Bitcoin (BTC)
After taking a severe hit during the previous bear market, Bitcoin has been attempting to regain ground gradually.
Since the price fell to $880 in June 2022, it has increased significantly, suggesting that bulls are beginning to
turn around. Bulls drove the price above the overhead resistance at $2,143, completing the ascending triangle
pattern that the price action of the previous several days had produced. $3,406 is the pattern target for this
bullish setup. The $3,406–$3,582 range may be ferociously guarded by sellers, but if bulls win out, the ETH/USD
pair may soar to $4,000 and eventually $4,868. A breach below the moving averages will be the first indication
of weakness. That will signal bears selling aggressively at higher prices. The failure of a bullish pattern is a
negative sign and may result in further downside.
Ethereum (ETH)
Ethereum has been gradually trying to recover after a sharp fall during the last bear market. Bulls drove the
price above the overhead resistance at $2,143, completing the ascending triangle pattern that the price action
of the previous several days had produced. $3,406 is the pattern target for this bullish setup. The $3,406–$3,582
range may be ferociously guarded by sellers, but if bulls win out, the ETH/USD pair may soar to $4,000 and
eventually $4,868. A breach below the moving averages will be the first indication of weakness. That will signal
bears selling aggressively at higher prices. Sellers probably have other plans in the interim. Their goal will
be to force the price back down to $2,143. Should that occur, it would imply that higher levels are being
considered as potential opportunities for sales. At $1,900, there could be a significant support level for the
pair. That can prolong the couple’s confinement within the triangle.
Solana (SOL)
Over the last several months, Solana has performed incredibly well. From a low of $8 in December 2022 to the
current value, it has increased dramatically. The RSI is in the overbought area and the 20-week EMA ($43) has
begun to rise, suggesting a possible trend change. The dips are probably going to be bought even if there’s
still a good chance of a decline to the 20-week EMA. A slight danger to the rally’s near-term sustainability is
the RSI’s negative divergence, which indicates waning momentum. Bears will need to pull the price below the
20-week EMA to stop the upward. That might initiate a temporary range-bound operation.
OKB (OKB)
As one of the few coins to have broken over its 2021 highs, OKB (OKB) suggests that the coin is in an extended
upward trend. The $59 to $38 range serves as a barrier, and the bulls are attempting to push the price over
it. The second leg of the uprise is probably about to begin for the OKB/USDT pair if they can accomplish that.
The two may increase to $80 and then to $100. Bulls still have the upper hand, according to the upsloping
moving averages and the RSI close to the overbought zone. It’s conceivable that the sellers have other ideas.
They intend to drive the price down to $54 to prolong the pair’s confinement inside this range. If $38 is
broken, it will indicate that the bears are back in the game.
Injective (INJ)
Injective (INJ) broke above the April 2021 high of $25.30, indicating that resumption of the uptrend is happening
here for INJ/USDT pair as well. The breakout of a previous major high signals strength and attracts buyers here
as well. The first strong support on the downside is at $25.30. If buyers flip this level into support, it will
signal the start of the next leg of the uptrend. The INJ/USDT pair could surge to $43 and thereafter to the
psychological level of $50. Alternatively, if bears tug price below $25.30, the pair could drop to 20-week EMA
($14). This remains the key level for bulls to defend because a break below it may start to decline towards
$14.
Conclusion:
Based on their recent price action and technical indicators, Bitcoin, Ethereum, Solana, OKB, and Injective appear
poised for further gains in 2024. However, investors should always remember that past performance is not
indicative of future results and should do their own research before making any investment decisions.
Source: CoinTelegraph
