Support and Resistance Analysis For The Top 7 Coins | Crypto Daily October 14, 2021

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Episode Summary

On today's Crypto Daily we look at key support and resistance levels for the following coins:

BitcoinEthereumSolanaChainlinkAXSDogecoinShiba Inu

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Joe Dewitt [email protected]

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Unedited Transcript

Hope you're having a wonderful Thursday morning. My name is Joe Dewitt, and thanks for listening to Crypto Daily.

We're going to go ahead and get started off with Bitcoin here. Bitcoin has been making. Fabulous run. It looks like prices starting to finally move. We just tested a previous support level of 42,000 and we are targeted at 58,000. Now this resistance level of 58 is very key to us. We tested that all the way back in February.

Tested it again in March, and then we tested it a third time and may, um, that is going to be a very strong resistance level for us. If we can get up above that resistance level, I would expect us to a battle for our all time high of around 65,000. Um, we will be consolidating in that zone for quite some time.

If we get there, if we get rejected from this 58,000, I would expect us to come back down to a 42 and consolidate somewhere in that. Moving over to a theory from a layer two solution, Aurora raised $12 million in Davy funding to scale the Ethereum ecosystem regarding price. We just touched a support of $3,300.

Um, our target right now, we are in a zone of that 3,200. To our all time, high of $4,300, we are moving away from that to a target of our all time high of just about 4,370. This is our all time high. So within this zone, we can expect to see some consolidation. Our target is going to be that 4,300. Although if that gets rejected, we're going to be coming back down to this 3,200.

Moving on over to Solona FTX, U S launches, a marketplace for trading salon based NFTs price. That action is sitting in about $154. We're currently sitting on that 50 day SMA, which is simple moving average guys. Um, we've been touching that for about four days. Now, if we can bounce off of that moving average, I would expect our target to bounce into that $200 range, maybe testing our all time high of around 215.

Um, if we fall below that simple moving average, we'll be going to the 200 day moving average, putting us at about $65. Um, that'll be a good time for some consolidation and see where we go from there. But yeah, those are our price targets for Salana. Next up, we're going to talk about Shane link. If you're not familiar with what chain-link is, it is a decentralized Oracle.

So, what that means is they provide data feeds for blockchains. So blockchains are not actually able to retrieve any information or any data. So they use Oracle networks to retrieve information chain link is currently sitting at about $27. Um, it has had a very, very long level of support, um, that is going to bring it down to about $20.

It is currently targeted towards that support. Um, it's been breaking down for a number of weeks. Um, after touching out expected to touch this level of support around 20 bounce up to this $33 range. And if it breaks below that line of $20 for the first time in a few years, actually, then that'll be a, a, a bear sign for link there, moving on over to AXS access.

For those that are not familiar is the governance token for ACCE infinity, actually infinity being the largest decentralized play to earn game in the world currently hosted on the Ethereum network. Uh, price action is sitting at about $126. We just had a very large breakout recently, primarily due to their sticky mechanism, being released.

They launched their staking pool, which offered at the time about 280% APR, which is absolutely ridiculous for those that are versed in staking pools. Since then, it has fallen to about right now, I believe 130% of. Which is still incredibly high. We will definitely expect that to come down quite a bit, but for the time being 130% APR had a lot of people excited.

So price action was moving. We saw a jump from $74, 240 and a matter of three days. So that was a very, very large jump we've been consolidating for about a week. Now, our target is pretty much touching this support of $97. That is a resistance flip support guys. So this was a previous, all time high before that run of just about $95.

And we're that resistance has now flipped to support. We will be touching that. If we bounce off that and use that as a strong level of support, we will be up to our all time high, a 1 61, touching that 1 61 and balancing between that zone. Um, I would expect us to bounce off of that 97 level into the upwards direction and continue consolidating.

If we fall below that 97 level, it'll be two $75. And then hopefully a bounce from there. Now, taking a look over at doge coin price, currently sitting at 23 cents with a next target of 15 cents as the support. Um, we bounced off of our resistance in August, which would be 35 cents. And we've been heading in the downwards direction.

Um, this zone has been a pretty strong zone for us. We've had it back since June. Um, we also did get below the 50 day moving average, which is not the greatest sign. So if we can get back above that moving average, that would be a good sign. Getting it out of that consolidation. If we continue to fall below the 50 day moving average, I would expect us, like I said, a Tufts that 15 cent mark, and then bounce back from there.

All right. Moving on over to Sheba knew Sheba knew has been consulting for a number of months. Now, just recently entering its breakout. It had an all time high of 0.0, zero. Three five. Um, we're touching down a little bit below that to its previous resistance of three one. Um, we'll be bouncing in that zone back and forth before breakout in the upwards direction on less.

It touches that 0.00002 level, which will really, um, be trouble as it'll break below that and get back into consolidation range. So depending on which way it breaks out of that zone, we'll be able to tell. As soon enough there you have it guys. Those are my handful of cryptos for this morning. If anyone has, um, a crypto that they'd like me to take a look at, please feel free to email me at joedewittatbenzinga.com.

I would love to give those a look and give a little analysis on that. So thanks for listening.

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