Sunday has been a day of ups and downs in the crypto markets, with some digital assets kicking off fresh price-runs, while other tokens’ bullish momentum began to wane. While Bitcoin ($BTC) shakes off the bearish beating it received at the $60,000 price level, the Harmony Network’s $ONE token, and Dogecoin rival Shiba Inu ($SHIB) appear to be gearing up for a decent run. Cardano’s $ADA, on the other hand, appears to be settling down for a nap.
With $BTC’s price action having broken down from an Ascending Triangle pattern (analysed on Huobi charts, streamed via TradingView) from March – and through the bulk of April – the complex retrace that the oldest digital currency has been mired in may be starting to wind down. Though the coin’s price broke down from a smaller ascending pattern – which spanned a week – on reports of eccentric tech billionaire Elon Musk’s criticism of Bitcoin’s carbon footprint – bearish momentum appears to have slowed down.
Bitcoin may be in for some – at least short-lived – bullish price action in the coming days. A break above the $50,500 resistance level, may confirm a bullish move. Quite the climb from the $47,3k level (at time of writing) it currently stands at. While the market flashes green and red on the day, $DOGE appears to be bucking the indecisive trend and setting up to retake it’s previous price high.
Blockchain interoperability, and scaling oriented blockchain platform., Harmony’s $ONE token – provided the markets shrug Musk off – appears to already in an upward price swing, having climbed from a low daily close of $0.07 (61.8% fib level retrace) in the past three days, to challenge the $0.18 price barrier.
The token’s value has grown 1897% in the past 50 days, from a single US cent. If the move holds, then the $0.30, $0.36, $0.39 and – if momentum is strong enough – $0.43 price levels may be in play.
Cooling off in the week, following a +300% humdinger of a run last weekend, Doge Killer Shiba Inu ($SHIB) looks to be double bottoming (Huobi 4hr chart) at the $0.00001644 support level. The token may attempt the level again before retrying previous highs. $SHIB’s stochastic RSI has been riding the oversold position, making higher highs, which offers some confidence.
If the price doesn’t break to the circa $0.00001000 support band, a jump to the $0.00005600, $0.00006400, and perhaps the $0.7400 price levels could occur. Other Ethereum, Cardano’s $ADA, on the other hand – which has jumped 64% in the past 3 days – may be entering a cool-off period before resuming price discovery.
$ADA broke upward, three days ago, from the $1.56 support level, climbing a high of $2.4, before closing yesterday’s action off with a Bearish Harami pattern. A drop to the $1.80 – $1.70 price levels could be possible in the next few days.
All-in-all, if Bitcoin is setting up for an upwards move, traders should probably expect liquidity to be drawn from the altcoin markets within the short – mid term, which may cause some indecisive price action before bullish momentum resumes. Deeper retraces are also likely for assets that appear to be running out of bullish steam. It may be a few days before anything is settled.