Solanaisdisplayingremarkablepotentialforrecovery,anditappearsthattheassetmaybeapproaching$200.Theassetiscurrentlytradingcomfortablyabove$170afterstrongupwardmomentumwassparkedbythebreakthroughat$160earlierthismonth.Solanamightbepreparedtopushhigher,possiblytestingthenextsignificantresistancelevelat$185,accordingtotherecentpriceaction.
Accordingtothetechnicalchart,Solanaappearstofacelittleoppositiongoingforward.Theassetisnowmovingwithinacomparativelysmoothrangeafterbreakingoutofthe$160zone,withsupportbeginningtoformat$155.Asustainedrallyfortheassetisindicatedbythissolidsupportbaseandrisingmarketconfidence.Thenextimportantleveltokeepaneyeonis$185,whichmightserveasthenextobstacleinthewayofapossiblemovetowardthepsychologicallysignificant$200.
Solanaisalittleoverboughtbutstillmovingforward,accordingtotherelativestrengthindex(RSI),whichiscurrentlyatabout71.Asmallretreatorperiodofconsolidation,however,mightgivethebullsmorespacetobuildstrengthforalaterlegup.
Solanaislikelytotest$185,whereadditionalresistanceisanticipatedifitisabletomaintainabovethe$170-$175range.Becauseitbreaksthroughalong-standingresistancelevelthathasheldthepricebackformonths,thebreakoutabove$160issignificantbecauseitsignalsalargermarketshiftforSolana.
Solanamightbestartingalonger-termbullishphasebasedonthismovement,particularlyifitcanbreakthrough$185.The$200milestoneisverymuchwithinreachafterthat.ThepriceactionofSolanagenerallyindicatesasignificantupwardtrend.Strongmarketconditionsandlittleresistanceinthefuturecouldputtheassetontracktoreachthe$200marksoon.
AnotherDogecoinsurge?
ItlookslikeDogecoinispreparingforanotherpossiblepricespikeofupto30%.Thismaybethethirdlegofasequenceofpricedrives,whicharefrequentlyregardedasoneofthestrongeststagesofsuchmovements,accordingtotheElliottWavetheory.Dogecoin\'spriceactionmayseeasignificantshort-termboostfromthisnextleg.Examiningthegivenchart,Dogecoinrecentlysurgedabovekeyresistancelevels,hoveringaround$0.12andremainingstableinthe$0.13range.Theassethascontinuedtorisedespiteminordeclines,withstrongsupportformingat$0.12and$0.11.
DOGEhasthepotentialtoriseevenhigherthankstothisfoundation-particularlyiftheoverallcryptocurrencymarketcontinuestobeoptimistic.WiththeRSIatabout70rightnow,Dogecoinisalittleoverboughtbutstillmovingintherightdirection.Gainsmaybeconsolidatedbyabriefdeclinepriortoasubsequentupwardtrend.Dogecoincouldaimfora30%increaseunderthecurrentconditions,bringingthepricenearthe$0.18-$0.19range,akeypsychologicalresistancezone.
Pricemovementsusuallyfollowfive-wavepatterns,accordingtoElliottWavetheorywiththethirdwavebeingthelongestandstrongest.Thecurrentstateofthemarketindicatesthepossibilityofanotherlegup,drivenbyheightenedbuyingpressureandmarketoptimism-ifthistheoryiscorrectinthecaseofDogecoin.
Targeting$0.18-$0.19forapossibleupwardbreakout,tradersshouldnowcloselymonitorsupportlevelsaround$0.12and$0.11.Dogecoinmayexperienceanewphaseofgrowthasaresultofthethirdpricedrive,whichcouldpushpricestoall-timehighsintheupcomingweeks.
Ethereumuptrendincoming
ThechartshowsthatEthereumhasrecentlybeeninadiscernibleuptrend.Itisunclear,though,ifthismomentumwillbesufficienttostartafull-fledgedbullrun.Asofrightnow,Ethereumisoperatingwithinaclearlydefinedchannel,andhowtheassetrespondstoimportantlevelsoverthenextfewdaysmayindicateitsfuturecourse.Giventhecircumstances,Ethereumiscurrentlyencounteringresistanceat$2,790,whichhasbeenastumblingblockforthecryptocurrencythroughoutOctober.
Abreakabovethismarkmightindicateastrongerupwardtrend.Inthatcase,thepricemightaimforthepsychologicallevelof$3,000,whichwouldbeacriticalareaforadditionalgrowth.Significantsupportisformingaround$2,488onthedownside.Thelowerboundaryoftheascendingtrendlineisatthislevel,andadeclinebelowitcanindicateatemporaryretracement.
Additionalsupportcanbefoundat$2,400,whereEthereumhaspreviouslyrecovered.Therelativestrengthindex,orRSI,iscurrentlyat56,whichisinthemiddlerangeandshowsthattheassetisstillmovingupwardwithoutbeingoverbought.Althoughvolumeseemstobestable,anysignificantpricechangewouldrequiremoretradingactivitytosupportthetrend.Inconclusion,eventhoughEthereumiscurrentlyshowingpromiseitistoosoontodeclareaconfirmedbullrun.
MoreinformationwillprobablybecomeavailableinthedaysaheaddependingonhowETHrespondstotheresistanceat$2,790andmaintainssupportat$2,488.HighertargetsmaybeaccessibleifEthereumovercomessignificantresistance,butifitdoesnot,theremaybeashort-termretracementorsidewaysmovement.
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