BeInCrypto analyzes the price movement for seven different cryptocurrencies, including Terra (LUNA), which just reached a new all-time high price.
BTC had been following under a descending resistance line since reaching an all-time high price on Nov 10. On Dec 22, it managed to break out from the line, indicating that the correction is complete.
The next closest resistance is between $55,500-$58,700. This range is created by the 0.5-0.618 Fib retracement resistance levels.
ETH has been trading above a descending resistance line that was created by the highs from May 12 and Sept 3.
It recently validated this line as support twice on Dec 4 and 15 (green icons).
ETH has been moving upwards since its last test of support and is currently 21% below its all-time high price.
XRP has been decreasing inside a descending channel since Sept 6. The downward movement culminated with a low of $0.65 on Dec 4. Following this low, XRP rebounded and created a long lower wick.
This validated both the $0.76 horizontal support area and the support line of the channel.
Currently, XRP is attempting to reclaim the midline of the channel. This would be a very bullish development that would indicate that a breakout from the channel is likely.
LUNA has been increasing at an accelerated rate since reaching a local low on Dec 13. On Dec 22, it reached a new all-time high price of $98.20.
The high was made just above the 1.61 external Fib retracement resistance at $94.42.
Since LUNA has already moved above this level, the next resistance is found between $117-$120. This target range is created by the 1.61 length (white) of the previous upward move (highlighted) and the 2.61 external Fib retracement resistance level (black).
On Oct 27, CRV broke out from a descending resistance line that had previously been in place since April. It proceeded to reach a high of $6.40 on Nov 25.
The price began to fall afterward and validated the previous descending resistance line as support on Dec 4.
CRV then initiated another upward movement and reclaimed the $4 horizontal area.
The next closest resistance is found at the $6.40 all-time high, followed by the $8.60 area if it’s able to move above that.
IOTA has been decreasing under a descending resistance line since Sept 4. This led to a low of $1 on Dec 4.
However, IOTA bounced following the low and has been increasing since.
It’s now approaching the descending resistance line once again, which currently coincides with the $1.40 resistance, created by the 0.382 Fib retracement resistance level.
If it’s successful in breaking out, the price is likely to accelerate.
ATOM has been decreasing inside a descending wedge since Oct 27. The wedge is often considered a bullish pattern, meaning that an eventual breakout from it would be likely.
On Dec 15, ATOM bounced at the 0.618 Fib retracement support level at $22 and has been increasing since.
If a breakout transpires, the closest resistance would be found near $23.50.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here
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