The price of Bitcoin faces resistance at various levels, including $26,700 and $26,850.
Maker (MKR) is exhibiting a bullish trend with the formation of an ascending triangle pattern.

Following three consecutive weeks of forming Doji candlestick patterns on the weekly chart. Bitcoin (BTC) has declined to $26,708, indicating a potential positive conclusion for the week. This early development suggests that the previous uncertainty between bullish and bearish forces may be shifting in favor of the bulls.

Bitcoin’s bounce back from the substantial support level of around $24,800 has sparked enthusiasm for trading certain alternative cryptocurrencies, presenting trading possibilities. To sustain their upward trends, these alternative cryptocurrencies depend on Bitcoin staying above the $26,500 mark.

Bitcoin price analysis

The Bitcoin price initiated a notable uptick above the resistance zone at $26,200. BTC even surged past the $26,800 mark but struggled to maintain its position in the positive territory.

Subsequently, a minor corrective move unfolded below the $26,550 threshold, with the price dipping as low as $26,412. Presently, there is an attempt to commence a fresh ascent. Notably, the price exceeded the 50% Fibonacci retracement level of the downward movement from the swing high at $26,887 to the low at $26,412.

At present, the price of Bitcoin is trading above $26,759, and the 100-hourly Simple Moving Average is providing support. Furthermore, there is the formation of a connecting bullish trend line with the support of around $26,700 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $26,700 level or the 61.8% Fibonacci retracement level of the downturn from the $26,887 swing high to the $26,412 low. The initial significant resistance point lies at approximately $26,850. The next notable resistance may materialize near the $27,000 mark.

If there is a successful closure above the resistance at $26,850 and $27,200, it could potentially trigger another bullish surge. The subsequent significant resistance level to watch for is roughly $27,500, beyond which the bulls may gain further momentum. In such a scenario, the price might test the $28,500 level.

Maker Price Analysis

Maker (MKR) shows signs of a bullish trend as it recently formed an ascending triangle pattern. This pattern typically indicates a potential upward movement in the price of MKR. Traders and investors are closely monitoring this development, as it could lead to significant price gains. These levels represent significant hurdles MKR would need to overcome for further price appreciation.

AAVE Price Analysis

AAVE/USD is trading positively, pushing the coin above the upper channel boundary. Per the daily chart, the candle formations suggest that the upward momentum could continue if bulls maintain their pressure.

Examining the daily chart, Aave’s price began its ascent with the stock markets earlier this week. The cryptocurrency hasn’t looked back after confidently breaching the $62.9 level a few hours ago. It has outperformed many other coins in the market. Additionally, a breach above the upper channel boundary might trigger substantial buying interest, propelling AAVE towards resistance levels at $70.0, $75.0, and $80.0.

Moreover, the Relative Strength Index (RSI) with a 14-day period is poised to move above the 60-level, indicating a bullish direction. Conversely, Aave’s price might find support at $55.8, and if it dips below this level, the next support is at $50.0.

RNDR Price Analysis

During this bear market, RNDR/USDT has faced significant challenges, with its price plummeting by over -80% from its peak at $8 to a low point of $0.4. Subsequently, the price of RNDR/USDT experienced a notable rebound from this level, driven by the enthusiastic support for AI-related tokens.

After reaching its annual high at $2.9, RNDR’s value encountered resistance, causing a decline to the $1.25 range, which has proven to be a robust support level. The price of RNDR remained in a downtrend until it eventually broke free in an upward direction.

Following a successful breakout from its previous downtrend, RNDR trades above the 50-day Exponential Moving Average (EMA). There is a significant likelihood that the price could retest the $2.9-$3 range if it surpasses the $1.9 mark, corresponding to the 38.2% Fibonacci retracement level. Such a move would signify a resumption of a bullish trend.

The MACD and RSI indicators for RNDR provide bullish price action signals, suggesting that the price may continue to rise, with buyers firmly controlling the market.

RUNE Analysis

Recently, RUNE has executed a commendable recovery over the past few days, signaling the resurgence of buyer interest. This upward movement is now nearing a significant obstacle as it approaches a robust resistance level at $2. If the price experiences a sharp decline from the $2 level, it would indicate a swift exit by bullish investors, potentially leading to a pullback towards the 20-day Exponential Moving Average (EMA) at $1.62.

Conversely, if the RUNE/USDT pair maintains its current position without significant losses, it would suggest that the bulls are standing their ground in anticipation of a sustained rally. A successful breach of the $2 barrier could initiate a fresh uptrend targeting $2.30 and $2.80.

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Filed under: Bitcoin - @ September 18, 2023 4:16 pm