Bitcoin, Ethereum, Solana, OKB and Injective: Why These Coins Could Thrive in 2024

Bitcoin (BTC)

After taking a major hit during the previous bear market, Bitcoin has been gradually trying to regain its ground. Since the price fell to $880 in June 2022, it has risen significantly, suggesting that the bulls are starting to bounce back. The bulls pushed the price above the overhead resistance of $2,143, completing the ascending triangle pattern created by the price action of the past few days. The pattern target for this bullish setup is $3,406. The $3,406-$3,582 range could be fiercely defended by sellers, but if the bulls win, the ETH/USD pair could surge to $4,000 and eventually $4,868. A violation below the moving average will be the first sign of weakness. This would be a sign that the bears are selling aggressively at higher prices. Failure of the bullish pattern is a negative signal and could lead to further declines.

Ethereum (ETH)

Ethereum has been working to gradually recover after seeing a sharp decline during the last bear market. The bulls pushed the price above the overhead resistance of $2,143, completing the ascending triangle pattern created by the price action of the past few days. The pattern target for this bullish setup is $3,406. The $3,406-$3,582 range could be fiercely defended by sellers, but if the bulls win, the ETH/USD pair could surge to $4,000 and eventually $4,868. A violation below the moving average will be the first sign of weakness. This would be a sign that the bears are selling aggressively at higher prices. The seller probably has other plans in the meantime. Their goal is to lower the price to $2,143. If that happens, it means that higher levels are being viewed as potential selling opportunities. At $1,900, there may be a significant support level for this pair. It may prolong the couple’s confinement within the triangle.

Solana (SUN)

Solana has performed incredibly well over the past few months. It has increased rapidly from a low of $8 in December 2022 to its current value. RSI is in overbought territory and the 20-week EMA ($43) is starting to rise, suggesting a possible trend change. Even though the 20-week EMA is still likely to fall, dips are likely to be bought. A slight risk to the short-term sustainability of the rally is a negative divergence in the RSI, which indicates weakening momentum. To stop the uptrend, bears would have to pull the price below the 20-week EMA. Temporary scope limiting operations can then begin.

United Nations

OKB (OKB), one of the few coins to hit new highs in 2021, suggests the coin is on a continued upward trend. The $59-$38 range acts as a barrier and bulls are attempting to push the price above it. If the OKB/USDT pair can achieve this, the second upward leg will begin soon. These two amounts can increase to $80 and then to $100. Bulls still have the upper hand according to RSI with rising moving averages and close to overbought territory. The seller may have a different opinion. They are looking to lower the price to $54 to extend the limit of the pair within this range. A break of $38 indicates that the bears are back in the game.

Injection (INJ)

Injective (INJ) broke the April 2021 high of $25.30, indicating a resumption of the upward trend in the INJ/USDT pair as well. A breakout of the previous major high signal strength attracts buyers here too. The first strong support level for the downside is $25.30. If buyers turn this level into support, it will signal the start of the next uptrend. The INJ/USDT pair may surge to $43 and then surge to the psychological level of $50. Alternatively, if the bearish tug price falls below $25.30, the pair could fall towards the 20-week EMA ($14). This level remains a key level for bulls to defend as bears could start to move lower towards $14.

conclusion:

Bitcoin, Ethereum, Solana, OKB, and Injective appear poised for further gains in 2024, according to recent price action and technical indicators. However, investors should always remember that past performance is not indicative of future results and they should conduct their own research before doing so. Making some investment decisions.

Source: Cointelegraph