Bitcoin traded in what has been described by analysts as “a descending parallel point.” In November, the digital asset clinched an All Time High. By December, the digital currency hipped to forty-two thousand dollars. It later bounced to reclaim the support line of the price chart.
Presently, Market indication shows Bitcoin breaking away from this point. Once it breaks out of the channel successfully, the digital asset will move towards fifty-five thousand to fifty-eight thousand resistance points. The Fibonacci retracement resistance levels of 0.5-0.718 created the proposed target range.
Like Bitcoin, Ethereum traded consistently within the descending parallel frame. It had remained in that zone since last month, November. Although, it broke away from the descending phase on two occasions. The recent one happened December 15.
The digital asset has rebounded. It is also showing signs of snatching $3,920 area. Analysts say the price chart for Ethereum is bullish. This uptrend will result in a significant uptrend.
Once the digital asset smashes the midline, a bullish reversal for Ethereum will definitely happen.
ETH/USD Source: Trading View
Analysts say XRP traded within the dipping channel for a long time. While investors are worried that the price of the digital asset might not rebound anytime soon, the descending channel has been described as a longer-term chart. The price chart for XRP had been gathering steam since September.
XRP tested its support line and is now moving towards a resistance point. Analysts think the midline channel for XRP is where the battle will be won just like Ethereum.
FTT had dipped considerably after smashing its ATH back in September. FTT downtrend pushed its earlier $85 ATH to $35. The digital asset soon moved into a support area of $35 after rebounding. The new support level is identified as 0.786 Fibonacci retracement area. It is this support point that the digital asset might rise into bull season.
Analysts who carefully studied FTT’s wave pattern say the digital asset has finished A-B-C corrective protocols. This clearly means that A:C follows a 1:1 ratio. By the foregoing, the digital asset will likely test the dipping resistance close to fifty dollars.
FTT/USDT Source: TradingView
This digital asset had dipped remarkably since claiming $0.38 dollars in October. The downtrend drove prices further down to $0.135 recently. Analysts say the recent downtrend pushed the digital asset from its perceived ascending line of support.
The digital asset rebounded to reclaim the line. ONE, showing signs of recovery, claimed $0.225 horizontal category, where it had tested severally.
Analysts think ONE will ride a bull run once the correction is over. The correction will move ONE towards a potential ATH.
ONE/USDT Source: TradingView
HNT had dipped below a strong support after claiming ATH last month. The bearish reversal caused the tokens to be valued at $25.
HNT saw a bounce, then broke away from its carpet support. Analysts think the digital asset will soon test the $42-$46 range. This range results from 0.5-0.618 Fibonacci retracement.
HNT/USDT Source: TradingView
Analysts say AVAX bounced on its horizontal support carpet over a period of 8 days. The digital asset hovered between $80. Earlier, the area had been the ATH resistance channel of the digital asset. The bounces only consolidated the support line.
After the last bounce, AVAX left the descending resistance before moving towards a new ATH. Analysts think the digital asset will break the price point resulting in a new $185 resistance point it would test.
AVAX/USDT Source TradingView