Bitcoin (BTC) experienced mixed price behavior over the past week. It held the $22.6k level as resistance after breaking the price channel it had previously been forming. It then dropped to a low of $19.5k, testing the 200 daily MA in the process, before forming a double bottom on the 4h chart and reversing upwards to reach the coveted $25k level. Invalidation of the previously-formed bearish distribution pattern has taken place at the current moment, as question marks will be raised as to whether Bitcoin will be able to form higher lows and break the $25k level.
In recent days, Decentraland (MANA) experienced a significant price reversal to the upside. This followed the formation of a double bottom pattern on the 4h chart, after reaching a price low of $0.48 on March 10, 2023. It subsequently broke past the 50 EMA on the same chart and is currently holding the $0.60 level as resistance. On the daily chart, Decentraland broke past the 200 MA, a significant bullish development for the renowned metaverse token. It is expected that there would be increased open interest by traders and investors for the token should the $0.62 resistance level be breached, since it represents confluence with the 50 EMA on the daily chart.
Dogecoin (DOGE) continued to show relative weakness in the market, reaching the $0.062 low, a price level not experienced since late October 2022. It has formed a head-and-shoulders pattern over the $0.080 price support before breaking downwards, in the process dropping below the 200 daily MA, not long after falling below the same level on the weekly chart. It has experienced a brief revival over the past few days, rising and holding the $0.074 level as resistance, while seeking to establish support over the 50 EMA on the 4h chart.
Aave (AAVE) also underwent a post-distribution price descendency in the recent period, before reversing. Between mid-January and early March 2023, it formed a double top pattern over the $77.6 support level, before plunging below and also breaking past the 200 daily MA. After reaching a local bottom of $64.8 per token, a price level that served as resistance in November and December 2022, it reversed and surged past the 200 daily MA and back to the $77.6 level, this time holding it as resistance. This price also represents confluence with the 50 EMA on the daily chart.
Stay tuned for weekly updates on the cryptonews and performance of major tokens and coins.
