Happen[In]Crypto takes a look at the price movement of seven different cryptocurrencies including Ethereum (ETH), which has just broken through a descending resistance line.
B T c
Since June 2021, the $40,500 horizontal area has been intermittently acting as both resistance and support for BTC. Initially, it declined BTC twice (red sign), before backing down and initiating two bounces (green icon).
However, since the last breakdown (red sign) on January 21st, this zone has not been respected, as BTC has been moving freely up and down from it.
ETH
It is possible that ETH has been trading inside an ascending parallel channel since Jan 24. The resistance line of the channel is currently located at $3,500.
On March 14th, ETH broke through a short-term descending resistance line and validated it as support three days later (green icon).
Currently, the price is moving above the middle of the channel. If successful, there is a possibility of an upside move towards the resistance of the channel at $3,500.
XRP
XRP has been declining below a descending resistance line since November 30. The line has rejected the price four times (red icon), most recently on 22 March.
Since the resistance lines weaken each time they are touched, a possible breakout from this would be the most likely scenario.
If there is a breakout, the next nearest resistance will be at $1.
ada
ADA has been declining below a descending resistance line since reaching an all-time high on September 2.
While the downside momentum continued, both the RSI and MACD generated a fairly bullish divergence (green line).
ADA is currently in the process of exiting this line.
If the breakout continues, the nearest resistance will lie between $1.65 and $1.92. This is a resistance formed by the 0.382 to 0.5 Fib retracement resistance areas.
Near
NEAR is moving upwards since February 24. The increase reached a high of $11.94 on March 1. Since then, the price has been trading inside a symmetrical triangle.
While the triangle is considered a neutral pattern, it is being formed after an upward movement. Therefore, a breakout from this would be the most likely scenario.
If one does, the nearest resistance area will lie between $13.70 and $14. This is the 0.5 Fib Retracement resistance level and a horizontal resistance area.
It also coincides with the height of the triangle projected at the breakout level.
AXS
The AXS was declining along the descending resistance line since January 17th.
However, after creating a bullish divergence, the price broke out of the line on March 18.
If the upward move continues, the next nearest resistance area will lie at $69.
district
Since 28 September the ZIL was decreasing inside a descending wedge. On February 24, it sprung up and formed a long lower wick. It proceeded to exit Kiel on 8 March.
The next nearest resistance area is at $0.079. This is a horizontal resistance area and a 0.5 filament retracement resistance level.
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