Bitcoin Price Flatlines - Crypto Traders Shift Focus to 4 Altcoins - Chainlink Crypto, Negative Crypto, Down Today Crypto, Current Crypto, May 2022 Crypto, Harmony One Crypto.
Crypto traders shift focus to these 4 altcoins as Bitcoin price flatlines

The past three days have seen Bitcoin (BTC) trading in a tight range, even as the S&P 500 has been declining for the past four days of the week, which is a positive sign as it shows that cryptocurrency traders are not panicking and selling off. According to analyst CryptoCon citing Glassnode data, Bitcoin’s short-term holders (STHs) – those who have held their coins for 155 days or less – currently hold the least amount of Bitcoin supply in more than a decade.

The uncertainty surrounding Bitcoin’s next directional move could be one of the reasons for the relatively subdued price action in several large altcoins. However, some altcoins are showing signs of recovery in the near term. This raises the question of whether Bitcoin will shake off its slumber and start a bullish move, which could act as a catalyst for an altcoin rally. Let’s take a look at the charts of the top-five cryptocurrencies that may lead the charge higher.

Bitcoin price analysis

Despite the bulls’ efforts to keep the price above the 20-day exponential moving average ($26,523), they haven’t been able to launch a powerful rebound, which implies a lack of demand at higher levels. The flat 20-day EMA and the relative strength index (RSI) near the midpoint indicate that the buyers and sellers are in equilibrium.

If the price drops below the 20-day EMA, the bears will gain the upper hand and the BTC/USDT pair could then slip to the robust support at $24,800. On the other hand, if the crypto chainlink rises from the current level and moves past the 50-day simple moving average ($26,948), it will be a sign that buyers are back in control. The pair may then try to climb to the overhead resistance at $28,143.

Despite Bitcoin being below the moving averages on the 4-hour chart, the bears have been unable to start a downward move, which suggests that selling is drying up at lower levels. The bulls will attempt to push the crypto current above the moving averages. If successful, the pair could rally to $27,400 and then to $28,143.

In order for the bears to take control, they will have to sink and maintain the BTC price below $26,200. This could first drag it down to $25,750 and then to the $24,800-support level.

Chainlink price analysis

Chainlink (LINK) surged above the downtrend line on Sep. 22, indicating a potential trend change in the near term. The moving averages have completed a bullish crossover and the RSI is in positive territory, signaling that the buyers are in control. On any correction, the bulls are likely to buy the dips to the 20-day EMA ($6.55). A strong rebound off this level will suggest a change in sentiment from selling on rallies to buying on dips.

The bulls will then try to extend the up-move to $8 and eventually to $8.50. If bears want to prevent the up-move, they will have to sink and sustain the LINK/USDT pair below the 20-day EMA. Both moving averages are sloping up on the 4-hour chart and the RSI is in the positive zone, showing that the crypto chainlink bulls have been buying the dips to the 20-EMA. If LINK price rebounds off the 20-EMA, $7.60 will then be the upside target to watch.

Contrary to this assumption, if Chainlink’s price continues lower and skids below the 20-EMA, it will signal profit-booking by the crypto negative bulls. LINK may then retest the breakout level from the downtrend line. The bears will have to sink it below $6.60 to be back in control.

Maker price analysis

The crypto chainlink Maker (MKR) turned down from the overhead resistance at $1,370 on Sep. 21, indicating that the bears are trying to defend the level.

The 20-day EMA ($1,226) is the support to watch for on the downside. If the price rebounds off this level, it will suggest that lower levels continue to attract buyers. The bulls will then make one more attempt to drive MK price above the overhead resistance. If they can pull it off, the MKR/USDT pair could accelerate toward $1,759.

Conversely, if the bears sink the price below the 20-day EMA, it will suggest that the bullish momentum has weakened. That could keep the pair range-bound between $980 and $1,370 for a few days.

The moving averages on the 4-hour chart have flattened out and the RSI is just below the midpoint, indicating a balance between supply and demand. If buyers shove the price above $1,306, MKR price could sprint toward $1,370.

Instead, if the crypto negative price turns down and breaks below $1,264, it will suggest that the selling pressure is increasing. That could clear the path for a further decline to $1,225. A slide below this support may tilt the short-term advantage in favor of the crypto down today bears.

Arbitrum price analysis

The crypto market is currently bearish on Arbitrum (ARB), with bears selling on rallies to the 20-day EMA ($0.85). However, the bulls have managed to hold their positions, which could be a sign of a potential bounce. The RSI has risen above 40, indicating that the momentum is gradually turning positive.

If buyers can push the ARB/USDT pair above the 20-day EMA, it could result in a sustained recovery to the 50-day SMA ($0.95) and then to $1.04. On the downside, the support levels are $0.80 and then $0.78. A break below these levels could see Arbitrum price retest the support near $0.74.

The 4-hour chart shows that the bears are selling the rallies to the downtrend line. Despite this, the bulls have managed to keep the crypto chainlink above the immediate support at $0.81, suggesting that they are attempting to form a higher low. If they succeed, Arbitrum price may start a strong recovery toward the psychological level of $1.

However, if the bears manage to drag the crypto down below $0.81, it could potentially pull Arbitrum price to $0.78 and then to $0.74, thus resuming the negative trend.

Theta Network price analysis

The bulls have been attempting to make a comeback for Theta Network (THETA) after it soared above the 20-day EMA ($0.61) on Sep. 23. The bears have pulled the price back below the 50-day SMA ($0.64), but the bulls are expected to defend the 20-day EMA. If the crypto chainlink price turns up from the current level and climbs above the 50-day SMA, it could reach $0.76, which may be a retest of $0.70.

The 4-hour chart shows that the bears are protecting the overhead resistance at $0.65. If buyers want to sustain the bullish momentum, they will have to drive THETA price above $0.65. If they are successful, the crypto altcoin may then start a new up-move toward $0.70.

The 20-day EMA is the important support to watch for on the downside. If the crypto negative sentiment causes the price to dip below this support, it will indicate that the bulls are closing their positions. The pair may then descend toward the support at $0.58.

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