Bullish Set-Up Laid Down for these Altcoins as They Get Closer to a Massive Breakout
The recent announcement of the revised inflation and the CPI rates have hung the crypto spaces within the bullish & bearish trend. Most of the assets including Bitcoin & Ethereum have been under extreme bearish pressure from the past week that has compelled the crypto space to remain uncertain of the upcoming move.
Amid the misty environment, some of the assets display huge possibilities of breaking above the consolidation this week.
Bitcoin price slipped below the important 20-day EMA at $22,800 just before the weekend igniting a notable bearish trend. Further, during the weekend, the asset again broke down below the 50-day SMA at $22,300, while the bulls were attempting to hold the asset within the ascending parallel channel.
Woefully, the previous day’s price action drained the asset heavily. However, the technicals suggest that the BTC price is on the verge to make a fine leg up soon as the RSI has reached the lower support. On the other hand, MACD is displaying bearish signals and hence an extended consolidation will result in a significant breakout.
The markets were flipped heavily as most of the assets dropped notably since the early trading hours. However, the BNB price quickly flipped on hitting the lower support, a rebound is yet to be validated. The price still hovers within the pre-determined resistance and support levels and hence keeping the hopes for a significant upswing.
EOS price due to the recent rebranding from EOSIO to EOS Foundation(ENF) has induced significant bullish momentum. The price faced a rejection just below the important resistance at $1.6. However, the price is trying hard to recover but the bears also stand strong keeping the price restricted below $1.7. After experiencing extreme bearish pressure, the price may break out of consolidation to test the upper target at $2.
The Quant price has also acted negatively amid the recent price actions and drained more than 11%, nullifying the recent gains. However, the price is also experiencing an upward pressure as the buying volume also mounts up to some extent. Therefore, in the coming days, the price is expected to range high as the RSI is ranging towards the upper resistance.
The Chiliz price after the price spike has dropped all its gains, undergoing an inverse parabolic recovery. Further, a parallel ascending consolidation had induced some hopes of a continued bullish trend, which was challenged by the bears in the early trading hours. Therefore, after a brief consolidation, the price is expected to rebound and surge beyond $0.2 to achieve the initial target at $0.22 very soonSource