The crypto market is generally taking on a shape as the alt-season plot lightens. Bitcoin continues to gain more dominance rising from the low yearly %61.4 to %62.08. Many altcoins, however, are in the green, as seen in the chart below.
Key Resistance: $10,000, $10,430
Key Support Levels: $8,786, $8,084, $9,509
In past weeks, it looked like bitcoin was trapped in a very dull trend. The boring pattern ended six days ago when, despite other top cryptocurrencies except ETH being bearish, Bitcoin became bullish. It gained %10, and as a result, it broke the $10,000 resistance level.
It reached as high as $10,147 on Coinbase before coming back down to $9,903 in a short time frame at the time of writing. With the new development in the price of Bitcoin, further support and resistance levels are created.
After the significant breakout that took place on May 27, the $8,786 support level continues to enjoy relative peace with no considerable testing. The $8,084 support level is no different in the trend of the “Unbroken.”
The $9,509 Support level has been a level to reckon. Before the significant breakout six days ago, the $9,509 support level was resistance and was untested for almost a month. Now, with the breakout, the $9,509 support level has turned support for nearly a week.
Prices went up and broke the $10,000 resistance level but did not get enough boost to remain above the $10,000 mark. The $10,000 resistance level remains a resistance level because the target can only succumb when there are enough bulls to propel the market. Unfortunately, such bulls don’t come often. The same sentiment also applies to the $10,430 resistance level.
Key Resistance levels: $320, $330
Key Support levels: $210, $225, $268
It has been a popular trend that when Bitcoin goes bullish, most Altcoins follow suit, the past days have not been different. Moments before the time of writing, the Ethereum price surpassed $300. In less than a week, Ethereum recorded a 30% price increase.
The increase in Ethereum price is due to the rise in the market cap of decentralized finance (DeFi) applications. During the short time frame of Ethereum rise, the $268 resistance level was broken and is now one of the numerous support levels. The $210 and $225 support levels are strong support and will take many bears to break.
The $320 resistance level was almost broken a few minutes before the time of writing. According to Coinbase, the price of the Ethereum price got as high as $318, the highest since June 2019. So far, the $320 and the $330 are unbroken.
Key Resistance levels: $0.1602, $0.1568
Key Support levels: $0.1387, $0.1098
Cardano is not left out in the bullish trend. Prices got to as high as $0.1568, bringing Cardano price change to almost 30% in less than a week. The exciting part of the price change is that $0.1568 is the highest price mark Cardano has experienced in months. The $0.1568 resistance level was tested today but not broken, still making it a crucial resistance.
The $0.1602 resistance level is untested for months now, still making it another resistance to reckon with. The $0.1098 is a healthy support level and has remained untested since the early parts of July.
It has undoubtedly been a weekend to remember for crypto traders. However, the new week is undoubtedly set to ring surprises with either new resistance levels broken, or newly found support struggling to hold the frenzy as the traditional markets reopen.
Author: Gideon Geoffrey