Technical Analysis Evening 1: BTC, ETH, XRP, VET, FTM, WAVES, RUNE.
CoinCu will analyze the price movements of seven prominent cryptocurrencies, including Ethereum (ETH), which is currently attempting a breakout.
BTC
BTC has been trading above the ascending support line since Jan. 24. It made a very long lower wick after bouncing up on February 24th and was up 15% on February 28th.
BTC is on the verge of reaching the $44,400 resistance area, which has marked its highest level of the year so far.
If the price can break above it, the next resistance will come in at $51,150. This is both horizontal resistance and retracement resistance at 0.5 Fib.
BTC/USDT daily chart | Source: TradingView
ETH
ETH has been falling along with a descending resistance line since December 1st. The line has rejected the award four times so far, most recently on March 1.
If ETH breaks through, the next resistance will be found at $3,200 created by the 0.382 Fib retracement resistance.
However, the main resistance remains at $3,830. That target is the 0.618 Fib retracement resistance and horizontal resistance area.
ETH/USDT daily chart | Source: TradingView
XRP
On Feb 24, XRP hit the $0.64 horizontal support area and bounced back (green icon) creating a very long lower wick.
On February 28, it generated a bullish engulfing candle and broke the descending resistance line.
The next resistance is found at $0.905.
XRP/USDT daily chart | Source: TradingView
VET
VET has been falling since Feb 10 along with a descending resistance line. The move down led to a local low of $0.039 on Feb. 24 before a trend reversal.
VET broke the descending resistance line on Feb 28 but was rejected by the 0.5 Fib retracement resistance at $0.054.
VET may have completed its long-term adjustment process.
VET/USDT 4 hour chart | Source: TradingView
FTM
FTM has been moving higher since Feb 24th when it fell as low as $1.30. The upward move led to a local high of $1.84.
However, FTM is still trading below the confluence of the $1.90 resistance levels. The resistance area is formed by the descending resistance line and the horizontal resistance area.
A break above this zone can help the price surge higher quickly.
FTM/USDT 6 hour chart | Source: TradingView
WAVES
WAVES has been up since January 24th. It regained the horizontal resistance area of $12.50 on February 28th. This is an important development as the area previously acted as a support since May.
This means that the previous breakdown was just a divergence and the next resistance target to watch is $18.21.
Daily WAVES/USDT chart | Source: TradingView
RUNE
On January 24th and February 24th, RUNE made two lows near the $3.50 region. Double bottoms are often viewed as a bullish pattern. In addition, both bottom parts are combined with the long wicks below (green symbol).
If the uptrend continues, the next resistance lies at $6.60.
Daily RUNE/USDT chart | Source: TradingView
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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