Despite the current market ups and downs, these cryptocurrencies are poised for a robust recovery, holding onto their bullish setups.
This week, the cryptocurrency market faced substantial turbulence, driven by Binance’s legal challenges. With a hefty $4 billion settlement and the resignation of CEO Changpeng Zhao amid accusations of violating U.S. anti-money laundering laws, the industry witnessed significant disruptions.
Amidst this turmoil, certain cryptocurrencies not only navigated through the challenges but also show signs of potential growth. As we look ahead to the coming week, three digital assets—DYDX, APE, and INJ—have exhibited resilience and a favorable bullish setup, indicating the potential for a robust rebound.
dYdX Price Analysis: Healthy Pullback Sets Stage for Potential Rally
Source- Tradingview
The trajectory of the DYDX coin has been on a robust recovery path since mid-October, witnessing a significant 146% increase from a low of $1.76 to a high of $4.355. However, a recent shift in market sentiment triggered a 34.5% pullback, bringing the price down to a crucial psychological level of $3.
Despite the significance of this correction, it remains above the 50% Fibonacci Retracement Level, indicating a healthy pullback with the potential for further upward movement. Currently trading at $3.4, DYDX shows signs of regaining its upward momentum, aligning with a reversal pattern known as a Rounding Bottom.
This suggests that the pullback could lay the foundation for a sustainable rally towards the pattern’s neckline, positioned at $7.17.
Apecoin Price Analysis: Bullish Cup and Handle Pattern Signals Potential Upside
Source- Tradingview
The momentum for Apecoin’s price began shifting positively in mid-October, aligning with a broader recovery trend in the cryptocurrency market. Starting from a low point of $1.02 on October 10th, the coin’s price has climbed significantly, registering a 65% increase to its current trading price of around $1.72.
This resurgence is notably marked by the formation of a ‘Cup and Handle’ pattern on the daily chart, a classic indicator of bullish reversal in technical analysis. The pattern reached fruition with a notable 12% rise in Apecoin’s value on November 25th, accompanied by a surge in trading volume.
This marked a clear breakout above the neckline resistance of the pattern. Should this pattern follow its typical bullish trajectory, there’s potential for the coin’s price to experience an additional 22% uplift, possibly reaching the $2.11 threshold.
Injective Price Analysis: Consolidation within Bullish Pennant Signals Potential Breakout
Source- Tradingview
In the midst of ongoing market volatility, the Injective price has been experiencing a sideways movement for the past couple of weeks. This period of consolidation doesn’t show clear dominance from either buyers or sellers.
However, a closer analysis of the daily timeframe chart reveals that this is part of a bullish continuation pattern, specifically a pennant. At the time of writing, ING is trading at $16.7, having incurred a 2.48% intraday loss, and recently reverting from the pattern’s upper trendline.
As long as this pattern holds, the INJ price is likely to maintain its consolidation phase, with a slight downward inclination. The converging nature of the pennant, however, suggests that a decisive breakout above the overhead resistance is likely, which could reignite bullish momentum.
After breaking out of the pattern, INJ has its sights set on key targets at $20, with further potential for an upward move to $28. This marks a significant development, signaling potential positive momentum for INJ in the near future.
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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