BeInCrypto takes a look at price movements of seven different cryptocurrencies, including XRP, which has rebounded considerably since hitting a Jan 24 local low.
BTC
BTC had been increasing inside an ascending parallel channel since it reached a low on Jan 24. On Feb 6, it managed to break out from the channel and proceeded to reach a local high of $45,492 two days later.
It has dropped back since then, possibly to test the resistance line of the channel to validate it as support.
In BTC can continue to close candlesticks above the channel, it’s likely to move up to test the next resistance level near $52,000.
ETH
ETH has been moving upwards since also reaching a local low on Jan 24. So far, it’s reached a high of $3,234 on Feb 8. The high was made right at the 0.382 Fib retracement resistance level, which rejected the price.
It’s possible that ETH will decrease in the short term before eventually resuming its upward movement.
XRP
XRP had been decreasing underneath a descending resistance line since Nov 4. This downward movement led to a low of $0.54 on Jan 22.
After this, XRP rebounded and broke out from the aforementioned descending resistance line. In addition to this, it reclaimed the $0.72 horizontal area.
Similar to ETH, XRP has been rejected by the 0.382 Fib retracement resistance level. If it decreases in the short term, the $0.72 area would be expected to provide support.
NANO
NANO had been decreasing under a descending resistance line since Oct 30 until a low of $1.89 was hit on Jan 22.
Following this, XRP bounced back and managed to break out from the line on Feb 5. If it continues to increase, the closest resistance area would be found at $4.05. This target is the 0.382 Fib retracement resistance level.
IOTA
IOTA has also been stuck under a descending resistance line since Sept 4. It was rejected by this line on Dec 29 (red icon) and fell sharply after. IOTA continued to fall until it bottomed out at a low of $0.69 on Jan 24.
While IOTA has been moving upwards since then, it’s now facing strong resistance at $1.05 which had previously acted as support
Until it manages to reclaim this support level, the trend cannot be considered bullish.
ONE
On Jan 22, ONE reached a low of $0.164 and bounced. The low served to validate the $0.17 horizontal area as support once again. This same support has been in place since September 2021.
ONE has rebounded since reaching the local low and has been increasing. It’s quickly approaching the closest resistance area found at $0.247. This target is the 0.382 Fib retracement resistance level.
CRV
CRV has been increasing since Jan 24, when it bounced at the $2.90 horizontal support area. The area has been in place since Oct 2021, therefore it is a crucial support level.
CRV is approaching the 0.382 Fib retracement resistance level at $4.07. This area is expected to act as resistance once the token gets there.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here
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