BeInCrypto analyzes the price movements of seven different cryptocurrencies, including Terra (LUNA), which is now only 12% below its all-time high price.
BTC
On March 2, BTC reached a high of $45,332 but was rejected. This marked the fourth successive rejection from the $44,400 horizontal resistance area (red icon).
However, since resistances get weaker each time they are touched, an eventual breakout above the line would be the most likely scenario.
ETH
ETH has been moving upwards since Jan 24, and it’s possible that the price is trading inside an ascending parallel channel. The midline of the channel has previously acted as resistance (red icons), but ETH managed to move above the line on Feb. 28.
Currently, ETH is attempting to validate this line as support (green icon). If successful, an increase towards the resistance line of the channel near $3,400 would be the most likely scenario.
XRP
XRP had been decreasing beneath a descending resistance line since Feb 9. It was rejected by this line four times, most recently on Feb 26. However, it successfully broke out on March 1.
Currently, XRP is in the process of validating the line as support.
If successful, the next closest resistance area would be found at $0.845.
LUNA
LUNA has been moving upwards since Feb. 24 after breaking out from a descending resistance line. The upward move has been rapid, leading to a local high of $97.29 on March 2.
Currently, LUNA is only 12% below its all-time high price.
A breakout above the $100 resistance area could cause the price to increase even quicker.
MATIC
On Jan. and Feb. 24, MATIC reached lows close to $1.30 (green icons). The second low seemed to cause the price to break down below the $1.35 horizontal support area.
This movement effectively created a double bottom, which is often considered a bullish pattern.
MATIC has been moving upwards since then and is now approaching the $1.85 resistance area.
ZEN
Similar to MATIC, ZEN created a double bottom pattern on Jan. and Feb. 24. It has been increasing since and broke out from a descending resistance line on March 1.
The next closest resistance area is found at $41.85, created by the 0.618 Fib retracement resistance level.
KNC
KNC had been trading inside an ascending parallel channel since June 22, 2021. On March 1, 2022, it finally broke above both the channel resistance and the $2.30 horizontal resistance area.
The next closest resistance level is found at $3.10, created by the 0.618 Fib retracement resistance level.
If successful in moving above it, the next resistance would be at the all-time highs near $4.30.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here
Disclaimer
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. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
