Market Update: ARB To Sink, ETH At Crucial Support While DOGE & HBAR Prepare For Rallies

While Bitcoin struggles to conquer the $31k zone, other coins are battling their own wars.

Starting with ARBUSDT, the chart has formed a Head and Shoulder pattern, a classic reversal pattern, and has also broken the neckline. This combination of factors could potentially exert selling pressure on the instrument. It’s an interesting development that warrants close observation in the coming days.

Moving on to HBAR, it has broken out of a key price trendline and is looking to potentially retest. There is an expectation of further short-term downside, suggesting a cautious approach might be the best strategy at this point. However, from a macro perspective, HBAR appears strong with a breakout and retest on the RVD trendline. This could signal a potential upswing in the future.

The DOGEUSD chart presents an interesting scenario. It appears to be forming an Inverse Head and Shoulders pattern. While it might look a bit off, the pattern seems to be there. The current strategy would be to enter now, place a stop under the 4-hour swing low, and aim for .0905 for an approximate 33% gain.

Lastly, Ethereum is retracing towards the support range after a decisive breakthrough of the upper boundary of the channel. Within this range, there exist three support levels, ranging from $1920 to $1910. As long as this support range remains intact, buyers can continue to pursue the price targets established within the $2000 price channel for Ethereum.

These analyses provide a snapshot of the current state of the market. However, it’s important to remember that the world of cryptocurrency is highly volatile and subject to rapid changes. As an analyst, the key is to stay updated and adapt to these changes swiftly.

intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Torsten Hartmann
Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

We will be happy to hear your thoughts

Leave a reply