BeInCrypto takes a look at the price movement for seven different cryptocurrencies, including Fantom (FTM) which is very close to reaching a new all-time high price.
BTC
BTC has been decreasing inside a descending parallel channel since Dec 27. The downward movement led to a low of $39,650 on Jan 10.
The ensuing upward movement caused a reclaim of the Dec 4 lows (red line).
Currently, BTC is trading at the resistance line of the channel. A potential breakout would take it to the $45,900 resistance area, which is also the 0.5 Fib retracement resistance level.
ETH
On Nov 30, ETH broke out from a descending resistance line and a potential symmetrical triangle (green icon). The upward movement led to a high of ₿0.088 on Dec 9.
However, the token has been falling since and failed to hold above the previous resistance line, breaking down below it (red icon) on Jan 7.
The closest support area is at ₿0.071. If ETH fails to bounce at this level, it could decrease all the way to the ascending support line at ₿0.063.
XRP
On Dec 18, XRP broke out from a descending resistance line. However, it failed to initiate a significant upward movement.
It is currently trading just above the 1750 satoshi support area, which has been in place since April. A breakdown below it could greatly accelerate the rate of decrease.
Conversely, the closest resistance area is at 2800 satoshis.
AVAX
AVAX has been falling since Nov 21, when it reached an all-time high price of $147. The token has been following a descending resistance line and has reached a low of $75.5, doing so on Dec 13. The ensuing bounce served to validate the $80 area as support.
Whether the token breaks out from this resistance line or falls below the $80 horizontal support area will likely determine the direction of the trend.
FTT
FTT has been decreasing alongside a descending resistance line since Sept 9. The decrease led to a low of $33.8 on Jan 8. While this caused a breakdown below the Dec lows (red line), those were reclaimed shortly afterwards. In addition to this, the bounce transpired just above the 0.786 Fib retracement support level at $35.25.
A breakout above the descending resistance line would confirm that the correction has come to an end.
LINK
LINK has been trading inside an ascending parallel channel since July 20. On Nov 10, it was rejected by the resistance line of the channel 9red icon) and promptly fell. This led to a low of $15.32 on Dec 4. The ensuing bounce validated the support line of the channel (green icon).
Currently, LINK is trading right in the middle of the channel (green circle). Whether it reclaims it or gets rejected will likely determine the direction of the future trend.
FTM
On Dec 26, FTM broke out from a descending resistance line that had previously been in place since Oct 26. It proceeded to reach a high of $3.15 on Jan 15.
After a brief drop, FTM initiated another upward movement. On Jan 12, it reclaimed the $2.65 area, which is expected to act as support.
As long as FTM is trading above this level, the trend can be considered bullish.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Source: https://beincrypto.com/avalanche-avax-bounces-at-important-horizontal-support-multi-coin-analysis/