Coin360 Crypto Technicals: Daily Market Navigator
Written By Kasper
Welcome to our daily series aimed at enlightening and offering insights on the prevailing prices of major cryptocurrencies through technical analysis. Today, we'll delve into the price movements of BTC, ETH, RNDR, TOMO, and KAVA across various time frames. Be sure to also explore our informative article on trading fundamentals and crypto technical analysis to bolster your comprehension of the market dynamics.
Higher Time Frame | $BTC, $ETH, $RNDR, $KAVA
Bitcoin | W1
Bitcoin (BTC) encounters resistance on the weekly timeframe at a pivotal point that previously acted as support before a substantial drop, as depicted in the chart. A robust bullish outlook could materialize if the price sustains itself above this resistance. However, a pullback towards the $25k support level appears more likely at present, given its significance as a major support zone and the rejections the price has faced. Whether the $25k level holds as the price nears this crucial juncture remains to be seen. Coinciding with the $25k region, both the 200-week EMA and 50-week EMA appear to be converging around this area, adding further confluence.
Ethereum | D1
In the daily timeframe for Ethereum (ETH), the chart reveals that the cryptocurrency is trading within a range. The price deviated from the range's high point, followed by a retest and rejection, which is consistent with our prior analysis. As the price couldn't uphold the highs, it's inclined to move towards the range midpoints. Currently, it's resting at the range quarter. A bearish outlook will persist if the price is rejected at this point. However, if the price regains and holds the range quarters, an upward move could be on the horizon.
RNDR | D1
As expected, RNDR found support at the trendline and support level. As long as the price can maintain its position above this trendline, it should continue to rise. Conversely, if the price breaks and holds below the trendline, we can anticipate RNDR trading into the lower segments of the range.
KAVA | D1
On the daily chart, Kava is experiencing a slight rejection from the Daily 200 EMA as well as the range quarter. Nonetheless, since the price is in an uptrend, KAVA could potentially break and hold above the range quarter, continuing its upward trajectory. At the moment, though, it is displaying some resistance and a pullback.
Lower Time Frame | $BTC & $ETH & $TOMO
Bitcoin | H4
On the lower timeframe, BTC deviated and sustained the range lows, potentially moving towards the midrange, where it may encounter resistance. If the price breaks through the midrange, BTC could rise further towards the range highs.
Ethereum | H4
On the lower timeframe, ETH did not touch the range lows but is now trading at the range midpoints once more. If it experiences rejection at this level, the target would be the range lows. Conversely, if the price breaks above and maintains its position, the target shifts to the range highs.
TOMO | H4
On the lower timeframe, TOMO is maintaining an uptrend. If it continues to hold, we can anticipate higher prices. However, if the uptrend breaks, TOMO could be expected to trade lower.
While there are no major news events on the horizon, it's worth noting that Federal Reserve Chair Jerome Powell will be speaking on Friday. This could potentially impact volatility and price action in the markets.
Notable Market Movers
KAVA | D1
Kava has surged over 50% in just a matter of days. The price not only deviated and reclaimed the range lows but also broke through a trendline that had capped its movement for a considerable duration.
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 this market recap, we analyzed the price movements of BTC, ETH, RNDR, TOMO, and KAVA across various timeframes. BTC faces resistance on the weekly chart, with a potential pullback towards the $25k support level. ETH is trading within a range on the daily chart, currently resting at the range quarter. RNDR has found support at its trendline, while KAVA experiences slight rejection from the Daily 200 EMA and the range quarter. For the lower time frames, BTC and ETH could be headed towards their respective range midpoints, with TOMO maintaining an uptrend. Kava has seen a significant surge, breaking through a long-standing trendline. In terms of market influences, Federal Reserve Chair Jerome Powell's speech on Friday may impact volatility and price action.
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.