ETH Breaks New Record! | BTC, XMR, DOGE, LUNA Analysis
Hello and welcome, everyone. It's Martin here with CryptoGains. Today, of course, the best performers and the top cryptocurrency to discuss is Ethereum, which reached a new all-time high above $2700. And, currently, its market cap equals that of PayPal, and one of the main drivers behind the most recent increase in Ethereum, of course, comes because of the announcement from the European Investment Bank, which is planning to launch a digital bond sale on the Ethereum network. The European Investment Bank, a traditional banking centralised institution, putting its trust in Ethereum, of course, is major support for the second-largest cryptocurrency. So let's move to the technical charts and see how you can trade today's ideas.
First, we're beginning with Bitcoin. Practically unchanged on the chart since yesterday. $54,400 remains the critical level. Above that level, buying Bitcoin, with targets at $55,000 and $55,500 and then $56,500. Conversely, below $54,400, selling Bitcoin, with targets at $53,400 and $52,400. Moving to Ethereum…
As we said, Ethereum is the top performer. Over $2610, we have good support, opportunities to initiate long positions, with targets at $2670 and $2715, which is near the all-time high. Conversely, if we break below $2610, $2575 and $2540 can be reasonable targets for short positions.
Next, let's take a look at Monero. At the time of filming, Monero comes with a strong buy recommendation on the StormGain platform. Over $424, I'm seeing robust support opportunities to initiate long positions, with targets at $435. Conversely, if we break below $424, we could see declines taking us, first, all the way down to $417 and then $412.
And, now, let's take a look at one of the other good performers of today, Dogecoin. We could see a very interesting presentation in Dogecoin, reasonably flat for a few hours and then huge spikes. This is a five-minute chart. Mind you, it reached as high as $0.31 and then retraced, so to me, above $0.287, we have good support and opportunities to initiate long positions, with a target at $0.31. And then, on the short side, if we fail to maintain that level, if we break below $0.287, we could see declines taking us all the way down to $0.257.
And the final idea comes from LUNA. We could see a very good setup with very strong resistance, which is now broken. So, above $17.23, we could initiate long positions in Terra, with the first target at $17.72 and then $17.90. Conversely, we can see that we have robust support if we initiate short positions below $17.23, which targets at $17 and $16.70.
These are the ideas for today. Keep learning with the video education section in the CryptoGains marketing side subsection. And remember to join the Crypto Signals Made Easy channel for daily trading ideas and lots of interesting articles. Thanks for joining me today. Trade wisely, and I'll see you soon.
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