BeInCrypto takes a look at seven cryptocurrencies, including Ethereum (ETH), which is only $200 below a new all-time high.
Bitcoin (BTC) has been falling since Oct 20, when it reached an all-time high price of $67,016. So far, it has fallen to a low of $59,510, doing so on Oct 24.
The main support level is at $52,350 – $53,350. It is created by the long-term 0.382 Fib retracement support level (black) and the short-term 0.5 Fib retracement support level (white). It is also a horizontal support area.
There is also minor support at $56,600.
Ethereum (ETH) has been moving upwards since reaching a low on Sept 21. So far, it has reached a high of $4,374, doing so on Oct 21.
However, it decreased almost immediately afterwards and created a long upper wick in the process (red icon). This was a sign of selling pressure, since the upward movement could not be sustained and the token decreased below the $4,160 resistance area afterwards.
However, it has begun another upward movement and the close of Oct 25 was the highest of all-time (green icon). This goes a long way in invalidating the previous bearish wick.
ETH is expected to break out and increase considerably afterwards.
On Oct 9, XRP broke out from a descending resistance line. This indicated that the previous downward movement had come to an end.
The token increased until it reached a high of $1.23 on Oct 20, but was rejected by the 0.618 Fib retracement resistance level at $1.20. This is the most common Fib level that acts as resistance.
While XRP has fallen since, it is holding above the $1.04 support area and has bounced twice above it (green icon). This is a sign of buying pressure, since the token has created two long lower wicks.
A breakout above the $1.20 resistance area would greatly accelerate the rate of increase.
Near Protocol (NEAR) has been increasing since Sept 18, when it deviated (red circle) below the $7.20 horizontal area. On Oct 20, it broke out from a descending resistance line, confirming that the correction was complete.
The rate of increase greatly accelerated on Oct 25, when NEAR increased by 28% and broke out above the $10.20 resistance area. The next day, the token reached yet another all-time high price of $13.22.
Polygon (MATIC) has been increasing since breaking out from a descending wedge on Oct 1. This confirmed that the correction in place since Sept 5 had ended.
On Oct 26, MATIC moved above the Sept highs of $1.80.
The next resistance area is all the way at $2.42, created by the all-time high price.
Compound (COMP) has been decreasing inside a descending parallel channel since the beginning of July. Such channels usually contain corrective movements. This means that a breakout from it would be likely.
Since the beginning of Oct, COMP has been hovering around the $300 support area. On Oct 25, it initiated an upward movement and is moving towards the middle of the channel.
The most likely scenario would suggest that a breakout will occur.
Curve DAO Token (CRV) has been increasing at a gradual rate since May 23.
The rate of increase accelerated on Oct 22 and CRV broke out from a long-term descending resistance line on Oct 22.
The next resistance area is at $6.86, created by the 1.61 external Fib retracement level of the most recent downward movement.
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