Weekly crypto-market analysis from Geco.one 26.07.2021
The cryptocurrency market has been gaining almost continuously for 6 days. Last night saw an unexpected increase in BTC quotes, which also entailed the rates of many popular Altcoins. This appreciation was strong enough to break significant resistance levels on the charts of many cryptocurrencies.
Looking at the quotations of the oldest virtual currencies, we notice that another resistance of $ 36,400 was overcome last night. This means that we could expect to retest the zone between $ 40,800 and $ 42,200 in the near future if this trend continues.
Suppose we managed to reach the resistance mentioned above and break much above. In that case, we could already talk about a change in the market attitude and a potential continuation of increases in the medium or even long-term horizon. This trend could then eventually lead to the breaking of a new ATH above $ 65,000.
The past note was also noticeable on the listed Ethereum, which broke above the technical resistance of $ 2,190. This trend stopped only in the vicinity of the next zone, amounting to $ 2,390.
Even if this level is dropped, short-term declines could only be a form of correction, which would lead to a retest of the recently defeated resistance, which will now be a support.
A permanent exit above the currently tested zone would, in turn, open the way for further appreciation to around $ 2,600, $ 2,900, $ 3,200, or even $ 3,600.
BNB is also in the area of significant resistance, the rate of which has risen over the last six sessions to a technical resistance of $ 330 and measuring 50%. Fibonacci correction from an earlier downward impulse.
It is worth noting that this zone is the upper limit of the consolidation that has been going on for over a month. Due to this fact, only a permanent break above this resistance could open the way for further appreciation. If that happened, the BNB price could return to around $ 430.
Looking at the LINK quotes, we will notice that the price of this cryptocurrency has increased in recent days from technical support of $ 13.50 to a horizontal resistance of around $ 20.
Due to this fact, the potential for short-term increases seems to be very limited at present. For this trend to continue, it is necessary to break above $ 20. If this is successful, the LINK rate could go up to $ 25.50, or even $ 35.
On the other hand, Polkadot looks more optimistic, its rate today breaking above the technical resistance of $ 14. As a result, if the appreciation lasting for 6 days is continued, the DOT rate could reach 17 dollars in the near future. A permanent break above this resistance could, in turn, open the way for a further increase to reach the level of $ 27.