A prominent crypto analyst is charting the way forward for four crypto assets that have witnessed bullish price action over the past seven days.
In a new strategy session, pseudonymous analyst Cred tells his 49,200 YouTube subscribers that XRP could see bullish continuation as long as it breaks above previous resistance at $0.414.
“If this breakout holds and XRP does its type of trend that wipes out the candles where it just moves on the moon and retraces weeks and weeks and weeks of selling in a much fewer number of weeks, if that is the case, I think the larger magnet if you will, or the lighter level for the price is around $0.50 to $0.60″.
XRP, which is up almost 10% last week, is trading at $0.425 at the time of writing.
The next step is the Cardano (ADA) smart contract protocol. Cred says the seventh-largest crypto asset by market cap is “respecting the technicals” and could re-hit its 2023 high of $0.42, which it hit in February.
“I think as long as you don’t get daily acceptance below $0.35 and this most recent reversal level [of around $0.35]… I think if this recovers the sticks, the next high time frame problem area is this big high support resistance range change thing at around $0.41. That makes sense to me.
And then if that breaks down, we can build a range out of this with $0.40, $0.60, and $0.50 being the middle. But I think in the short term, we have pretty clear trade levels between $0.35 and $0.42-ish.”
Cardano is trading at $0.361 at the time of writing.
As for Solana (SOL), the pseudonymous analyst says that the 12th largest crypto by market cap is forming a double bottom pattern after managing to hold support at $20. $23 and resistance at $26.
“Essentially, we have a double bottom that forms just above a high support level on the time frame. [at $20]…
Sort of a range low rally as long as you don’t get daily closes below $20-$21. It looks like it is trading back in the range.
When markets do that, we like to look in the middle and across the range, which I think for this [Solana daily timeframe] The chart would be something like $22 is the midpoint of the range, $24 is the range high.
You could be a little more charitable and use something closer to the tips, the same local range around $20 and then the high range of $26, giving you a midrange of $23, $24.”
Solana is worth $20.89 at the time of writing.
The latest coin on the trader’s radar is Ethereum (ETH) rival Fantom (FTM). According to Cred, FTM looks bullish as long as it holds above its previous resistance at $0.43.
“As long as that is the case, I would expect the high [around $0.65] to be traded and then the next big problem area, if we get a really meaty rotation, is the previous range high of $0.70 to $0.90.”
Fantom is trading at $0.46 at the time of writing. A move towards the upper bounds of the analyst’s target suggests a rally of more than 90% for competitor Ethereum.
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