Coin360 Crypto Technicals: Daily Market Navigator
Written By Kasper
This daily series aims to educate and provide insight and analysis on the current prices of major cryptocurrencies, using our technical analysis. Today, we'll be examining BTC, ETH, RNDR, and FTM across both higher and lower timeframes. Don't forget to also explore our article on trading fundamentals & crypto technical analysis to deepen your understanding of the market.
HTF | $BTC, $ETH & $OP
Bitcoin | W1
Bitcoin ($BTC) faces resistance on the weekly timeframe at a crucial level that previously served as support before a significant sell-off, as illustrated on the chart. A strong bullish scenario could emerge if the price manages to maintain itself above this resistance. However, currently, a pullback towards the $25k support level seems more probable, considering its importance as a major support zone and the rejections the price has experienced. It remains to be seen whether the $25k level holds or not as the price approaches this critical point.
Ethereum | D1
On Ethereum's ($ETH) daily timeframe, we can see that it's trading within a range, as displayed on the chart. The price experienced a deviation from the range highs, followed by a retest and rejection, aligning with our previous analysis. Since the price failed to maintain the highs, it's likely to gravitate towards the range midpoints. While demonstrating strength above the range highs could lead to more upside potential, the price is currently closer to the midrange, which should be the focus for potential trading opportunities.
RNDR | D1
$RNDR is currently situated at the support of a trendline and a support level. If the price breaks through this support, following the trend of larger coins like ETH and BTC, we could witness a downward move towards the lower part of the range. However, if the support holds, there's potential for more upside movement.
Fantom | D1
$FTM is currently trading around the midrange on the daily timeframe. Although it's holding at the moment, we haven't observed any significant move from this level. If the price breaks through and maintains below this midrange, we could expect a downward movement, as indicated on the chart. Conversely, if the price continues to hold, an upward move is likely.
LTF | $BTC & $ETH & $OP
Bitcoin | H4
$BTC on the lower timeframe has now reached the range lows as anticipated from the range highs at $29.3k. If the price demonstrates that this breakthrough was a deviation and manages to regain the level, more upside is likely. However, if the price continues to hold below this level, we can expect further downside movement.
Ethereum | H4
$ETH is currently trading in a range-bound environment on the lower timeframe, positioned in no man's land. The next area of interest could be the range lows; if those hold, we might see more upside potential. However, if the price breaks through the range lows, further downside movement should be expected.
Fantom | H1
$FTM on the lower timeframe has begun to form some sort of range and is currently holding the range lows, possibly leading to a move towards the lower timeframe range highs. If the price breaks out of the range, we could anticipate it to expand further in either the upside or downside direction, depending on where the breakout occurs.
Key upcoming news that might impact volatility and price action: There are no major macro events scheduled. Earlier this week, we had CPI and PPI releases, which created some market volatility. As we approach the end of the week, it's worth noting that price movements are typically more subdued during weekends.
Notable Market Movers
TOMO | D1
$Tomo has been experiencing a strong uptrend and is now approaching a significant resistance level. If it manages to break through, we could anticipate further upside. However, as of now, it is facing rejection on the daily timeframe.
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 summary, we analyzed the price movements of various cryptocurrencies such as BTC, ETH, RNDR, FTM, and TOMO on both higher and lower timeframes. Bitcoin and Ethereum are facing resistance and trading within ranges, while RNDR, FTM, and TOMO are at crucial support or resistance levels. Price action for the upcoming days will depend on whether these levels hold or break. Although there are no major macro events scheduled, keep in mind that weekends typically see subdued price movements.
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.