Get up to date on the latest analysis and trading tips with our Crypto update week 5
- Bitcoin breaks resistance and heads higher, what now?
- MINA: a breakthrough in the bear market.
- RNDR Is at Resistance, Will We See a Breakout?
- LRC Experiences Explosive Rally
Bitcoin Breaks Resistance and Heads Higher
The Details: Up until 10 days ago, Bitcoin was stuck below the $21,500 resistance. However, on the 20th of January, it broke above its resistance and is heading higher toward the next resistance at $25,000. Let’s see what happens next!
There are multiple resistance levels on Bitcoin’s way to an all-time high. The first level comes at $25,000 and is where the short rally in August 2022 stopped. However, considering that Bitcoin has had a 50% increase in its price without any retracement, this resistance may hold temporarily. The price will likely retrace to the previous resistance of $21,500 if this occurs.
Once the $25,000 resistance is broken, the $34,000 is up next. This was an essential support level between May 2021 and May 2022.
If the price retraces, there are two support levels at $18,000 and $15,500. While reaching $18,000 is possible, it is unlikely the price will go back to $15,500.
200 SMA: Apart from the two support levels, there is the 200 Simple Moving Average (SMA). The 200 SMA acted as a resistance in the previous bear run, keeping the price from going above it. It is now likely to act as a support like from mid-2020 until 2021.
MINA: A Breakthrough in the Bear Market
MINA is a digital asset and cryptocurrency that has been making waves in the financial market. It was first introduced as a way for people to securely and anonymously transfer money without the need for a central authority.
The Details: In recent months, MINA has experienced significant growth and has broken a resistance level for the first time in the current bear market. This is a major milestone for the cryptocurrency, and it highlights more potential gains to be made ahead.
What Happens Now?
Furthermore, MINA has also broken above the 200 Simple Moving Average (SMA) for the first time, which is a widely used indicator for determining support and resistance levels. This is a clear sign that MINA is gaining momentum and is poised for even greater success in the future.
The next resistance level for MINA is at $1.60, which is the March 2022 high. This level represents a significant milestone for MINA, and if it is able to break above this resistance, it could lead to even greater growth in the future. After that, the next resistance level is at $3.50 and is the April 2022 high.
Conclusion: In conclusion, MINA is a cryptocurrency that has shown great potential recently due to breaking above a resistance level for the first time and above the 200 SMA. However, you should always do your own research and never invest more than you can lose in any particular coin.
RNDR Is at Resistance, Will We See a Breakout?
RNDR is at resistance and could experience a 120%-150% rally if the breakout pans out!
The Details: Render Token (RNDR) is a cryptocurrency that powers the decentralized render network of OTOY. OTOY is a cloud graphics company that provides high-quality rendering services to the entertainment, architectural, and product design industries. RNDR is used to pay for rendering services on the OTOY network and can be traded on various exchanges.
RNDR is at resistance; what now?
Recently, RNDR has been experiencing a strong rally, reaching its highest price since Spring 2022. This increase in price has attracted a lot of attention from investors and traders who are interested in the potential for future gains.
There are two key support levels for RNDR that investors should be aware of. The first support level is between $0.75-$1.00. The second support level is at $0.35, which is the lowest price the token has reached since its inception.
At present, RNDR is trading at the $1.60 level and is attempting to break out of this level. If the token is successful in breaking out, it is likely to head toward the next resistance, which is between $3.50-$4.00. This represents a potential increase of 120% to 150% from the current price.
Bottom Line: In conclusion, Render Token (RNDR) is a cryptocurrency that powers the decentralized render network of OTOY. The token is currently experiencing a strong rally and has two key support levels that investors should be aware of. If RNDR successfully breaks out of its current trading range, it has the potential for substantial gains in the future.
LRC Experiences Explosive Rally
LRC is currently experiencing an explosive rally. Let’s see how you can predict the start of such a rally and where it usually stops.
The details: Loopring (LRC) is a decentralized exchange (DEX) protocol and a cryptocurrency built on the Ethereum blockchain. It allows users to trade digital assets on a secure, low-latency, and scalable platform. LRC is the native token of the Loopring network and is used for paying trading fees, as well as for governance purposes.
LRC is known for its quick and explosive price rallies. These rallies can occur within a matter of days or weeks and can result in substantial gains for investors. However, it is important to be cautious when investing in LRC and to be prepared to take profit when necessary.
One useful indicator for identifying the start of a rally is the 50 Simple Moving Average (SMA). When the price of LRC crosses above the 50 SMA, it is often a good indication that a rally is about to begin. This is a time when investors should be particularly attentive and consider taking advantage of the potential price increases.
At present, LRC is up 130% in its current rally, which is a significant increase but not the largest rally the cryptocurrency has seen. The biggest rally was around 700%, which demonstrates the potential for substantial gains in the future.
Bottom Line: In conclusion, Loopring (LRC) is a promising decentralized exchange protocol and cryptocurrency that offers a secure and efficient platform for trading digital assets. While its quick and explosive rallies can result in substantial gains, it is important to be cautious and prepared to take profit when necessary. The 50 SMA is a useful tool for identifying the start of a rally, and investors should monitor this closely when considering investing in LRC.
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Bitcoin breaks resistance and heads higher, what now? | And More in This Week’s Crypto Update was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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