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These 3 Cryptos Look Poised to Explode Higher as Bitcoin Correction Fades

Published 03/21/2024, 09:31 AM
Updated 09/02/2020, 02:05 AM

Over the past couple of weeks, economic data, especially inflation, have dampened risk appetite and led to a sharp correction in cryptos.

However, yesterday's statements from the Fed seem to have brought an end to that bearish trend and reinvigorated the bulls.

The Fed's indication that it is committed to addressing inflation but projections suggest up to three cuts this year, helping alleviate concerns and prompting a shift in crypto market sentiment.

Despite recent setbacks, the underlying bullish dynamics of the crypto market remain intact. Bitcoin's halving pricing mechanism persists, and demand for spot Bitcoin ETFs remains strong, suggesting that the recent downturn may be temporary.

Today, we'll assess the potential direction of Ethereum, by examining key levels for Avalanche, which has held steady amid the recent pullback.

Additionally, we'll identify significant levels for FLOKI/USD, which underwent a notable surge yesterday.

1. Ethereum: A Potential Buy Above $3600

Ethereum fell to $3,150 last week with increasing selling pressure in the average range of $3,975 - $4,100, which we follow as a long-term resistance level.

Yesterday saw a quick turnaround, while Ethereum recovered all of the previous day's losses and regained the support area in the $ 3,300 region. Ethereum Price Chart

In the current situation, we see that the short-term EMA levels around $ 3,560 are the first resistance point in Ethereum today. If the day's close comes in the $ 3,600 region, we can see that the next resistance area may form at $ 3,860.

If Ethereum surpasses the resistance around $3,800, it may gain momentum and quickly climb toward the $4,300 - $4,600 range. This zone could also act as a barrier if there's a surge toward the all-time high, with the crypto hovering just below that record level.

If Ethereum maintains stable day closures above $4,600, the next target could be $5,020 based on Fibonacci levels. Additionally, breaking the resistance range of $3,550 - $3,600 today could signal an upward turn in the Stochastic RSI on the daily chart, indicating a buying opportunity.

However, if Ethereum fails to breach the $3,600 mark, the bullish scenario might lose validity, leading to a continued correction phase due to potential selling pressure.

In such a scenario, $3,300 will remain a crucial support level to watch. If Ethereum drops below this level, we may witness a new bottom forming around $2,900.

2. Avalanche: Watch for a Breakout Above $60

AVAX was among the cryptocurrencies that remained resistant to selling pressure by standing firm during the last one-week decline phase. Avalanche Price Chart

AVAX entered a gradual upward momentum after finding support from the $ 30 region in the early days of last month.

Based on the retracement in January AVAX is expected to reach a range of 53 to 60 dollars, it reached the target zone in the short-term bullish movement.

Then, it can be said that the cryptocurrency, which remained horizontal at this level, is looking for a new direction. Currently, AVAX has a support level at $53. Above this, the $60 mark acts as resistance. AVAX may continue in the direction it breaks out of its current channel.

If AVAX manages to surpass the $60 level and closes above $53 for the week, the next target would be $78, followed by $96 depending on momentum.

However, if AVAX drops below $50, it could lead to a correction down to $40. Nonetheless, the current expectation is for AVAX to maintain its trend above $53.

3. FLOKI: Watch for Closes Above $0.000250

FLOKI recorded a retracement of close to 45% in the ongoing selling pressure over the past week. FLOKI, which has stood out in the memecoin market since yesterday, jumped from $ 0.00017 to $ 0.00024, up 40% from $ 0.00017. FLOKI Price Chart

According to the move made up to $ 0.00017, the region where FLOKI found support from last week's peak, we saw that the trend reversal continued up to the region corresponding to Fib 0.618.

According to the latest situation, if FLOKI closes the day above $0.000250, the next bullish wave could move towards the average $ 0.00035 - $ 0.0004 zone.

Short-term support levels for FLOKI can be followed as 0.000245 - 0.00023 - 0.00021.

***

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Disclaimer: This article is written for informational purposes only; it does not constitute a solicitation, offer, advice, or recommendation to invest as such it is not intended to incentivize the purchase of assets in any way. I would like to remind you that any type of asset, is evaluated from multiple points of view and is highly risky and therefore, any investment decision and the associated risk remains with the investor.

Latest comments

About floki.... Do you really think it will high rise in the few coming days....??
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