Multi Coin Analysis: OKB (OKB) Pumps By 50% as Majors Push for New Highs

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A look at seven cryptocurrencies that have positive developments in regards to their price movement, led by OKB (OKB) which has increased by 50% over the past two days.

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BTC

Bitcoin (BTC) has been increasing at an accelerated rate since breaking out from the $57,200 area on Oct 14.

The breakout was important, since this was the final resistance area prior to a new all-time high. Furthermore, it was the 0.786 Fib retracement resistance level. The area is now expected to act as support, in case a pullback occurs.

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While a short-term decrease could occur, BTC is expected to eventually break out and reach a new all-time high.

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ETH

Ethereum (ETH) has been moving upwards since reaching a low on Sept 21. So far, it has done so by 47.50%. 

The token is very close to the $3,960 resistance level, created by the May highs. ETH was rejected by the area on Oct 16 but has regained its footing and is currently making another attempt at breaking out.

Similarly to BTC, ETH is expected to reach a new all-time high price soon.

 

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XRP

XRP (XRP) had been following a descending resistance line since Sept 8. This is a sign of a bearish trend. However, the token reversed trend on Sept 21 and broke out from the resistance line on Oct 9. This indicated that the previous downward movement had come to an end.

Afterwards, it was rejected by the 0.618 Fib retracement level at $1.20. Despite the rejection, it managed to find support above a confluence of support levels. The support is created by the $1.08 horizontal area and the aforementioned descending resistance line, which is now expected to act as support. 

Currently, XRP is moving towards the $1.20 resistance area. A breakout above it could trigger an acceleration of the upward movement.

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OKB

OKB (OKB) has been moving upwards since bouncing at the $10 support area on Sept 26. This created a very long lower wick, a strong sign of buying pressure. 

The rate of increase accelerated on Oct 13, after the token created a higher low. Since then, OKB has increased by 50%.

On Oct 20, OKB broke out from a descending resistance line, confirming that the previous downward movement had come to an end. It is currently making an attempt at moving above the horizontal $24 resistance area. Doing so would greatly accelerate the rate of increase further, due to there being no resistance above it.

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GRT

On Oct 1, The Graph (GRT) broke out from a descending resistance line. This was a sign that the previous downward movement had come to an end. 

Afterwards, the breakout above the $0.76 horizontal area on Oct 15 further confirmed this possibility. The area afterwards turned to support, as evidenced by the bounce on Oct 19 (green icon). 

GRT is currently moving towards the $0.90 resistance area, which is created by the 0.618 Fib retracement resistance level. This is the Fib level which most commonly acts as resistance. 

If successful in moving above it, the next resistance would be at the Sept highs near $1.05.

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LIT

Lition (LIT) has been moving upwards since Sept 29. On Oct 4, it moved above the $3.65 horizontal area, and returned to validate it as support on Oct 12 (green icon). 

It has been moving upwards at an accelerated rate since. 

Currently, it is trying to break out from a descending resistance line that has been in place since the Aug 15 high. If it is successful in doing so, there would be no more resistance left until $6.

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ZIL

Ziliqa (ZIL) has been moving upwards since breaking out from a descending wedge on Oct 1. However, after breaking out, it was twice rejected by the $0.102 resistance area. It has been moving downwards since. 

However, ZIL has bounced at the 0.618 Fib retracement support level and has been increasing since. 

If it moved above the $0.102 area, the rate of increase would be expected to accelerate, since there is no further resistance until $0.135.

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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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