Happen[in]Crypto takes a look at the price movement for seven different cryptocurrencies, including Zilliqa (ZIL), which rose significantly on May 4.
B T c
Bitcoin (BTC) had been declining inside a descending wedge since April 18. The wedge is considered a bullish pattern, which means that it will likely lead to a breakout.
On May 5, BTC managed to break out.
If the upward move continues, the nearest resistance area will lie at $42,800. This is the 0.5 Fibonacci Retracement resistance level and a horizontal resistance area.
ETH
Ethereum (ETH) has been declining since April 10 inside a descending parallel channel. Prior to the price rally (green icon), the movement reached a low of $2,716 on April 30th. The bounce acted to validate the $2,750 support area and the support line of the channel.
If ETH follows the lead set by BTC, it will break out of the channel in the near future. If so, the next nearest resistance will be at $3,150.
XRP
XRP has been declining since reaching a high of $0.93 on March 28. A downside movement led to a low of $0.56 on April 30th.
Later, the price reversed, validating the $0.57 horizontal area as support (green icon).
If the upward move continues, the next nearest resistance area will be at $0.70.
Shiv
The Shiba Inu (SHIB) has been falling below a descending resistance line since February 8th. This led to a low of $0.00018 on April 30th.
The ensuing bounce formed a long lower wick and formed a double bottom pattern relative to the price in January (green sign). Double bottoms are considered a bullish pattern and often lead to a trend reversal.
A breakout from the resistance line will confirm the validity of the pattern. If so, the next resistance will be at $0.0000275.
ada
Cardano (ADA) was declining along a descending resistance line since reaching an all-time high of $3.02 on September 2.
On March 22, the price broke out and reached a high of $1.245 on April 4. However, the upward movement could not continue and the price declined to reach a low of $0.73 on April 30.
The downside was the fall in February’s lows before the price jumped significantly.
Due to the bounce, the $0.78 area is now expected to provide support again.
diplomat
Polygon (MATIC) has been trading inside a long term rising parallel channel since May 2021. It has been declining since reaching an all-time high of $2.92 on December 27.
Initially, the price rebounded to the $1.37 area but failed to make any kind of upward move, and it broke through on April 24. This led to a low of $1.01 on April 30. The low was formed very close to the support line. Long term channel and headed for a significant bounce.
If the upward move continues, the previous support area at $1.37 would be expected to provide resistance.
district
Zilliqa (ZIL) had been trading below a descending resistance line since April 11. The downside movement led to a May 3 low of $0.066.
However, the price started a significant upward movement the next day and managed to break out. So far, it has reached a high of $0.098.
A high was formed inside the $0.096 resistance area and a long upper wick (red icon) was formed. This is the last resistance area before the April highs.
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