- Bitcoin:
- Showing signs of recovery, back above $67,000.
- Potential to break out of its medium-term descending channel.
- Possible targets: $69,000-$70,000 zone and a rally to its all-time high.
- Altcoins:
- Most remain in the red despite Bitcoin's recovery.
- Ethereum:
- Could surge towards $3,700.
- Needs to break above its descending wedge for the upward move.
- Avalanche:
- Consolidating above its 25-day EMA.
- Bullish momentum could push it to $43.6.
- FLOKI:
- Expected to climb by 40%.
- Potential to retest its all-time high if it breaks above $0.0000267.
The cryptocurrency market is exhibiting signs of a potential recovery, with Bitcoin once again surpassing the $67,000 mark. Despite this positive movement, many altcoins continue to experience downward trends.
Bitcoin is on the verge of breaking out from its medium-term descending channel, with projections suggesting it could reach the $69,000 to $70,000 range. A successful breakout here might pave the way for a rally towards its all-time high.
Similarly, Ethereum shows promise, potentially surging to $3,700 if it can overcome its current descending wedge pattern.
Avalanche, on the other hand, is stabilizing above its 25-day Exponential Moving Average (EMA). Should this bullish momentum persist, Avalanche could target the $43.6 mark.
The token FLOKI is also expected to see a significant increase. If it surpasses $0.0000267, it could climb by 40% and possibly retest its previous all-time high.
Over the past weekend, the crypto market showed signs of stabilization. In the last 24 hours, the overall market cap dipped by just 0.08%, with Bitcoin maintaining a position above $67,000.
A glance at the crypto heatmap reveals that Bitcoin, Ethereum, and other large-cap altcoins are gaining ground, although many smaller altcoins remain in the red.
Regarding liquidations, the past day has seen moderate figures, with bulls losing around $88 million compared to the bears' $33 million.
The crypto market is currently in a transitional phase, with bulls struggling to regain dominance. Given the market's potential volatility, traders should proceed with caution.
Bitcoin stands on the brink of a significant breakout. If it successfully exits its short to medium-term descending channel, the initial target would be the $69,000 to $70,000 range. This psychological resistance level, a previous all-time high, might lead to some consolidation before Bitcoin can aim for new highs of $73,000 and potentially $75,000.
Ethereum has recently broken above its 25-day EMA and is consolidating. A breakout from its descending wedge could propel it to the $3,700 mark. Following this, Ethereum might experience a post-breakout retest before continuing towards its all-time high or even surpassing it.
Avalanche's price action mirrors that of Ethereum, having broken above its 25-day EMA and now consolidating. This consolidation, coupled with a bullish Relative Strength Index (RSI), indicates potential upward movement. If the bullish momentum holds, Avalanche could first retest $43.6 and confirm bullish control by breaking above $39.87.
FLOKI is experiencing a strong uptrend, particularly since the start of May. The token could see a further increase, potentially facing resistance at $0.0000267. A breakthrough at this level might lead to a retest of its previous all-time high around $0.00003138, or even setting a new one.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccuracies. Cryptocurrencies are highly volatile financial assets, so it is crucial to conduct thorough research and make informed financial decisions.
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