Be[in]Crypto takes a look at the price movement for seven cryptocurrencies, including Origin Protocol (OGN), which has bounced at an important fib retracement support level.
BTC has been moving upwards since Jan 24. It is possible that the entire upward movement is contained inside an ascending parallel channel.
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If so, the resistance of this channel would be at $51,000. This also coincides with the 0.5 fib retracement resistance level and a horizontal resistance area.
Technical indicators in the daily time frame support the continuation of this upward movement. The reason for this is the increasing MACD and RSI.
Similar to BTC, ETH had been increasing since Jan 24. However, it has been trading inside a symmetrical triangle instead of an ascending parallel channel.
It broke out from this triangle on March 18 and accelerated its rate of increase afterward.
Currently, ETH is attempting to break out from the $3,400 resistance area. If successful, the next resistance would be at $3,840. This is the 0.618 Fib retracement resistance level.
XRP had been decreasing alongside a descending resistance line since Nov 30. The line rejected XRP thrice, most recently doing so on March 22 (red icon).
However, the price has been moving upwards since and broke out from the line on March 25.
If the upward movement continues, the next resistance would be at $1.
On March 24, Smooth Love Potion bounced and created a bullish candlestick, breaking out from an ascending parallel channel in the process.
Afterward, it returned and validated its resistance line twice as support. It began another upward movement on March 28.
If SLP manages to move above the $0.025 resistance level, the next resistance would be at $0.031. This is the 0.618 tib retracement resistance level.
Similar to SLP, Reserve Rights had been trading inside an ascending parallel channel since Feb 24. On March 27, it managed to break out from the channel and validated it as support the next day (green icon).
If the upward movement continues, the next resistance would be at $0.215.
Elrond has been increasing since Jan 22. On Feb 24 (green icon), it created a higher low and continued its upward movement.
So far, EGLD has reached a high of $214.80 on March 28.
However, this has potentially created a double bottom (red icons), which is considered a bearish pattern.
Conversely, a breakout above the current level would likely accelerate the rate of increase.
OGN initiated a rapid upward movement on Feb 24 and proceeded to reach a high of $0.85 on March 20. While OGN has been falling since it reached the 0.5 fib retracement support level on March 29 and bounced.
Despite the bounce, there are no clear bullish reversal signs in place.
Measuring from the February lows, OGN has so far increased by 150%.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here
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