Published 44 mins ago
The latter half of June sparked a new wave of recovery in the crypto market. With the top 2 cryptocurrencies Bitcoin and Ethereum leading this rally, the other well-established coins follow the same path, offering long-entry opportunities to interested trends. Given below are the cryptos with a bullish setup that is likely to prolong their price recovery.
Also Read: Bitcoin Whales Scoops 910k BTC; Good Chance To Breach $35k?
Ethereum(ETH) Price Analysis: Healthy Retracement Before a Rally
Source: Tradingview
In the 4-hour time frame chart, the Ethereum price shows the formation of a bullish flag pattern. This chart setup indicates this smart contract token is currently under a temporary correction which assists buyers to recuperate bullish momentum.
By press time, the ETH price trades at $1851 and continues to resonate between the two downsloping trendlines of this bullish pattern. Thus, the potential buyers looking for an entry opportunity must wait for a breakout above the overhead trendline.
The anticipated breakout will restore the bullish momentum and set a rally above $2000.
Xrp(XRP) Price Analysis: Accumulation at Pullback
Source: Tradingview
With an intraday loss of 5%, the XRP price showed a breakdown attempt from the support trendline of ascending triangle pattern. The support trendline of this pattern has maintained a sustained recovery rally for over 100 days and therefore losing this support would trigger an intense sell-off.
However, the buyers recovered over half of these losses indicating the buyers have not thrown the towel yet. If by the day’s end, the XRP price closed above the rising trendline, the bullish pattern will remain intact and so does the long-term bullish outlook.
A potential reversal from the pattern support trendline will set an upswing to the $0.55 mark.
Cardano(ADA) Price Analysis: Plots a Potential Upswing
Source: Tradingview
With the Mid-June recovery, the Cardano price rebounded from the long-coming support of $0.24. This was the second reversal from this horizontal support in the past six months, projecting the formation of a bullish reversal pattern called the double bottom.
The chart structure indicates the increased bullish momentum at bottom support bolstering a potential significant upswing. Thus, in response to this bullish pattern, the Cardano price could witness a sustained rally to $0.46.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
