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A technical analysis of the price movement of the ten key crypto tokens is important to assess which direction the market is headed towards.
These tokens namely include Bitcoin, Ethereum, XRP, Binance coin, Cardano, Dogecoin, Polygon, Solana, and Polkadot.
A further read into the article with provide insights into the key levels to watch for on the benefits and shortcomings of each token.
The Bullish and Bearish Trend of Bitcoin
At the top of the crypto technical chart is Bitcoin since it’s the top most popular crypto token. This week at one point Bitcoin rose above the $28,500 resistance level following a two-day consolidation.
This is an indication that the bulls are currently in control and are dominating the charts.
The upward trend is further supported by the exponential moving average (EMA) over a twenty-day period coupled with the relative strength index (RSI).
These both suggest that the path of least resistance is to the advantage of the token and its market. If Bitcoin breaks more than $28,500, it could potentially rally toward the resistance zone of $30,000-$32,500.
On the downside, the first level of support to watch is $25,250. A rebound from this level could indicate that the head and shoulders pattern has turned into support.
However, if this support level is breached, it could trigger stop-loss orders and lead to a drop toward the 200-day simple moving average at $20,020.
How Good Is The Market for Ether?
The recent bounce of Ether from $1,717 indicates that the bulls are actively buying slight dips. They don’t seem worried, and therefore, not waiting for a significant correction to make their purchases.
However, the bears have prevented buyers from surpassing the $1,842 resistance level.
A consolidation near a local top is indicative that investors pessimistic about the market are holding their positions in anticipation of further gains.
The 20-day EMA rising at $1,679 and the RSI in the positive zone suggest a slight advantage for optimistic investors.
If investors and traders can overcome the $1,842 obstacle, Ethereum may reach $2,000 and possibly even $2,200.
However, if the price loses its strength and declines below the 20-day EMA, the positive outlook will become invalid and ETH could drop to $1,600.
Price Analysis of BNB
The market for BNB is a little skeptical at the moment as it puts up a strong defense at the $346 level. This has prevented the bulls from pushing BNB higher than this level.
Furthermore, it has led to short-term bulls booking profits, causing the price to dip toward $314. If the price bounces back up from the 20-day EMA, it indicates positive sentiment and that traders are willing to buy the dips.
The optimistic traders will then attempt to break through the $346 hurdle again, potentially leading to a rise toward $400.
However, if the price drop, it will signal the start of a significant rectification at $288. The BNB/USDT pair could then move within the range of $280 to $346 for a couple of days.
XRP Skyrockets
This week XRP surged above the $0.40 point, and the tough resistance level of $0.43, indicating a surge in buying activity.
However, after the quick rise, traders are now taking profits close to $0.50. This has led to a retracement to the $0.43 breakout level.
If the bulls can maintain this level as support, then XRP/USDT may again attempt to break above $0.50. This breakthrough could potentially lead to a rally to $0.56 and this could signify the start of a new uptrend.
Contrariwise, if the price falls below the $0.43 support level, it could signal that traders are selling off.
Cardano Surges Above Moving Averages
Cardano’s ADA rose above the moving averages this week, indicating that buyers are interested in lower levels. However, some pessimistic traders are attempting to stop the recovery at $0.39.
The optimistic buyers need to flip the moving average to support the ADA/USDT pair in order to indicate a shift in trend.
Dogecoin’s Next Directional Move
Dogecoin’s trade movement between $0.07 and $0.08 is indicative of indecision amongst the investors, some of whom are optimistic and others pessimistic.
A sign of strength for the token could be reaching the $0.09 level and gradually climbing up to $0.10.
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