Bitcoin Reclaims $28K: Analyzing ARB, XRP, EOS, & AAVE’s Potential Recoveries Amid Market Shift

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Bitcoin has reclaimed the $28,000 mark, and charts suggest that ARB, XRP, EOS, and AAVE could follow suit. This recovery comes in the wake of US lawmakers tentatively agreeing on a debt ceiling deal on May 27th, which sparked a rally in the US equities market and a positive sentiment for the cryptocurrency sector.

Investors’ focus may now shift to the Federal Reserve’s rate hikes as market data suggests a potential short-term up-move for select altcoins, including Bitcoin. However, it might be difficult for bulls to sustain the rally at higher levels.

The BTC price is facing overhead resistance between the 20-day exponential moving average ($27,146) and the support line of the symmetrical triangle. If buyers can successfully push the price back into the triangle, it could indicate strong buying on dips and increase the likelihood of a break above the resistance line. This might lead the pair to go as high as $31,000.

In contrast, XRP has formed an inverse head and shoulders pattern, which will complete on a break and close above the neckline. If the bulls can drive and sustain the XRP price above the neckline, the pair could potentially start a rally to the overhead resistance zone between $0.54 and $0.58.

Arbitrum (ARB) is currently back above the 20-day EMA ($1.17), indicating the start of a potential recovery. ARB might first rise to the 50-day SMA ($1.29) and attempt a rally to the resistance line. A break and close above this level may start a short-term up-move.

EOS has been oscillating between $0.78 and $1.34 for the past several months. If the next dip finds support at the 20-day EMA, it will suggest that the bulls are on top, and the pair could rise to $1.11.

Aave has been in a descending channel pattern, with the bulls pushing the price above the resistance on May 27th. This suggests the start of a possible relief rally. If the AAVE price can rise to the 50-day SMA ($70) and thereafter attempt a rally to the resistance line, it may start a short-term up-move.

While potential short-term up-moves in these cryptocurrencies are anticipated, market movements remain unpredictable, and investors should proceed with caution.

Source: Cointelegraph

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