Bitcoin (BTC), Ethereum (ETH), Ren (REN) and Ravencoin (RVN) prices have hit or are close to their respective all-time highs.
While XRP (XRP) trades in a range without confirming a trend, ICON (ICX) and Dash (DASH) look bullish. Both are expected to hit their respective long-term resistance areas.
BTC has gradually declined since hitting an all-time high of $ 52,618 on Feb.17. However, the subsequent decline has brought BTC back to the ascending resistance line and the marginal support area of $ 50,800 (green arrow). BTC rebounded after hitting these levels, which it confirmed as support.
Technical indicators are bullish. The RSI has also rallied at the 50 line and the MACD may be turning up. A positive cross in the MACD histogram would confirm this upward movement.
The rate of increase is expected to accelerate once BTC manages to break out of this short-term declining resistance line (dotted). The most likely target for the next high is in the $ 55,100 to $ 55,900 range.
TradingView’s BTC chart
ETH has been following an increasing support line since January 21. The line has been validated several times – most recently on February 16.
Following the February 16 impact, ETH regained the resistance area of $ 1,850, reaching an all-time high of $ 1,951. Currently, ETH is in the process of backtracking and potentially validating the $ 1,850 range as an aid.
Technical indicators are bullish. The RSI has bounced back at the 50 line and the MACD histogram has almost crossed positive territory.
After a potential upswing, ETH should continue to climb towards USD 2,250.
TradingView’s ETH chart
XRP has been bearish since February 13 when it hit a local high of $ 0.642. The decline has brought it into the $ 0.51 support area, leading to several lower wicks – a sign of buying pressure.
Technical indicators are pretty bullish. The RSI is above 50 and the stochastic oscillator has formed a bullish cross. However, they show a distinct lack of momentum.
Hence, XRP is likely to consolidate for a while before potentially breaking out above the USD 0.62 resistance. This is also a long-term level of resistance.
Should XRP crash, the closest resistance area would be at $ 0.36.
XRP chart from TradingView
Raven coin (RVN)
The RVN has risen rapidly since January 28th. It rose 700% in just 18 days. So far, it has hit an all-time high of $ 0.123.
The rate of increase accelerated further as the RVN broke out of the $ 0.075 area. This level had acted as resistance since March 2019.
With RVN in the process of pricing, on the recent move down, we need to use an external fib retracement to find the next area of resistance. This gives us a resistance at $ 0.129 – very close to the current price.
However, technical indicators are bullish, which makes the trend likely to be bullish as well.
TradingView RVN Chart
Much like RVN, REN has risen significantly in the past two weeks, hitting an all-time high of $ 1.27.
REN appears to be in a bullish trend. It is currently in an extended wave three (white) of a bullish impulse that began in March 2020.
However, the REN appears to be nearing the peak of its bullish move, which has a likely top target of $ 1.47-1.55. After that, REN is expected to correct in wave four.
The number of sub-waves is displayed in orange.
REN chart from TradingView
The ICX has risen significantly over the past two weeks, rising from a low of $ 0.69 to a high of $ 2.52. This was an increase of 266% in about two weeks.
Technical indicators are bullish and support the continuation of the upward movement. This is particularly evident from the bullish cross in the stochastic oscillator.
The closest area of resistance is at $ 5.10. This is the 0.382 fib retracement level of the entire down move, measured from the all-time high of $ 13.20.
TradingView ICX chart
Similar to ICX, DASH has risen significantly in the past two weeks, creating two massive bullish candlesticks in a row. The move was preceded by a breakout above a long-term descending resistance line.
The rate of increase accelerated as DASH rose above the $ 175 resistance area that had previously existed for more than two years.
In addition, the technical indicators are bullish. This is evidenced by the bullish cross in the Stochastic oscillator and the RSI cross above 70.
The closest area of resistance is at $ 642. This is the 0.382 fib retracement level of the entire down move, measured from the all-time high of $ 1,626.
TradingView DASH chart
For the latest Bitcoin (BTC) analysis from BeInCrypto, click here
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