Coin360 Crypto Technicals: Daily Market Navigator
Written By Kasper
This daily series serves a purpose to educate and give some insight and technical analysis on the current prices of the bigger cryptocurrencies, based on our technical analysis. Today we will be covering BTC, ETH, RNDR, FTM, LINK and APT on both higher and lower time frames. Don't forget to also check out our article on the fundamentals of trading and crypto technical analysis to further enhance your understanding of the market.
Higher Time Frame | $BTC, $ETH, $FTM & $LINK
Bitcoin | W1
Bitcoin (BTC) is currently demonstrating noteworthy activity on the weekly timeframe. It's finding support at critical levels, namely the 200-week and 200-day Exponential Moving Averages (EMAs). Additionally, it's experiencing strong buoyancy within a significant support zone. If BTC fails to sustain these support levels, we could witness a downtrend. However, if the price maintains its foothold, a potential rally could be on the horizon. As it stands now, the sentiment leans towards bullishness, unless further market actions dictate otherwise.
Ethereum | D1
In the daily timeframe, Ethereum (ETH) is currently positioned within the upper boundary of its trading range. The prevailing trend suggests a potential downward trajectory in the near future. As it stands, ETH is trading in a somewhat undefined area, often referred to as 'no man's land', indicating a lack of clear directional momentum. Investors should watch out for further market signals before making their next move.
Fantom | D1
Examining the daily chart for Fantom (FTM), it's clear that the cryptocurrency has unfortunately lost a significant support area. This bearish trend appears to be the dominant force for the time being, particularly as the currency has shown signs of rejecting the level it previously lost. As a result, the expectation is for FTM to trade lower towards the support line marked on the chart, barring any substantial bullish signals that could potentially reverse this downtrend.
Chainlink | D1
Chainlink (LINK) has been undergoing a prolonged accumulation phase according to its larger timeframe analysis. This prolonged period of accumulation suggests a buildup of buying pressure. If LINK successfully breaches this phase to the upside, it could kick-start a robust uptrend. Therefore, investors should closely monitor for potential breakout signs as this could lead to significant upward momentum.
Lower Time Frame | $BTC, $ETH & $APT
Bitcoin | H4
At the moment, Bitcoin (BTC) does not display a clear trading range in its shorter timeframe. If it retests its resistance level, it could potentially trigger a downward movement. On the other hand, if BTC manages to close above this level and maintains its gains, it might fuel a surge towards higher values, potentially reaching its prior range high. Thus, the near-term market direction seems dependent on BTC's performance relative to these critical levels.
Ethereum | H4
In the shorter timeframe, if Ethereum (ETH) continues to trade within its current range, it may be positioned for further upward movement. However, if it breaks out of this predefined range, it could experience a downward shift, as indicated on the chart. This suggests that the forthcoming price trajectory hinges on whether ETH can maintain its existing trading boundaries. It's critical to watch these developments closely for insightful trading decisions.
Aptos | H4
On a shorter timeframe, APT appears to be trading within a specified range. Based on current patterns, it could potentially move upwards, targeting either the range high or the midpoint of the range. However, if APT breaks out of this range, it could potentially initiate a downward trend. As a result, this scenario underscores the importance of monitoring these crucial levels closely, as they could inform potential trading strategies.
Prior Analysis Recap
RNDR | H4
Building on our previous analysis of Render Token (RNDR) based on the daily timeframe, today's trends align well with our projections. RNDR has successfully retested the support level that it had previously lost, subsequently exhibiting a rejection of this level. This underscores the importance of past support levels in determining future market behavior, further demonstrating the dynamic nature of cryptocurrency trends.
To effectively monitor the coins discussed in today's analysis, consider creating a watchlist here. This will help you keep track of their price movements and stay informed about potential opportunities. These coins are worth paying attention to, as they exhibit notable market activity and could present promising trading prospects.
In conclusion, the overall trend across various cryptocurrencies remains bearish (on the higher time frames) for the time being, until we see evidence to the contrary. Most of the coins under discussion are navigating within range-bound markets, and their movements are being analyzed on a level-to-level basis. However we might see a bullish temporary rally as bitcoin has some resting liquidity at $28.6k. This prevailing state of affairs highlights the importance of ongoing vigilance and thorough analysis in this dynamic crypto landscape.
Disclaimer: Please note that all information, data, and technical analysis provided in this content are for educational and informational purposes only and should not be construed as investment advice, financial advice or trading advice.
This article has been refined and enhanced by ChatGPT.