge is considered a bullish pattern, a breakout remains the most likely scenario.
atom
ATOM has been gradually reduced (highlighted) since January 7. On January 22, it reached a low of $27.31 and bounced (red circle). The bounce was significant as it caused it to retest the 0.618 Fibonacci retracement support level at $29.53.
Furthermore, the downward movement looks corrective due to frequent overlaps.
Hence, it is possible that ATOM will continue to move towards new highs.
bnb
Since May, BNB has been rising along an ascending support line. Following the line, it managed to reach a high of $669 on November 7th.
However, it has since been trending lower and broke the support line on January 21.
The coin bounced off the $325 horizontal level and could potentially validate the previous support line as resistance.
However, due to the breakdown, it is possible that the upward movement that started in May may be completed.
just
IOTA has been declining inside a descending parallel channel since September 4. As of January 17th, it managed to hold above the middle of the channel and the $1.05 horizontal support area.
However, it later broke down and fell to a low of $0.69 on January 4.
Although it has since bounced back, it is possible that the coin will move lower towards the support line of the channel at $0.60.
For BeInCrypto’s Latest Bitcoin (BTC) Analysis, Click Here,