BeInCrypto takes a look at the price action of seven different cryptocurrencies, including THORChain (RUNE) and Internet Computer (ICP), which have regained significant horizontal areas.
Bitcoin (BTC) has been trading within a range of $46,300 and $51,750 since the beginning of December. Since December 30, it has been trading near the bottom of the range.
Moreover, Bitcoin is trading inside a falling wedge, which is considered a bullish pattern. This means that a breakout will be likely.
A potential breakout could take BTC at least to the mid-range.
Ethereum (ETH) has been dropping since it reached an all-time high of $4,868 on November 10. The decline paused once the token reached the previous descending resistance line, which is now expected to act as support (green icons).
As long as ETH is trading above this line, an upward movement is likely. If that happens, it could take ETH towards a new all-time high.
XRP (XRP) is increasing along with a short-term ascending support line since December 4th. So far, he’s validated the streak five times, most recently on December 5. purchase pressure.
A break above the short-term (interrupted) descending resistance line will confirm that XRP is trending higher and likely accelerate the rate of increase.
On December 20, AlienWorlds (TLM) reached a low of $0.187 and rebounded. The ensuing bullish (characteristic) movement resembles a five-wave structure, which means that it is likely to be the beginning of a long-term bullish movement.
Additionally, the decline halted once TLM reached the $0.205 support area, which is above the 0.786 Fibonacci Retracement support level.
So, this is a very likely level from which TLM could start its rise.
Similar to TLM, Enjin Coin (ENJ) has been increasing since Dec 20, in what looks like a five-fold bullish move (highlighted in green). This led to a high of $3.34 on Dec. 26.
While the coin has been declining since then, it rebounded at the horizontal support area of $2.57 (green symbol).
As long as ENJ is trading above this level, the trend can be considered bullish.
It also appears that ENJ is following a descending (broken) resistance line. A break above it is likely to accelerate the rate of increase.
On December 13-20, THORChain (RUNE) appears to have broken out of the $6.65 horizontal support area (red circle). However, it regained the area shortly thereafter and created a higher low (green icon) on December 30th. These deviations are considered bullish developments and are often followed by upward movements.
RUNE also broke out of the descending resistance line.
The nearest resistance area is located between $10.15 and $11.5, created by the 0.382-0.5 Fibonacci retracement level.
The Internet Computer (ICP) fell below the $29.30 support area on December 12. It went on to reach a new all-time low of $20.88 on Dec 20th.
However, it then rebounded and regained the $29.30 area on Dec 4. The next day, it broke through the descending resistance line that had previously been in place since September 6.
The closest resistance is between $46 and $54.
For the latest Bitcoin (BTC) analysis from BeInCrypto, click here.
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