BeInCrypto takes a look at the price movement for seven different cryptocurrencies, including SHIBA INU (SHIB), which is attempting to reclaim a crucial horizontal level.
On Feb 7, BTC broke out from an ascending parallel channel and proceeded to reach a high of $45,821 on Feb 10.
Afterwards, it decreased and fell inside the channel once more on Feb 11.
However, in the period between Feb 12-14, BTC found support in the middle of this channel and initiated another upward movement. It is currently very close to breaking out from the line. If it occurs, this would likely accelerate the rate of increase.
On Feb 7, ETH broke out from a descending resistance line that had previously been in place since Dec 1. Afterward, it returned to validate it as support on Feb 13 (green icon).
ETH has been moving upwards since and is approaching its Feb highs.
The next closest resistance area is at $3,840. This is a horizontal resistance area and the 0.618 Fib retracement resistance level when measuring the entire downward movement.
Similarly to ETH, XRP had also been falling since Nov. It managed to break out on Feb 4 and has been increasing since.
Initially, XRP was rejected by the 0.382 Fib retracement resistance level at $0.88. However, it is currently gearing up for another breakout attempt.
If successful, the next resistance would be at $0.99. This is both a horizontal resistance area and the 0.5 Fib retracement resistance level.
SHIB has been falling since reaching an all-time high price on Oct 19. The downward movement led to a low of $0.000017 on Jan 24.
SHIB has been increasing since and is currently trading at $0.000032. This is a very important area, since previously it had acted as support since Dec. Measuring from the aforementioned Jan lows, SHIB has increased by 86%.
Therefore, reclaiming it would be a very bullish development.
If successful, the next closest resistance area would be at $0.000052. This is the 0.5 Fib retracement resistance level and a horizontal resistance area.
CAKE has been decreasing inside a descending parallel channel since Aug 2020. The downward movement led to an all-time low price of $6.81 on Jan 22. The low served to validate the support line of the channel.
CAKE has been increasing since, but is still trading in the lower portion of the channel. It has to reclaim its midline in order for the possibility of a breakout to become more likely.
TWT has been following a descending resistance line since Nov 2021. While doing so, it fell to a low of $0.45 on Jan 24.
However, TWT bounced afterwards, validating the $0.55 area as support. Currently, it is making another attempt at breaking out from the descending resistance line.
Doing so could greatly accelerate the rate of increase.
BNB has also been following a descending resistance line since Dec. However, it has yet to break out from it. More recently, it was rejected by the line on Feb 13 (red icon). However, it is in the process of breaking out once more.
Until it manages to break out, the trend cannot be considered bullish.
The next closest resistance area is at $495.
BeInCrypto’s latest Bitcoin (BTC) analysis, click here
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.