These Top-10 Coins Could Be on Verge of Breaking Out
3 min readCardano (ADA) has been increasing since bouncing at the $1.05 support area on April 23.
Binance coin (BNB) has broken out from a symmetrical triangle and reached a new all-time high price on May 3.
Litecoin (LTC) has broken out from the $220 resistance area and is in the process of reclaiming the $290 short-term resistance area.
BNB
BNB had been trading inside a symmetrical triangle since initially reaching an all-time high price of $638 on April 12. It managed to break out on April 29 and has been increasing since.
A potential target for the top of the upward movement is found at $770. This is the 1.61 external Fib retracement of the most recent drop. Furthermore, it is the height of the triangle projected to the breakout point.
Technical indicators are bullish, supporting the continuation of the upward movement. The RSI has just crossed above 70 and the Stochastic Oscillator is close to making a bullish cross.
If the upward movement extends, the next resistance would be found all the way at $986.
The short-term chart supports the continuation of the upward move.
After breaking out from the $600 area, BNB returned in order to validate it as support (green arrow). It has been increasing since.
Both the short-term MACD & RSI support this increase.
Highlights
- BNB has broken out from a symmetrical triangle.
- It has validated the $600 area as support.
ADA
ADA has been increasing since bouncing on April 23, creating a bullish hammer candlestick. So far, it has managed to reach a high of $1.39. It is likely that this is the beginning of a long-term wave five (white).
Technical indicators are bullish, supporting the continuation of the upward movement. The Stochastic Oscillator has just made a bullish cross and the MACD is nearly positive.
If ADA reaches a new all-time high price, the first resistance area would be found at $1.83. Similarly to BNB, it is created by an external Fib retracement and Fib projection. The next resistance afterwards would be found at $2.38.
The news is also positive, since a testnet upgrade will be released this month.
Highlights
- ADA has bounced at the $1.05 support area.
- The next resistances are found at $1.83 and $2.38
LTC
The weekly chart shows that LTC has broken out from the $220 resistance level and validated it as support afterwards. It did so in the last week of March. Prior to the breakout, it had been trading below this level since the beginning of 2018.
Unlike BNB, LTC has yet to reach a new all-time high price. Therefore, the next resistance level is found at the all-time high of $374.
Technical indicators are mixed, but leaning on bullish. While the RSI has generated bearish divergence, both the MACD & Stochastic Oscillator are moving upwards.
The shorter-term two-hour chart shows another potential breakout, this time from a short-term resistance area.
LTC is in the process of moving above $287, which is the 0.618 Fib retracement level of the most recent portion of the decrease.
Its reclaim would confirm that the upward movement has begun, even in the short-term.
Highlights
- LTC has broken out from the long-term $220 resistance area.
- It is in the process of breaking out from the short-term $287 resistance area.
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