Bitcoin broke above $60,000, and most cryptocurrencies are in the green.
Despite price increases, liquidations remain low at $109 million, indicating bears weren't caught off guard.
A breakout rally on Bitcoin is happening, but a post-breakout correction or resistance from the descending channel is possible.
Ethereum's price bounced off $2,850 and is testing resistance at $3,360.
Pendle and Synthetix are attempting breakouts from their descending channels, with Pendle's target at $5.7-$5.9 and Synthetix aiming for $3.2.
The crypto market has started the new week with a wave of fresh action, with Bitcoin not only breaking above the $60,000 zone but now trading strongly around the $62,000 mark.
The crypto market's heatmap has turned almost completely green, as shown below, and most of the cryptocurrencies on the market have increased by impressive percentages.
Interestingly, the last 24 hours have not seen many liquidations despite the heavy price increases across the market.
For example, as shown by the snapshot below, we have only seen around $109 million in liquidations, which means that the market's movements didn't catch the bears unaware.
Out of the $109 million liquidation score, the bears lost around $86 million, leaving the bulls with $22 million in losses.
In summary, the market is bullish today. However, we might need to examine the charts more closely to determine whether the ongoing rally is sustainable.
The charts show that Bitcoin's price action is bullish because of the break above $59,599 on Sunday, as shown below.
This means that what we are looking at is a post-breakout rally.
However, can Bitcoin continue upwards, or will the bears catch up to the bulls?
For one, it’s hard to say whether Bitcoin’s bulls can continue to push prices upwards.
A post-breakout correction is possible, which means that Bitcoin might retest $59,599 before continuing upwards.
Furthermore, the cryptocurrency is also trading within a short—to medium-term descending channel, as shown above, which means that the upper trendline of this formation might be problematic.
Ultimately, a break above $67,600 would be the major indicator of a break out from the above descending channel.
According to the charts, it appears that Ethereum’s rebound off the $2,850 zone is a valid one, and the cryptocurrency is close to making a new higher high—without testing the ascending trendline shown below:
Ethereum is one of the most bullish altcoins among the top 10, but it is now testing resistance at around $3,360.
This is where the bulls might want to put the most effort.
If Ethereum fails to break above this price level, the resulting drop might force it into a retest of the aforementioned ascending trendline.
According to the chart below, Pendle is trading within a descending channel, much like Bitcoin, as shown in the charts.
After retesting the base of this channel around $3.3, the cryptocurrency is attempting to move upwards and will soon retest the $4.9 resistance.
Pendle offers a prime long opportunity between its current price level and $4.9 and will be even more bullish if we see a break above this price level.
Ultimately, the major price target for the cryptocurrency sits between $5.7 and $5.9.
According to the charts, Synthetix is currently trading on a descending trendline due to the general market conditions over the last few weeks.
However, the charts also show a strong rebound on the cryptocurrency’s chart, leading it up to a retest of the $1.92 price level as shown:
This trendline retest presents a significant opportunity for the cryptocurrency's bulls to initiate a break out to the upside and push the cryptocurrency upwards to $3.2, at least.
To summarize, investors should keep an eye out for what happens around $1.92 because a break above would undoubtedly be a bullish development for Synthetix.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.