Bitcoin Magazine will take a look at the price action of seven prominent coins, including Shiba Inu (SHIB), breaking above a major descending resistance line.

BTC

Bitcoin (BTC) has been moving along a descending resistance line since November 10th. At the time, it had just hit a new all-time high.

That line is currently coinciding with the $ 59,350 resistance area. This is both a horizontal resistance range and a .382 fib retracement resistance.

Hence, the trend cannot be considered bullish until it is captured.

BTC / USDT 6-hour chart | Source: TradingView

ETH

Much like BTC, Ethereum (ETH) has been falling since November 10, after hitting an all-time high of $ 4,867. Since then it has fallen below a descending resistance line.

This line coincides with the horizontal resistance area of ​​$ 4,500.

If it can break through that resistance, ETH will likely make a new ATH.

ETH / USDT 6-hour chart | Source: TradingView

XRP

On November 28th, XRP rebounded from the $ 0.95 area (green symbol). Apart from the deviation between September 20th and 27th, the price has been trading above this level since mid-August, as long as the price stays above this level, the bullish structure remains intact.

If the uptrend continues, the closest resistance will be found between $ 1.06 and $ 1.11. This is the 0.382-0.5 fib retracement resistance.

XRP / USDT daily chart | Source: TradingView

ADA

On November 16, Cardano (ADA) broke below the $ 1.95 zone. It confirmed this level as resistance (green symbol) two days later.

It then continued to decline until it hit a local low of $ 1.41 on Nov. 28. There the price started another rally.

If the rally is set to continue, the $ 1.95 area is likely to act as resistance again.

Daily ADA / USDT chart | Source: TradingView

SHIB

Shiba Inu (SHIB) has been moving along a descending resistance line since October 28, when it hit an all-time high of $ 0.000088. That move resulted in a low of $ 0.000035 on November 26th. It successfully broke out of this line on November 29th.

It is currently trying to break the $ 0.00005 resistance area. If successful, the closest resistance is $ 0.000062.

12-hour SHIB / USDT chart | Source: TradingView

STX

Stacks (STX) has been falling below the descending resistance line since October 18th.

Similar to the SHIB, it broke the resistance line on November 30th, ending its short-term correction. The price is currently trying to break out of the $ 2.45 zone. This could lead to a new all-time high.

STX / USDT 12 hour chart | Source: TradingView

QTUM

Qtum (QTUM) has been trading on a descending parallel channel since October 21. Such channels often contain corrective movements. This means that an outbreak is expected. QTUM is currently trading in the upper part of the channel, which further favors this opportunity.

If the price breaks out, QTUM may soar to an annual high of $ 35.

QTUM / USDT 4 hour chart | Source: TradingView

You can see the price of the coins Here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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