The price of Bitcoin and altcoins dropped further in the wake of the FTX collapse and its bankruptcy filing. At the time of writing, bitcoin trades around the $16,200 zone.
Because of this, Bitcoin is now a far cry from where it used to be only a year ago. Naturally, the bearishness of Bitcoin affected the rest of the cryptocurrency market, and several altcoins also slumped.
However, while several of these altcoins have since corrected their trajectories, others struggle at respective price levels.
In the same vein, out of these cryptocurrencies trying to rise once again, several of them have only been held back from bullish price explosions because they have been stuck under strong resistance.
This article attempts to shine a light on these altcoins and how possible breakouts may be on them over the coming days or weeks.
After the bearish wave that swept through the market after the FTX crash hit Ethereum, the cryptocurrency crashed into the $1,077 zone. This level was dangerously close to the $1,000 zone and caused panic throughout the market.
Ethereum tried to rise again immediately after the incident and even hit the $1,300 zone. However, the cryptocurrency was hit again, returning to the $1,077 zone on 22 November.
Ethereum managed a bounce off this support again and broke above a descending trendline it formed in its attempts to get back up (red line above).
This breakout from the descending trendline meant that the bulls were making attempts to recover.
However, the descending trendline is only one of the two important trendlines the cryptocurrency has to break through.
Ethereum has to break through the $1,230 zone (blue horizontal line) that coincides with its 100-day exponential moving average (purple line) before a clear rise to $1,300 or beyond.
After hitting a $0.341 low during the heat of the FTX debacle on 9 November, XRP has slowly, yet steadily begun to rise.
Over time, the cryptocurrency's price action has formed an ascending wedge. As illustrated below, it appears to be entering a squeeze as it bounces from the top of the formation around the $0.42 zone to the bottom.
XRP broke through its 100-day exponential moving average last week, on 24 November, and has shown extraordinary signs of bullishness ever since.
The break above this moving average boosted the cryptocurrency, pushing it into a collision with the $0.42 resistance.
XRP has reversed after a price rejection at this level and is now testing its 20-day EMA.
The bulls now appear to be applying pressure and may successfully push the price of the cryptocurrency up and above the $0.42 resistance after a brief retracement.
If XRP breaks through this level, the next price target would be the $0.5 zone or beyond.
From a wider perspective, Cardano appears in a descending channel, indicating that the cryptocurrency's long-term price action doesn't seem very bullish.
However, after the FTX issue brought the price action of Cardano to its knees around the yearly low of $0.29, Cardano has been trying to get back above the $0.3 zone and stay there.
Cardano has succeeded in breaking above the $0.3 zone again but is still under a significant resistance level that prevents it from advancing and hitting the top of the descending channel.
This resistance level is the $0.32 resistance and is a very strong one. The $0.32 resistance has remained unbroken for almost two years (since January 2021) and may prove tough for the Cardano bulls to push the price over again.
However, a break above this resistance level may be just the push Cardano needs to rise again and hit the channel's top around the $0.38 target or beyond.
Uniswap has been in a symmetrical triangle formation for the better part of November and is one of the cryptocurrencies anticipating a breakout.
One of the resistance points to be aware of in Uniswap's trajectory is its exponential moving averages. The bears are bound to try sinking the price of UNI, toward the bottom of the triangle, before causing a breakdown and a potential price decline that takes the cryptocurrency below $3.33.
However, if the bulls push back against the bears and push the price of UNI above its 100-day moving average (purple line) at the top of the triangle, the pair may advance to $8 before attempting a rally to $10.
MATIC has been following an ascending trendline that has been valid since September. At the same time, the $0.85 resistance has been hard to break for the cryptocurrency ever since.
MATIC broke this line once in October and even hit the $1.3 zone. However, the bears soon took control again, crashing the cryptocurrency price below the $0.85 zone last week.
MATIC is now attempting to break this trendline to the upside once again. However, it struggles under its 50-day exponential moving average.
Depending on how much force the bulls apply, MATIC could be on the verge of a breakout like it did in October. If the cryptocurrency breaks out from this formation, the next price target would be the $0.95 zone, or even a higher one like the $1.3 zone the cryptocurrency held before the FTX saga brought it to the $0.75 zone.
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