BeInCrypto takes a look at the price movement for seven cryptocurrencies, including Near Protocol (NEAR), which is very close to reaching a new all-time high price.
Since the beginning of December 2021, BTC has been trading in a range between $46,300 and $51,750. It was recently rejected by the resistance area near $52,000 on Dec 27 (red icon) and has been falling since.
Since Dec 30, it has been trading inside the $46,300 support area, making a potential double or triple bottom. This is often considered a bullish pattern, so a rebound in price would be expected.
On Oct 19, ETH broke out from a descending resistance line and proceeded to reach an all-time high of $4,868 on Nov 10. However, it has been falling since.
Despite the decrease, ETH has bounced at the previous descending resistance line multiple times (green icons), validating it as support each time.
As long as it is trading above this line, the trend remains bullish.
XRP has been decreasing inside a descending parallel channel since Sept 6. On Dec 4, it bounced at the support line of this channel and created a very long lower wick (green icon). This is considered a sign of buying pressure. Furthermore, the bounce served to validate the $0.76 horizontal area as support.
The fact that XRP is still trading in the lower portion of the channel can be seen as bearish. However, the bullish structure remains intact as long as XRP is trading above the $0.76 area.
On Dec 23, NEAR broke out from a descending resistance line. It then decreased slightly but created a higher low on Dec 28 before resuming its upward movement.
On Jan 4, it came very close to reaching a new all-time high, but only managed to touch $17.38. The high was made very close to the actual all-time high of $17.50 and the 1.61 external Fib retracement resistance level (white).
If NEAR manages to break through this level, the next resistance would be found at $24.50. This is the 2.61 external Fib retracement resistance level.
On Dec 26, FTM broke out from a descending resistance line. It returned to validate it as support four days later (green icon) and has been moving upwards since.
On Jan 3, it moved above the $2.60 resistance. This is both a horizontal resistance area and the 0.618 Fib retracement resistance level, increasing its significance.
There are no more resistances left in its way until the $3.48 all-time high price.
Similar to FTM, ONE also broke out from a descending resistance line on Jan 2. It has been increasing since and is inside the $0.325 resistance area, which is the final zone prior to a new all-time high.
If it’s able to move above this level, it’s likely that ONE will increase towards a new all-time high price.
Since the beginning of December XTZ has been trading just above the $4.25 horizontal area. On Dec 31, it created a higher low and has moved slightly upwards since.
The closest resistance area is found at $5.90. A movement above this level could cause XTZ to accelerate toward higher resistances.