In the wake of a market rebound, cryptocurrencies like Ethereum (ETH), Thorchain (RUNE), and BONK present fresh entry opportunities for investors looking to capitalize on potential gains.
The Ethereum price has broken through the $2400 resistance level, suggesting a possible rally towards $2700. Meanwhile, the RUNE price has surged by 43%, aiming for a return to $7.3 following a breakout from a bullish flag pattern. Additionally, BONK price is maintaining support above $0.0000095 and forming a double bottom pattern, indicating accumulation by buyers.
Crypto Market Resumes Recovery Led by Bitcoin Price Rally
After nearly two weeks of stagnant behavior, the cryptocurrency market is showing signs of recovery, with the Bitcoin price leading the charge. Bitcoin has recorded gains for four consecutive days, surging by 8.6% from $43,000 to the current trading price of $43,900.
This resurgence in Bitcoin’s price coincides with the increasing inflow of Spot ETFs, signaling a growing demand for the underlying asset BTC. On February 8th, spot Bitcoin ETFs experienced their third-largest inflow, totaling $403 million. Since their launch, these ETFs have attracted a cumulative inflow surpassing $2.1 billion.
đ #Crypto markets are recovering well after the post-#ETF drop 4 weeks ago. #Bitcoin, in particular, has completed its comeback, reaching $46.3K for the first time since January 11th. $BTC social volume is rising, while the crowd shows less interest in $ETH, $DOGE, and $XMR. pic.twitter.com/rcaxdBwCfX
— Santiment (@santimentfeed) February 9, 2024
Recent data from Santiment indicates a robust recovery in the crypto markets, particularly with Bitcoin, which has climbed to $46,300, its highest level since the launch of Bitcoin ETFs on January 11th. This recovery is accompanied by a spike in Bitcoin’s social volume, contrasting with comparatively less attention towards ETH, DOGE, and XMR.
Ethereum Price Consolidates Amidst Crypto Market Uncertainty
Ethereum (ETH) Price| Tradingview
Amid the recent consolidation in the crypto market, Ethereum’s price has oscillated between a rising trendline and the horizontal resistance level of $2400. This consolidation, observed in the 4-hour time frame chart, reflects a bullish contention pattern known as an ascending triangle pattern.
However, the broader market has shown renewed buying interest, leading to Ethereum’s price breaking above the $2400 neckline resistance. This development has provided buyers with sufficient support for a potential higher rally. Over the last five days, the price of Ethereum has surged by 5%, currently trading at $2515. The reclaiming of 50% of the last correction by buyers indicates a higher conviction, potentially leading to a rally back to $2700.
Furthermore, Christine Kim, a prominent developer involved in Ethereum’s Dencun upgrade, announced on the X platform (formerly known as Twitter) that the Dencun mainnet activation is scheduled for March 13th. This news adds to the positive sentiment surrounding Ethereum’s development and potential future price movements.
Thorchain (RUNE) Price Correction and Rebound
ThorChain Price| Tradingview
Over the past two months, the price of Thorchain (RUNE) experienced a steady correction, plummeting from $7.3 to $3.75. This aggressive decline brought the coin to a 61.8% Fibonacci retracement level, where it formed a bullish continuation pattern known as a flag.
However, amidst the recent market rebound, the price of RUNE surged by 43% within three weeks, reaching $5.36. This bounce-back saw the price break out bullishly from the flag pattern, indicating a resumption of the recovery trend. Today, RUNE’s price surged by 11.76%, triggering short liquidations totaling $388.6K. With sustained buying pressure, the altcoin is poised to rise by 35.65% to reclaim the $7.3 mark.
BONK’s Resilience and Reversal Patterns
BONK Price| Tradingview
BONK, the meme cryptocurrency built on the Solana blockchain, has demonstrated resilience by maintaining its position above the $0.0000095 support level. Over the past six weeks, the coin price has experienced three reversals from this support region, indicating active accumulation by buyers.
Furthermore, BONK’s price action suggests that it has established the $0.0000095 level as a base support, forming a double bottom pattern. This bullish reversal pattern signals a potential bottom formation for BONK and presents an opportunity for buyers to accumulate the token at a discounted price.
Currently trading at $0.0000167, the coin price is expected to rise by 53% to reach the key resistance level of $0.0000178. However, the anticipated rally may encounter potential resistance at $0.0000126, followed by $0.00001568.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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