The crypto markets appear to have been taken over by the bulls as the major tokens have risen above their crucial resistance zone. Bitcoin rose above $65,000, while Ethereum was above $3,500, & XRP, which remained passive for quite a while, has soared by over 40% in the past couple of days to reach $0.6. The ascending trend has been captured in most of the altcoins, while Worldcoin (WLD), Arweave (AR) & Injective (INJ) lead the rally. Here is what’s awaited for these tokens in the next few days.
The Worldcoin price has been trading within a falling wedge ever since it marked a new ATH close to $12 in the last few days of Q1 2024. The recent price action has assisted the price in breaching the upper resistance of the wedge, surpassing the crucial resistance zone between $2.21 and $2.39. The market sentiments have changed, but the technicals suggest the bulls may remain passive for a while, which may offer some scope for a bearish pullback.
The price broke out of the wedge with a significant increase in the volume but the current volume suggests the bulls have taken a step back. Meanwhile, the RSI is about to reach the upper threshold, which may attract bearish forces. Besides, the DMI has undergone a bullish crossover but the drop in ADX suggests the rally may remain consolidated above the gains. Therefore, the WLD price is expected to maintain a horizontal consolidation between $3 and $3.3 and trigger a fresh upswing to $4.4 during the next bullish rise.
Arweave had formed a strong base of around $25, which helped the rally trigger a rebound during the bearish attack. The Mt. Gox & the German terror compelled the price to drop below $20. However, the recent price action has brought the altcoin within the bullish range and raised the expectation of maintaining a decent ascending trend for a few more days.
The AR price has reached one of the major resistance around $30 to $31.5 which may act as a strong base, once cleared. The buying volume is slowly rising which may keep up the bullish hopes for the rally. Moreover, the supertrend just flashed a buy signal indicating a clean flip of the trend. Therefore, the AR price appears to be primed to maintain a healthy ascending trend and rise above $40. However, if the bulls maintain a similar trend, marking new highs above $50 may not be a tedious job for the bulls.
Injective price has displayed acute strength since the start of the year and hence the recent flip is expected to revive a fine ascending trend hereafter. The bears have engulfed the rally to a large extent but the recent price action suggests the bulls have regained their dominance. Therefore, the INJ price is expected to maintain a strong ascending trend with a drop bearish interference.
The INJ price has risen above the lower support zone and recorded consecutive bullish candles. Although the volume is below the required levels, the OBV is maintaining a steep ascending trend. Besides, the lead span B of the Ichimoku cloud is heading towards the lead span A and a healthy cross-over indicates the beginning of a fresh ascending trend. However, the INJ price may be out of the reach of bears, once it secures the resistance zone between $30.77 and $32.12, which appears to be on the horizon.
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