In this article, Bitcoin Magazine looks at the price movement of seven different altcoins, including Fantom (FTM), which has just hit a new all-time high.
BTC’s daily chart has shown a bullish outlook since breaking above the USD 57,200 resistance area on October 15th. This is both a horizontal resistance range and a 0.786 fib retracement resistance. Additionally, this is the final area of resistance before breaking the all-time high of $ 64.854.
In addition, the technical indicators are rising.
MACD is in positive territory and increasing. This means that the short term trend is increasing faster than the long term trend.
Breaking the RSI above 70 is another bullish sign showing that momentum is still strong even if it is in the overbought territory.
BTC / USDT daily chart | Source: Tradingview
ETH has grown rapidly since breaking across the ascending parallel channel on October 13 and recovering from its resistance line (green symbol). The previous resistance line is now expected to act as support.
This line also coincides with the USD 3,650 support area, which further adds to its strength.
The main area of resistance is at $ 3,970, which was created by the September high. A break above this level is likely to trigger a quick rally.
ETH / USDT 6-hour chart | Source: Tradingview
Similar to ETH, XRP broke out above a rising parallel channel in early October and was subsequently rejected by the USD 1.20 resistance area. This is the 0.618 Fib retracement resistance that is most commonly used as resistance after price jumps.
Although XRP has since fallen, it has now reached the confluence of support levels (green circle). Support is created by the resistance line of the channel and another descending resistance line.
As a result, while there are no clear signs of a bullish reversal, XRP is at a level that is very likely to push the price back up.
XRP / USDT 6-hour chart | Source: Tradingview
XMR has been falling along with a descending resistance line since August 24th. This is a sign that it is in a correction phase.
XMR reversed the trend and broke above this line on October 7th. However, it was unable to continue its upward trend and has been falling ever since.
Similar to XRP, there are still no signs of a bullish reversal. However, XMR is trading above the confluence of support levels (green circle) created by the previous descending resistance line and the horizontal support area of $ 250.
XMR / USDT 6-hour chart | Source: Tradingview
The REEF has moved higher since breaking the descending resistance line on September 30th. This signals that the previous downtrend is over. After hitting a higher low on October 12, it accelerated faster.
On October 16, REEF broke above the September high of $ 0.029. It is currently facing resistance at $ 0.037. If the REEF manages to overcome this resistance, the next level will be found at the all-time high at $ 0.055.
REEF / USDT daily chart | Source: Tradingview
FTM has picked up speed since September 22nd. On October 8, it hit an all-time high of $ 2.45.
After a period of correction, it started another upward move and hit a new all-time high on October 19.
The next area of resistance is at $ 3.52. This is the outer Fibonacci retracement resistance level at 2.61 when measuring the recent decline. Whenever the token hits a new all-time high, such levels are often used to find the next level of resistance.
Daily FTM / USDT Chart | Source: Tradingview
CAKE has been moving along a descending resistance line since Aug 16th. This is a sign that he is correcting.
CAKE has made several attempts to break out so far, but to no avail. The last one was on October 13th.
If there is a breakout, the next resistance will be found at $ 22.88. This is the 0.618 fib retracement resistance and the horizontal resistance range.
CAKE / USDT daily chart | Source: Tradingview
You can see the coin prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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