Coin Edition -
- The global cryptocurrency market cap rose 1.88% over the past 24 hours and stood at $1.41 trillion.
- SHIB, BTC, DOGE, and SOL all broke above major resistance levels on their charts over the past few days.
- BTC may rise to as high as $39,200 if bulls continue to drive its price.
The cryptocurrency market started the week off on a positive note as its total market capitalization rose 1.88% over the past 24 hours. According to CoinMarketCap, this placed the market’s valuation at around $1.41 trillion at press time.
Following this rise, Shiba Inu (SHIB), Bitcoin (BTC), Solana (SOL), and Dogecoin (DOGE) may continue climbing in the next week. All of these cryptocurrencies broke above major resistance levels on their respective charts and showed no signs of slowing down.
Shiba Inu (SHIB)
Daily chart for SHIB/USDT (Source: TradingView)
SHIB briefly dropped below the $0.00000847 support level during yesterday’s trading session, but bulls were able to boost the cryptocurrency’s price to close the trading session off at $0.00000867. Should the meme coin close today’s daily candle above this mark, then it may embark on a journey to the next major resistance level at $0.00000925 in the short term.
This bullish thesis could be invalidated if SHIB closes today’s daily candle below the $0.00000847 support level. In this more bearish scenario, traders may begin to sell some of their SHIB holdings, which could lead to the altcoin’s value dropping to as low as $0.00000775 through the course of the next week.
Bitcoin (BTC)
Daily chart for BTC/USDT (Source: TradingView)
The market leader was able to break through the $36,900 barrier over the past 24 hours. Subsequently, a daily candle close above $36,900 today may lead to the cryptocurrency continuing its climb.
Traders and investors will also want to note that a positive price channel had formed on BTC’s daily chart after it printed a series of higher highs and higher lows over the past 2 weeks. This suggests that BTC has entered into an upward trend. Should bulls continue to drive BTC’s price, then it may rise to as high as $39,200 in the coming couple of days.
This bullish thesis may be invalidated if BTC closes today’s trading session below $36,900. In this more bearish scenario, BTC could be at risk of dropping to as low as $34,100.
Solana (SOL)
Daily chart for SOL/USDT (Source: TradingView)
Similar to BTC, SOL was able to break above a key resistance level throughout the past day of trading. During this period, the altcoin surpassed the $59.60 threshold and continued to trade above this significant point at press time, according to TradingView.
Closing today’s candle above this mark could give SOL the foundation needed to rise to the subsequent resistance level of $68.65. Conversely, a daily candle close below $59.60 may invalidate this bullish thesis. This could then trigger a wave of profit-taking activity from traders, which could put SOL at risk of retracing to $53 in the next few days.
Dogecoin (DOGE)
Daily chart for DOGE/USDT (Source: TradingView)
After briefly tapping the support level at $0.07755 yesterday, DOGE closed yesterday’s candle off at $0.08046. The long wick under the current daily candle suggests that bulls are still attempting to push the cryptocurrency’s price up. If buyers are able to dominate bears in the next 24 hours, then DOGE may rise to as high as $0.08270 in the next 48 hours.
A daily close above this major resistance level could then set the cryptocurrency’s price up to climb higher in the following few days. Should the buying pressure persist, DOGE could rise to as high as $0.08665.
On the other hand, if the leading meme coin’s price breaks below $0.07755 in the next couple of days, then the bullish thesis will most likely not play out. Consequently, the cryptocurrency could correct all the way down to $0.07240.
The post Top Cryptos to Watch: BTC, DOGE, SOL, and SHIB Eye Renewed Gains appeared first on Coin Edition.