- Ethereum eyes $4,000 after breaking out from descending channel, targeting 16.21% increase if bullish momentum holds.
- Cardano projects 72.84% surge to $0.71 post breakout from descending wedge, signaling strong bullish reversal.
- Polkadot targets $12.00, anticipating 83.65% rise as it breaks out from descending wedge, indicating potential trend reversal.
Ethereum ( ETH ) has broken out from a descending channel on the 4-hour chart, according to analyst Captain Faibik. This move above the upper trendline suggests a potential trend reversal. ETH is currently trading at $3,444.97, with a 24-hour trading volume of $10.3 billion, down 0.72% in the last 24 hours. Bulls are now targeting $4,000, representing a 16.21% increase from the breakout point near $3,450.
Ethereum/USD 4-hour price chart, Source: Captain Faibik
Key support levels for ETH include the recent breakout point around $3,450 and the lower channel line at $3,000. Resistance levels are at previous highs within the channel, approximately $3,800 to $3,900.
Cardano ( ADA ) has also confirmed a breakout from a descending wedge pattern on the daily timeframe, according to Captain Faibik. This recent surge above the upper trendline signals a potential bullish trend reversal. ADA is currently priced at $0.411243, with a 24-hour trading volume of $244.8 million, up 2.63% in the last 24 hours.
Cardano/USD 1-day price chart, Source: Captain Faibik
Key support levels for ADA include the breakout point around $0.41 and the lower wedge line at $0.30. Resistance levels are noted at previous highs within the wedge, approximately $0.48 to $0.52. The target level, based on the height of the wedge added to the breakout point, is around $0.71, suggesting a potential 72.84% increase if bullish momentum is sustained.
Polkadot ( DOT ) appears to have bottomed out and is poised for a bullish move. The price has broken out above the upper trendline of a descending wedge pattern on the daily timeframe. DOT is currently trading at $6.36, with a 24-hour trading volume of $192.4 million, down 0.04% in the last 24 hours.
Polkadot/USD 1-day price chart, Source: Captain Faibik
Key support levels for DOT include the breakout point around $6.40 and the lower wedge line at $5.20. Resistance levels are identified at previous highs within the wedge, approximately $8.50 to $9.00. The target level is around $12.00, indicating a potential 83.65% increase if the bullish trend continues.
Pyth Network ( PYTH ) also shows signs of a potential breakout from a descending channel on the daily timeframe. The price is attempting to break above the upper trendline, suggesting a possible bullish reversal. PYTH is currently priced at $0.324927, with a 24-hour trading volume of $43.3 million, up 1.15% in the last 24 hours.
PYTH/USD 1-day price chart, Source: Captain Faibik
Key support levels for PYTH include the breakout point around $0.33 and the lower channel line at $0.21. Resistance levels are noted at previous highs within the channel, approximately $0.40 to $0.45. The target level is around $0.75, indicating a potential 130.05% increase if the bullish momentum continues.
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