As the cryptocurrency market continues to recover from its bearish phase, investors are looking for the next set of coins that could lead the market in 2024. While it’s always challenging to predict which coins will outperform in the next bull phase, some clues can be gleaned from the past price action and technical indicators. In this article, we’ll analyze the potential target objectives and critical support levels for Bitcoin (BTC), Ethereum (ETH), Solana (SOL), OKB, and Injective (INJ) based on their recent price movements.
CRYPTO MARKET ANALYSIS – 2024 OUTLOOK
After taking a severe hit during the previous bear market, Bitcoin has been attempting to regain ground gradually. Since the price fell to $880 in June 2022, it has increased significantly, suggesting that bulls are beginning to turn around. Bulls drove the price above the overhead resistance at $2,143, completing the ascending triangle pattern that the price action of the previous several days had produced. $3,406 is the pattern target for this bullish setup. The $3,406–$3,582 range may be ferociously guarded by sellers, but if bulls win out, the ETH/USD pair may soar to $4,000 and eventually $4,868. A breach below the moving averages will be the first indication of weakness. That will signal bears selling aggressively at higher prices. The failure of a bullish pattern is a negative sign and may result in further downside.
Ethereum has been gradually trying to recover after a sharp fall during the last bear market. Bulls drove the price above the overhead resistance at $2,143, completing the ascending triangle pattern that the price action of the previous several days had produced. $3,406 is the pattern target for this bullish setup. The $3,406–$3,582 range may be ferociously guarded by sellers, but if bulls win out, the ETH/USD pair may soar to $4,000 and eventually $4,868. A breach below the moving averages will be the first indication of weakness. That will signal bears selling aggressively at higher prices. Sellers probably have other plans in the interim. Their goal will be to force the price back down to $2,143. Should that occur, it would imply that higher levels are being considered as potential opportunities for sales. At $1,900, there could be a significant support level for the pair. That can prolong the couple’s confinement within the triangle.
Over the last several months, Solana has performed incredibly well. From a low of $8 in December 2022 to the current value, it has increased dramatically. The RSI is in the overbought area and the 20-week EMA ($43) has begun to rise, suggesting a possible trend change. The dips are probably going to be bought even if there’s still a good chance of a decline to the 20-week EMA. A slight danger to the rally’s near-term sustainability is the RSI’s negative divergence, which indicates waning momentum. Bears will need to pull the price below the 20-week EMA to stop the upward. That might initiate a temporary range-bound operation.
As one of the few coins to have broken over its 2021 highs, OKB (OKB) suggests that the coin is in an extended upward trend. The $59 to $38 range serves as a barrier, and the bulls are attempting to push the price over it. The second leg of the uprise is probably about to begin for the OKB/USDT pair if they can accomplish that. The two may increase to $80 and then to $100. Bulls still have the upper hand, according to the upsloping moving averages and the RSI close to the overbought zone. It’s conceivable that the sellers have other ideas. They intend to drive the price down to $54 to prolong the pair’s confinement inside this range. If $38 is broken, it will indicate that the bears are back in the game.
Injective (INJ) broke above the April 2021 high of $25.30, indicating that resumption of the uptrend is happening here for INJ/USDT pair as well. The breakout of a previous major high signals strength and attracts buyers here as well. The first strong support on the downside is at $25.30. If buyers flip this level into support, it will signal the start of the next leg of the uptrend. The INJ/USDT pair could surge to $43 and thereafter to the psychological level of $50. Alternatively, if bears tug price below $25.30, the pair could drop to 20-week EMA ($14). This remains the key level for bulls to defend because a break below it may start to decline towards $14.
Based on their recent price action and technical indicators, Bitcoin, Ethereum, Solana, OKB, and Injective appear poised for further gains in 2024. However, investors should always remember that past performance is not indicative of future results and should do their own research before making any investment decisions.