The weaknesses and overly complex regulations of Bitcoin keep cryptocurrencies away from counterfeit currencies. This has caused Bitcoin's market dominance to hover around 50% in the past few days
The weaknesses and overly complex regulations of Bitcoin keep cryptocurrencies away from counterfeit currencies. This has caused Bitcoin's market dominance to hover around 50% in the past few days.
Market observers may pay attention to Bitcoin in the coming days. The longer bulls maintain prices above $25000, the greater the likelihood of further increases in the near future. The bullish trend of Bitcoin may encourage counterfeit coins, as cryptocurrency enthusiasts will feel the bullish market at that time.
Some cryptocurrencies show signs of forming a foundation. If there is a breakthrough, a new upward trend may begin. Let's study charts of the top 5 cryptocurrencies that may perform better in the near future.
Analysis of Bitcoin Technology
In the past few days, Bitcoin has been operating between moving averages, indicating that bulls and bears are hesitant about the next move.
Usually, interval expansion follows closely. In this case, if the buyer pushes the price above the 20-day moving average of the index ($27110), the BTC/USDT currency pair may rise to $28143. It is expected that bears will establish strong defenses at this level.
In addition, if the price drops and falls below the 50 day simple moving average ($26671), it will indicate that bears have established their dominant position. The currency pair may first fall to $25990 and then fall to a critical support level of $24800. This level may attract strong bulls.
On the 4-hour chart, the recovery of the currency pair is facing selling pressure of 20EMA, but a positive sign is that bulls have not yet given up too many positions. This indicates that there is no rush to exit and maintain pressure.
If 20EMA is conquered, the currency pair may first rise to 50SMA. This level may be a minor obstacle, but if broken, the currency pair may rebound to $27750 and then rise to $28143.
On the contrary, if the bulls fail to break through 20EMA, the seller will feel an opportunity to lower the price. A pullback below $26500 may drive the currency to appreciate by $26000 and then rise to $24800.
SOL Technical Analysis
Solana (SOL) witnessed a fierce battle between bulls and bears near the 20-day moving average ($21.77). This indicates that the bulls are attempting to shift this level into a support level.
There is a small resistance level at $22.50, but if it breaks through this level, the SOL/USDT currency pair may rise to the neckline of the reverse head and shoulder pattern. Breaking through and closing above this resistance level will complete the bullish setting. Buyers may face strong resistance of $27.12, but if this obstacle is overcome, the currency pair may rise to the target of $32.81.
If prices fall and fall below the 50 day moving average ($20.50), this positive view will be rejected in the short term. This may start falling to $18.58, then to $15.33.
After trading between moving averages for a period of time, the price fell below the 20 moving average, indicating that short positions may still be under control. Firstly, the currency pair may fall to $20.93, and if it also breaks through this level, it may fall to $20.
On the contrary, if the price fails to maintain below 20EMA, it indicates a steady buying at a lower level. The first sign of strength is to break through and close above 50SMA. This may be a rebound to $23.50 and then a reverse H& amp; amp; amp; amp; amp; amp; amp; amp; The S-shaped neckline opens the door.
LDO Technical Analysis
LidoDAO (LDO) has been moving near the moving average for the past few days, indicating that bears may be losing control.
The moving average has leveled off, and RSI has jumped into a positive range, indicating that bulls are trying to make a comeback. The recent upward resistance level is $1.73. If this level is exceeded, the LDO/USDT currency pair may climb to the downward trend line. This level is likely to witness another tough battle between bulls and bears.
On the contrary, if the price drops and falls below the moving average, it indicates that bears have the upper hand and sell on each small rebound. Subsequently, the currency pair may retest the key support level of $1.38.
The 20 moving average on the 4-hour chart has started to tilt upwards, and the RSI is in the positive zone, indicating that bulls are taking the upper hand. There is a small resistance to $1.63, but it is likely to be surpassed. The currency pair may subsequently rise to $1.73.
If bears want to weaken the bullish outlook, they will have to quickly pull prices back below the moving average. Subsequently, the currency pair may fall to the support area of $1.45-1.50.
ICP Technical Analysis
In the past few days, Internet Computing (ICP) has been consolidating narrowly between $2.86 and $3.35.
RSI has formed a bullish divergence, indicating that selling pressure is gradually easing. The ICP/USDT currency docking may hit a resistance level above $3.35. Breaking through and closing at this level will indicate a potential trend change. The first upward target is $4, followed by $4.50.
Contrary to this assumption, if the price drops from $3.35, it indicates that the currency pair may remain within that range for a period of time. A drop below $2.86 would indicate that the downward trend has resumed.
The moving average has completed a bullish crossover, with RSI located in the overbought area on the 4-hour chart. This indicates that the buyer has the upper hand. The currency pair may reach a resistance level of $3.35, and bears may launch a strong challenge here.
If the price drops from $3.35, consolidation may continue for some time. On the other hand, if the buyer pushes the price above $3.35, it indicates that bulls have the upper hand. Subsequently, the currency pair may soar to $3.74 or above, reaching the target of $3.84 for this model.
VET Technology Analysis
In the past few days, Vet has been operating within the descending triangle. Although this is a negative trend, prices still adhere to the downward trend line of the past few days, which is a positive signal.
The moving average has leveled off and the RSI is approaching its midpoint, indicating that bearish pressure may be weakening. Buyers will attempt to push prices above the downward trend line. If successful, the discount setting will be disabled. This may start a new round of rising to $0.021.
On the contrary, if the price drops from the current level, it indicates that bears continue to actively defend the downward trend line. Then, bears will attempt to lower the price to the key support level of $0.014.
The 4-hour chart shows that prices have been operating in a decreasing wedge mode. The buyer is trying to push the price up and maintain it above 50SMA. If they do this, the VET/USDT currency pair may hit a wedge-shaped downward trend line. Breaking through and closing above the wedge may initiate a new upward trend.
Short sellers are unlikely to give up easily. They will actively defend the area between the 50 moving average and the downward trend line. If the price drops sharply and falls below 20EMA, it indicates that the currency pair may remain in a wedge-shaped shape for a period of time.
(Personal opinions do not constitute suggestions)
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