Bitcoin price chart flashes a bullish sign that could lead to breakouts in ADA, QNT, RNDR, and RPL, according to analysis. While the US equities markets reached new heights, including the S&P 500’s 1.8% increase and the tech-heavy Nasdaq’s sixth week of gains, Bitcoin and altcoins struggled to match their performance. However, several major cryptocurrencies appear to be attempting recoveries, sparking questions over whether the bulls could surge past overhead resistance levels and lead the rally.
Bitcoin has been trading close to its 20-day exponential moving average for the past three days. Buyers have been buying the dip near $26,500. A balance between supply and demand has been reached, with the relative strength index (RSI) just below the midpoint. If buyers drive the price above the resistance line of the descending channel pattern, a rally to $31,000 could begin.
Cardano, another major cryptocurrency, is finding support at the uptrend line but struggling to surpass the 50-day simple moving average. A breakout from the current tight trading range is expected soon. If the bulls clear this hurdle, the path to a rally at $0.42 and $0.44 is open.
Quant has shown a potential trend change after several days below the downtrend line, with a recovery starting on May 26th. If the bulls can surpass the $120 barrier, the QNT/USDT could rise to $128 and eventually reach $135.
Render Token (RNDR) has started a new upward move despite most major cryptocurrencies struggling to recover from downtrends. If the RNDR/USDT surpasses the 52-week high of $2.95, it could soar to $3.75.
Rocket Pool (RPL) has been trading within an ascending channel pattern for several days. If the price breaks and closes above $50.50, an up-move to the channel’s resistance line might begin.
These bullish patterns raise questions, such as if buyers will be able to kick off significant rallies and whether current market forces can maintain the positive momentum. While some cryptocurrencies may spend more time inside their respective trading channels, others are showing signs of a possible breakout in the near future.
Source: Cointelegraph
