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While digital gold is having a hard time breaking through, doubts are starting to arise about Bitcoin's movement around $66,000. The 50-day EMA is represented by a blue line on the chart. This average was an upper bound that Bitcoin was unlikely to be able to break. Currently, it matches the $67,000 level that Bitcoin has not yet surpassed.
On the downside, support for Bitcoin is located at $61,000. This is a level where Bitcoin has previously found support, meaning it has rallied after falling to this price, indicating some confidence among buyers.
However, the path to the upside is blocked by a major resistance area around $71,000, which Bitcoin price has reached many times before and been unable to break above. This range is currently 'unfortunately' as determining the price of Bitcoin has proven difficult.
Looking ahead, if Bitcoin can gather momentum to break above the 50 EMA and break through the $67,000 mark, the next target will be this $71,000 resistance. A convincing move above this could signal stronger growth going forward. However, if the price declines, especially if it breaks below the $61,000 support level, we could see a deeper pullback and shake off some of the weaker hands before attempting a new rally.
A huge increase in bonk
Bonk has made headlines with its price soaring an astonishing 80% in the past three days. This surge in value indicates strong bullish momentum as BONK breaks through the previous resistance level with surprising force.
If you take a closer look at the chart, you can see that the trading volume is consistently increasing as the price soars. However, this is not a positive jump, but rather a sustained rise, indicating increased investor interest. A gradual increase in trading volumes is behind the recent stabilization of price increases.
The next resistance level is currently set between $0.000028 and $29. BONK's trajectory suggests that it has a good chance of breaking through this wall and continuing to rise.
The narrative created by BONK price and volume activity shows that the cryptocurrency is gaining momentum and is succeeding in attracting traders and investors who are riding the current upward wave. .
Ethereum under stress
Ethereum is currently on the edge and bracing for price movements that could move it forward. Recently, ETH has been inching towards the 26-day exponential moving average (EMA). The EMA is an important technical threshold used by many to gauge short-term market trends. The price is close to this line, currently around $3,250, suggesting a potential breakout.
Traders are watching with bated breath as Ethereum plays with this 26 EMA. A decisive break above this line could open the door to further gains and signal renewed confidence among buyers.
However, Ethereum is also facing a slightly higher 50 EMA on the chart, representing a more important test of its strength. This convergence of the 26-day and 50-day EMAs could send the price into a corner and cause a spike in volatility as the asset fights between these two averages.
While the battle is being waged at the EMA, trading volumes are declining. This drop in trading activity may portend a reversal, as the current trend is losing favor among traders.
If Ethereum manages to gain strength to move above the 26 EMA and maintain its footing, the price could target the next key resistance level around $3,500. However, if it fails to break out, there could be a retest of the lower support and possibly even the $3,000 level, and this approximation often plays a psychological role.
About the author
Armand Sirignan
