The week was busy for the cryptocurrency market with crypto making moves of high volatility with falls and rises above 10%.
Despite the high volatility, the cryptocurrency Dogecoin has been stealing investors’ attention. It remains among the main crypto assets in the market with more than 45% appreciation in the last 24 hours.
Now, investors are wondering what will be the next movement of the digital assets that increased most in the week, such as Ethereum, Dogecoin and Binance Coin (BNB).
First, in the case of Ethereum, analyst Rakesh Upadhyay points out that altcoin has been in a strong upward trend. However, the big moves in the past two weeks indicate frantic purchases.
According to the analyst, the Relative Strength Index (RSI) surpassed 88. And that indicates that the recovery is exaggerated in the short term.
Therefore, he said, bulls are likely to face strong resistance in the area between the Fibonacci 161.8% extension level at $ 4,052.21 and the all-time high at $ 4,374.67.
“If the price falls from the current level, the ETH / USDT pair is likely to find strong support at the 38.2% Fibonacci retracement level at $ 3,195.98,” he said.
On the other hand, if the pair falls below $ 3,195.98, the next stop will be the 50% retracement level at $ 2,831.88. Then, the next level of retracement would be 61.8% at $ 2,467.78.
Dogecoin (DOGE) has shown a strong upward trend in recent weeks. As the analyst noted, the charts showed aggressive profit reserves at higher levels.
“However, the bears were unable to capitalize on the opportunity or maintain the pair’s value in negative territory. That’s because the bulls bought at the falls this week, ”he said.
According to Upadhyay, when bulls buy low and bears sell on resistance, the asset usually goes into limited action. Consequently, the volatility of the crypto falls.
“In this case, the DOGE / USDT pair could consolidate in a range between $ 0.35 and $ 0.73 in the coming weeks,”
Finally, on the Binance Coin (BNB), the analyst pointed out that the upward trend has hit a barrier. This happened at the Fibonacci 161.8% extension level at $ 680.03.
“However, bulls are not willing to give up their advantage. After all, they bought on the downturn in the Fibonacci retracement level from 38.2% to $ 513.45. This suggests that the sentiment remains optimistic, ”he said.
In that sense, he believes that if buyers can sustain the price above $ 680.03, the BNB / USDT pair could resume its upward trend towards the 200% Fibonacci extension level at $ 796.64. You can then reach the 261.8% extension level at $ 985.30.
“However, if the price drops again from resistance, the pair could witness a profit reserve that could pull the price down to the 50% retracement level at $ 458.37. And then, to the 61.8% retracement level at $ 403.29, ”he said.
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