Bitcoin (BTC) rebounded after its correction over the past week, with its value remaining above the $21.5k support level and retested the 200 MA as a support level on the 4h chart, before surging to the $25k psychological level and holding it as critical resistance since. In doing so, it printed a bullish engulfing candle on the weekly chart, closing at a level not seen since August 2022. This recent bullish trend in the Bitcoin chart raises the question of whether it will break through the 200 MA and 50 EMA resistance levels on the weekly chart.
Over the last month, Decentraland’s token (MANA) has been consolidating in the $0.62-0.85 price range, while maintaining the 200 daily MA as support. This suggests that the token is displaying bullish behavior as it has held up well after a significant price surge. However, for the token to further increase in value, it will need to break through the resistance zone between $0.80-0.85 before reaching the critical psychological level of $1 per token.
The behavior of Dogecoin (DOGE) in recent times has been intriguing, with no clear indication of its next move. Despite attempting to break above the 50 EMA on the weekly chart in late October and early November 2022, DOGE instead has held it as resistance. Additionally, the token has faced difficulty in maintaining the 200 MA on the weekly chart as support. Although the daily chart shows a series of higher lows, the bulls will need to put in considerable effort to push the meme coin to higher price levels.
After testing the 200 MA on the daily chart, Aave (AAVE) has formed a bullish engulfing candle on the weekly chart. This is a positive sign for the token, as it has been a while since Aave has spent an extended period above the 200 daily MA, indicating a favorable outlook. Yet, it faces stiff resistance in the $90-100 range, with the likelihood of an intervention by traders and investors increasing should this particular price zone be broken in the near term.
Stay tuned for weekly updates on the cryptonews and performance of major tokens and coins.
