Bitcoin price has experienced a massive increase in buying pressure that brings it closer to a crucial supply area. Ethereum, Shiba Inu, and Ripple are trying to make up for the losses of the multi-month decline in this bullish run. In his recent analysis, Akash Girimath touched upon the technical levels these cryptocurrencies may face in the coming days. As Kriptokoin.com, we are quoting the analyst’s shares…
Bitcoin price faces the decisive level
Bitcoin price has increased by about 14% in the last three days and reached $44,998. While this rally is impressive, it will approach the weekly demand zone, targeting $51,860 from $45,550. There is a good chance for BTC to break through this zone and form a local top at $48,464. However, going beyond this level will require a large increase in purchasing pressure, which is not expected. Most investors are expecting a higher rally from the February 10 high of $45,956. From a short-term perspective, traders can expect Bitcoin price to bounce back to the weekly support level of $42,748. If profits from higher levels continue, BTC is likely to pull back to the $39,481 support.
Besides, if Bitcoin price can produce a daily candlestick above $52,000, analysts expect a long-term uptrend. In such a scenario, investors can expect BTC to form a higher top (HL) and make a run at the psychological $60,000 level. On the other hand, if Bitcoin price pierces the daily demand zone, which stretches from $36,398 to $38,895, it will indicate weakness among buyers. However, a daily candlestick near $36,398 will invalidate the bullish argument.
Ethereum price position for further bullishness
Ethereum price bounced off the top of the demand zone at $2,567 and rose roughly 12% to form a swing high of $3,045. This move also pierced the 50-day SMA, creating a bullish outlook. Looking forward, traders can expect the price to retest the 50-day SMA and surge from $3,188 to $3,393 in the daily supply zone. However, any move beyond the supply zone is unlikely and would require a massive increase in buying pressure, according to analyst Akash Girimath. In a possible bullish case, ETH’s upside could be capped at $3,600, the crossover between the 100-day SMA and the 200-day SMA.
While analysts are searching for Ethereum price, the relationship with the 50-day SMA reveals weakness among buyers. In this case, ETH can be expected to return to the daily demand zone stretching from $2,160 to $2,567. Breaking this support area will invalidate the bullish thesis for ETH and open the door for the bears.
Ethereum and Ripple look set for gains
Ripple price has broken out of a descending resistance level, signaling a breakout. A consolidation here could be the key to trigger a quick rally to $0.85. This move will represent a 10% rise and form a temporary top. Given the existence of buy-stop liquidity above $0.85 and $0.91, there is a good chance for market makers to push the XRP price higher. In a significant bullish situation, XRP price could climb higher and retest the $1 psychological level and rally the remaining liquidity above it.
Regardless of the bullish outlook in the crypto markets, if the Bitcoin price drops, then the XRP price is expected to do the same. If that were the case, the demand zone stretching from $0.68 to $0.71 would play a crucial role in weakening the selling pressure and ending the bear rally. However, a solid close below $0.68 will create a lower low (LL) invalidating the short-term bullish view. The analyst states that in such a scenario, the XRP price could deepen to $0.63.
Shiba Inu price looks promising
Shiba Inu price briefly consolidated below the $0.0000233 resistance before bursting 56%. The resulting drop brought the meme token below $0.0000233 and then quickly rebounded. Since then, SHIB is up 24% and was rejected at the hands of a weekly resistance barrier of $0.0000283. The rejection here has the potential to undo recent gains and push the Dogecoin killer back to the $0.0000233 support level. If this outlook materializes, it will create a triple bottom pattern that predicts a trend reversal; In this case, it will trigger an uptrend.
The technical formation in question could trigger a 20% rise to $0.000283. In the bull scenario, the analyst thinks that the Shiba Inu price can reach $0.0000323, bringing the total gain to 40%. While things look positive for a quick rise, Shiba Inu price needs to stay above the $0.0000233 support base. A four-hour candlestick near the aforementioned resistance will create a lower low (LL) and invalidate the bullish argument for SHIB. In this case, Shiba Inu price could decline further and rally the liquidity remaining below the $0.0000202 support level. This development will be another catalyst event for the bullish outlook.
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