Be[in]Crypto looks at the price movement for seven different cryptocurrencies, including Aave (AAVE), which has broken out from a 302-day descending resistance line.
Bitcoin (BTC) has been following a descending resistance line since March 28. So far, it has made six breakout attempts (red icons) and is currently in the process of making the seventh one.
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Since resistances get weaker each time they are touched, a breakout from this line would be expected. This could take BTC all the way to $51,000.
Ethereum (ETH) has been increasing since breaking out from a symmetrical triangle on March 28. The upward movement has so far led to a high of $3,581 on April 3.
During the upward movement, ETH also broke out from the $3,400 resistance area, which is now expected to provide support.
The next closest resistance area is at $3,840. This is the 0.618 Fib retracement resistance level.
Decentraland (MANA) had been decreasing alongside a long-term descending resistance line since its all-time high on Nov 25. The downward movement led to a low of $1.71 on Jan 22. The price has been gradually moving upward since, potentially following an ascending support line (dashed).
On March 23, MANA broke out from the long-term descending resistance line. If the upward movement continues, the closest resistance area would be at $3.35.
Storj (STORJ) has been falling since reaching a high of $3.51 on Nov 27. The downward movement led to a low of $0.77 on Feb 24.
STORJ has been moving upwards since and broke out from the descending resistance line on March 9. Currently, it is trading inside the $1.40 resistance area.
A breakout above it would likely take STORJ to the 0.5 Fib retracement resistance at $2.15.
Vulcan Forged (PYR) has been moving upwards since Jan 24, when it reached a low of $6.68. After two unsuccessful breakout attempts, the price finally managed to move above the $15.80 horizontal area on April 3.
If the upward movement continues, the next resistance would be at $28.80. This is the 0.5 Fib retracement resistance level and a horizontal resistance area.
Aave (AAVE) had been decreasing underneath a descending resistance line since May 18. The downward movement led to a low of $112.4 on Feb 24.
AAVE has been moving upward since and broke out from the descending resistance line on March 17. At the time of the breakout, the line had been in place for 302 day.
The closest resistance area is at $270. A potential breakout above it would be expected to accelerate the rate of increase.
Reserve Rights (RSR) has been increasing since Feb 24. On March 16, it broke out from a descending resistance line. It continued to increase and on March 30 it reclaimed the $0.172 resistance area. Currently, RSR is in the process of validating the area as support.
If the upward movement continues, the next closest resistance area would be at $0.0278.
For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here
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