Bitcoin Struggles to Reach $38K as UNI, IMX, VET and ALGO Soar

On Nov. 24, Bitcoin (BTC) rose above $38,000, but the bulls weren’t able to keep up the momentum, which suggests hesitation to buy at higher levels. This could be seen in the Doji candle pattern that was forming on Bitcoin’s weekly chart for the second week in a row, signaling indecision among both bulls and bears about the next move.

Arthur Hayes, co-founder of BitMEX, is still bullish on Bitcoin and its prospects. He recently posted on Twitter that the availability of U.S. dollar liquidity could be driving Bitcoin prices higher. PlanB, creator of the stock-to-flow family of BTC price models, also shared his thoughts on Twitter, predicting that Bitcoin prices won’t stay at the current levels for long and that the average price of Bitcoin should reach $100,000 between 2024 and 2028.

Analysts are becoming more confident in Bitcoin’s future, but traders should still be cautious since every uptrend is bound to have corrections. What are the top 5 cryptocurrencies that could outperform in the near future?

Bitcoin price analysis

The bulls are not in a hurry to liquidate their positions despite Bitcoin’s surge to the $37,980 level, suggesting that traders anticipate further upside. The immediate support is the 20-day exponential moving average ($36,546). If the crypto today twitter bounces back from here, it will be a sign that buyers are taking advantage of every dip. This could lead to a break above $37,980 and a rally to $40,000.

If the current crypto today declines below the 20-day EMA, it will indicate that traders are cashing out. The pair may then drop to $34,800. The bulls are attempting to keep the price above the moving averages, but are having difficulty overcoming the resistance at $37,980. The RSI is hovering just above the midpoint, suggesting that bullish momentum is waning.

If the crypto vet falls below the 50-simple moving average, the pair could plunge to the uptrend line. The bulls are likely to vigorously defend this level. If the crypto top rises above $38,500, it will signal that the bulls are in control.

Uniswap price analysis

The UNI/USDT pair dropped below the 20-day EMA ($5.44) on Nov. 21, however, the bears were met with strong buying pressure that initiated a sharp rally on Nov. 22, pushing the crypto to $6.60 on Nov. 24.

The up-move is facing selling pressure near the resistance of $6.70. The price has pulled back to the 38.2% Fibonacci retracement level of $5.92, and the next stop could be the 50% retracement level of $5.71.

A strong bounce off this zone will indicate that traders are viewing the dips as a buying opportunity. This could increase the chances of a breakout above $6.70, which would complete a double bottom pattern, with a target objective of $9.60. The bullish momentum is likely to weaken below the 61.8% Fibonacci retracement level of $5.50.

The bulls tried to protect the 20-EMA, but the bears had other plans. They pulled the crypto below the 20-EMA, starting a deeper correction. If the price remains below the 20-EMA, the pair may tumble to the 50-SMA.

If the price turns up from the current level or bounces off the 50-SMA, it will signify that lower levels are being bought. This could encourage the bulls to try and push the price to the resistance of $6.70. If this resistance is broken, the pair could skyrocket to $7.80.

Immutable price analysis

The crypto market has been seeing IMX/USDT pair trading above the breakout level of $1.30, suggesting that bulls have the edge. The price may pull back to the zone between $1.30 and the 20-day EMA ($1.20), where a tough battle between the bulls and the bears is likely to take place. If buyers prevail, IMX/USDT could climb to $1.86.

On the other hand, if sellers push the price below the support zone, this could trigger stops of short-term traders and lead to a sharper correction to the psychological level of $1. The 20-EMA on the 4-hour chart has flattened out, and the RSI is just below the midpoint, indicating a possible consolidation in the near term. The first support on the downside is $1.30. If buyers manage to keep the IMX/USDT pair above this level, it would imply that the $1.30 is acting as a new floor.

A break above $1.50 will signal the resumption of the up-move. The algorand crypto today could travel to $1.59 and then to $1.63. In contrast, a fall below $1.20 could give the bears the upper hand in the short-term.

VeChain price analysis

The bullish pressure on VeChain (VET) pushed the price above the $0.023 resistance level on Nov. 26, but the long wick on the candlestick suggests that buyers are having difficulty sustaining these higher levels.

Sellers may try to take advantage of the aggressive bulls and pull the price down to the 20-day EMA ($0.021). If the crypto rebounds off this level, it will point to a positive sentiment. The bulls will then make another attempt to break the resistance at $0.023. If they are successful, the VET/USDT pair could reach $0.027 and then try to hit the pattern target of $0.031.

However, if the bears push the price below the 20-day EMA, it could indicate that the pair may remain stuck in a large range between $0.014 and $0.023 for a while longer.

The pair has already slipped back below the $0.023 breakout level, which could mean that the bears have not yet given up and are selling at higher levels. The pair could next reach the 20-EMA, which is an important level to watch.

If the crypto rebounds off the 20-EMA, the bulls will attempt to drive the price above $0.023 and start the next leg of the rally to $0.027. Conversely, a break below the 20-EMA might lead to a deeper correction to $0.020.

Algorand price analysis

On Nov. 25, the Algorand (ALGO) crypto reached the overhead resistance of $0.14, where the bears are expected to put up a strong defense.

If the bulls don’t give up much ground from the current level, it indicates that traders are holding onto their positions, expecting a surge higher. That increases the possibility of a rally above the $0.14-$0.15 resistance zone, which could complete a cup-and-handle pattern with a target of $0.20.

The bears need to push the price below the critical support at $0.12 to prevent the up-move. If this level is breached, the ALGO/USDT pair could drop to $0.11 and then to $0.09.

The 4-hour chart shows that the crypto is oscillating inside the $0.12 to $0.15 range for some time. Traders may consider waiting for the breakout before taking large bets.

If the price breaks above $0.15, the ALGO crypto may rise to $0.18 and then to $0.20. However, if the price turns down and falls below $0.12, this bullish view will be invalidated.