The global markets have recovered much of their losses from the past few weeks and crypto has been largely following suit.
Bitcoin, Ethereum, and several other cryptocurrencies are trading above their recent lows and seem to be heading towards new all-time highs again.
The recent price action comes off the back of positive developments in the Russia Ukraine crisis and Terra (LUNA) adding more than $1 billion in Bitcoin to its reserves.
With plans to increase these reserves to $10 billion in the future, the market is certainly reacting positively to this new potential bull market catalyst.
Bitcoin
Bitcoin (BTC) has successfully broken out of its multi-month downtrend and is now trading just below $48,000.
The chart has printed eight consecutive green candles on the daily chart, indicating strong interest and buying pressure coming in over the past week.
The next resistance zone for Bitcoin is at $50,000 which is a psychological barrier due to being a round number, as well as $52,000 which has previously served as a local top on several occasions.
If Bitcoin fails to get above this level confidently, then it may fall back down to $41,600 for a retest of the support.
Ethereum
Ethereum (ETH)has been in a downtrend since November 2021 but has now successfully broken out and is trading above $3,000 again.
It seems that our positive outlook on Ethereum has played out well with ETH now heading back towards its previous all-time high.
Looking at the chart, some possible areas of concern on the way up appear to be at the $4,000 mark which has historically acted as resistance as well as $4,400 which was the previous top in May 2021.
With huge network upgrades just months away now, the outlook remains positive for Ethereum.
Solana
In line with the wider market, Solana marked a top back in November 2021 and fell into a downtrend which lasted many months.
SOL has now found support at the $80 level we noted in our previous article and is trading above $110 again.
There may be some resistance at $120 which previously served as support, as well as $135 and $180 which marked local tops.
If Solana is able to consolidate above these levels for a few weeks, then new all-time highs are possible.
Our Monthly Underdog: Near Protocol
Near Protocol (NEAR) is a decentralized smart contract platform that has performed exceptionally well over the past few months despite less than ideal market conditions.
It is currently trading at $14 having broken out of a resistance line at $11 and is heading back towards its all-time high at $20.
The team recently announced a huge $800 million incentive program that will run for the next few years, rewarding both developers and users who use the blockchain.
This, coupled with bullish sentiment creeping back into the markets may lead to further upward momentum for NEAR.
