Happen[in]The Crypto Project takes a look at the price movement for seven different cryptocurrencies including Galaxy (GAL), which may have formed a double bottom pattern.
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Bitcoin (BTC) has been falling below a descending resistance line since April. The decline led to a low of $26,700 on May 12.
While the price has been rising since then, the entire upward movement is contained inside an ascending parallel channel. Such channels usually have corrective structures.
Furthermore, BTC is facing resistance from the confluence of the $31,500 level, specifically a horizontal resistance area, the middle of the channel, and a descending resistance line.
Ethereum (ETH) has been declining since May 12 inside a descending parallel channel. The downside momentum led to the May 27 low at $1,703.
Currently, ETH is facing resistance from the middle of the channel (red sign).
Whether the price breaks or falls from this channel, it will potentially determine the direction of future movement.
Cartesi (CTSI) has been declining since reaching a high of $1.73 in November. The decline so far has reached a low of $0.127 last month.
The downside also led to a breakdown from the $0.34 horizontal zone, which had previously acted as support since March 2021. Besides, the weekly RSI has declined below 50 (red icon). All these are considered to be bearish signals.
Hence the trend cannot be considered bullish until the CTSI manages to reclaim the $0.34 horizontal area.
Algorand (ALGO) has broken above the $0.70 horizontal support area, which previously acted as support for over a year. It also broke above the ascending support line, so there are two breaks in the structure. Additionally, the RSI is below 50.
If the downward movement continues, $0.22 . There is strong support near the all-time low of
The Enjin (ENJ) was rising along the ascending support line since the March 2020 low. The movement led to an all-time high of $4.84 in November.
However, the price has since been declining and broke the line in April 2020.
If the decline continues, there are supports at $0.39 and $0.22. These are both horizontal support areas and 0.5 and 0.618 Fibonacci retracement support levels respectively.
Ontology (ONT) has been declining since reaching a high of $2.95 in May 2021.
In early May 2022, ONT broke above the $0.45 area, reaching a new all-time low of $0.19 on May 12.
The trend cannot be considered bullish until the $0.45 area is reclaimed.
Project Galaxy (GAL) has been trending upwards since hitting a low of $2.16 on May 12. The bounce was sharp, leading to a high of $8.18 the next day.
Since then, the GAL has been decreasing inside a descending parallel channel. Such channels usually have corrective movements, which means they are likely to lead to a breakout.
Furthermore, the GAL has formed a double bottom pattern combined with a Bullish Divergence in the period since May 27.
As a result, it is possible that the price will break out.
For Be[in]Latest Bitcoin (BTC) Analysis of Crypto, click here