The cryptocurrency market has been looking forward to a trigger to start the next directional move. While the short-term price predictions are uncertain, traders are bullish for its long term. Trader Titan of Crypto highlighted a potential signal on the Bollinger Bands monthly chart, projecting a rally to $63,500 in approximately one year. Although Bitcoin is showing difficulty breaking overhead resistance in the $30,000 to $31,000 zone, a positive sign is that buyers are not ceding ground to the sellers. Here are five cryptocurrencies, XMR, OKB, and RPL, that show bullish possibilities in the short term, depending on their chart patterns.
Bitcoin (BTC) has turned down sharply from the resistance line of the symmetrical triangle pattern. The buyers have been purchasing the dips to the support line of the triangle, which can be seen from the long tail on the candlestick chart. The BTC/USDT pair may first fall to $26,942 and then to $25,250 if the price breaks below the triangle. If Bitcoin’s price turns down from the current level, that could raise the chances of a break below the support line.
Ether (ETH) faced strong rejection above the psychological resistance at $2,000, indicating that sellers still maintain control over the overhead resistance levels. However, the consolidation just below the local high is a positive sign. Ether’s price may remain range-bound between $2,000 and $1,785. A break below $1,785 may suggest that bears have seized control and could start a fall to $1,619. The 4-hour chart shows that bears are starting to lose selling momentum at lower price levels as lower prices experience buying demand.
Monero (XMR) is staying above moving averages, indicating that buyers are attempting a comeback. If XMR price is pushed above the neckline of the inverse head and shoulders pattern, the advantage will tilt in favor of the buyers. The XMR/USDT pair may then start a new up-move. There is a minor resistance at $181 but, if crossed, the pair may reach $187. On the downside, if the price turns down from the current level or the neckline, the sellers will aim to yank the price below the $149-support, opening the door for a decline to $130.
OKB (OKB) is trading inside a large symmetrical triangle pattern. Traders buy near the support line and sell near the resistance line. If the price turns up from the current level and rebounds from the support line, it will indicate demand at lower price levels. Buyers may push the price above the 20-day EMA ($46.87), meaning the inside-triangle territory will last a bit longer. If bears sink the price below the triangle, it implies that the setup has behaved as a reversal pattern. That could initiate a new downtrend which could pull the pair down to $37.
Rocket Pool (RPL) is looking strong as it trades above the moving averages, indicating that buyers are purchasing dips. To signal that the corrective phase may be over, the bulls will have to propel the price above the overhead resistance at $53.45. The RPL/USDT pair may try to rally to $58 if that level is reached. If the bears are in command, the price could break and close below the 50-day SMA, opening doors for a potential decline to $37.
In summary, Bitcoin and Ethereum are finding buyers and sellers at lower price levels, which may be bullish for XMR, OKB, and RPL.
According to https://cointelegraph.com/news/5-cryptocurrencies-with-the-best-upside-potential-in-the-week-ahead
The material in this article is written on the basis of another article.