BeInCrypto takes a look at the price movement for seven different cryptocurrencies, including Waves (WAVES), which is in the process of creating a large bullish candlestick.
BTC has been trading inside an ascending parallel channel since Jan 25. After two unsuccessful breakout attempt, it moved above the $37,450 horizontal resistance area. This also caused a breakout above the middle of the channel.
Parallel channels are usually considered corrective movements, meaning that a breakdown from it could occur. However, the longer-term outlook and count both indicate that a bottom has been reached.
Similarly to BTC, ETH has been trading inside an ascending parallel channel, albeit a much longer-term one that has been in place since May 15. It was rejected by the resistance line of this channel on Dec 9 (red icon) and has been moving downwards since.
On Jan 13, it fell below the middle of the channel and has been decreasing at an accelerated rate since.
The first potential bounce area is created by the support line of the channel at ₿0.063. For an ETH/USD analysis, click here.
NEAR has been falling since reaching a new all-time high price of $20.60 on Jan 14. So far, it has decreased by 41.29%.
However, the token bounced on Jan 24 and created a bullish engulfing candlestick (highlighted). This is a bullish candlestick pattern that often precedes trend reversals.
If NEAR continues to increase, the closest resistance area would be at $13.80. This is the 0.382 Fib retracement resistance level.
ALGO has been falling since Sept 13, when it reached an all-time high price of $2.55. So far, it has decreased by 63%.
On Jan 21, the token bounced after reaching a low of $0.79, validating the support line of a descending parallel channel. The channel is also very close to the $0.70 horizontal support area.
Therefore, this entire area would be likely to initiate a bounce.
AXS has been falling since it reached a new all-time high price of $166 on Nov 6. So far, it has reached a low of $44.42, doing so on Jan 24.
The low served to validate the $50 area as support. The area previously acted as resistance in Aug (red icon), before turning to support in Sept (green icon).
If the upward movement continues, the closest resistance area would be at $91. This is the 0.382 Fib retracement resistance level when measuring the entire downward movement.
WAVES has been decreasing alongside a descending resistance line since Oct 14. The downward movement led to a low of $7.56
However, WAVES bounced afterwards and has increased by 48.41% since.
Despite the increase, it is facing horizontal resistance at $12.50, which also coincides with the previously outlined descending resistance line. Until this area is reclaimed, the trend cannot be considered bullish.
CAKE has been falling since April 30, when it reached an all-time high price of $44.18. Initially, it bounced above the $11.5 area five times (green icons), before finally breaking down on Jan 13.
Until this area is reclaimed, the trend cannot be considered bullish.
The next closest support area is at $6.30.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!
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