By Ryan O'Neill
Bitcoin has traded above $33,000 for the last three days, suggesting that the investors are not in a rush to book profits. If the rally continues, it may trigger FOMO (Fear of Missing Out), which may then lead to increased buying activity, pushing BTC’s price even further. But rallies fueled by FOMO are never sustainable. So, if that’s the main driver in the ongoing rally, Bitcoin will eventually drop to retest key support levels over the coming days.
Meanwhile, BTC’s dominance has increased to 53.6% as of this writing, the highest it has been in nearly 30 months. The growth in Bitcoin’s dominance indicates that the coin continues to lead the charge higher. Peter Brandt, a prominent crypto trader, suggested earlier this week that the crypto rally had officially begun. However, he warned that Bitcoin and altcoins won’t break past their current all-time highs until after the Bitcoin halving next year.
Will Cryptocurrencies grow further, or should we expect a corrective phase in the next few days? Let’s take a look at price charts to find out.
Bitcoin Price Analysis
BTC has yet to retest $35,000 after reversing from the price in midweek. However, with its value still above the 20-day Exponential Moving Average (EMA) of $33,894, there is a chance Bitcoin bulls may attempt to thrust the digital asset above $35,000 for a strong rally to $40,230. On the other hand, Bitcoin may retest $32,399 and even $31,143 if $33,894 crumbles.
Ethereum Price Analysis
The long wick appearing on Ethereum’s price chart (1 day) suggests that the sellers are aggressively guarding the $1,856.03 resistance level. However, the growing 20-day EMA of $1,675.83 indicates that the selling pressure is reducing, and the buyers are gaining a solid advantage. ETH trades at $1,793.27 as of this writing. The bulls will now try to push the token above $1,856.03 to open up possibilities of a rally to $2,043.50. But this may not happen if ETH drops below the $1,745.43 breakout level, as the digital currency could then slide toward $1,675.83.
BNB Price Analysis
BNB bears continue to be active at key resistance levels. Earlier this week, the fourth-largest cryptocurrency by market cap reversed from $234.87, hitting $226.12 as of this writing. Given that the current BNB value is above the $222.84 support level, the bulls seem unwilling to let go of their advantage. That said, they may attempt to thrust BNB above $234.87 for a price jump to $248.76 and even $264.93.
XRP Price Analysis
XRP is changing hands for $0.555512, near the $0.560329 resistance level. Will the bulls finally kick the token above this key price? If they do, an upward move to $0.692810 becomes very likely. On the other hand, XRP may decline to the 50-day Simple Moving Average of $0.510026 and then to $0.467291 if it crosses below the 20-day Exponential Moving Average of $0.527093.
Cardano Price Analysis
Among the cryptocurrencies that have seen a two-digit growth this week is ADA. The token is up 12% to trade at $0.296971 as of this writing. With Cardano above the 20-day EMA of $0.281043, we may see the digital currency rising above $0.3001873 to reach $0.326924 over the coming days. Conversely, if bears tug ADA below $0.281043, the crypto could slump to the 50-day Simple Moving Average of $0.260319.
Dogecoin Price Analysis
Like ADA, DOGE has grown by more than 10% in the last seven days. It now changes hands for $0.069466, near a tough barrier at $0.070830. In the event the bulls thrust the memecoin above this key level, Dogecoin may grow to retest $0.073992 and even rally further to $0.079422. On the contrary, a reverse from $0.070830 could prompt DOGE to collapse towards the 20-day EMA of $0.063598.
Toncoin Price Analysis
TON is the only top 20 crypto asset closing in the red this week. It is down 4.5% to trade at $2.08 as of this writing. If Toncoin drops to $1.88 and then reverses, it may continue trading between that price and $2.32 for longer. However, a pull below $1.88 could drag TON to $1.59.