Bitcoin (BTC) has been hovering around $35,000 for several days, yet the bulls have failed to push the uptrend above $38,000, indicating that there is hesitation to buy at higher levels. Mike Belshe, CEO of BitGo, recently said in an interview with Bloomberg that another round of rejections of spot Bitcoin exchange-traded fund applications is likely to occur before they are finally approved.
According to Look Into Bitcoin creator Philip Swift, on-chain data suggests that the Bitcoin bull market is still in its early stages as there is “no FOMO yet”, despite the fact that multiple analysts anticipate a correction in the near term, with the worst case scenario predicting a drop to $30,000.
While Bitcoin takes a breather, some altcoins have seen a pullback, yet there are signs of them resuming their uptrends. This is evidenced by the applications filed by Fidelity and BlackRock for a spot Ether ETF, demonstrating strong demand for investment in certain altcoins.
Will Bitcoin remain above $35,000 over the next few days? Is it time for altcoins to start the next leg of their up-move? Let’s analyze the charts of the top 5 crypto that may rise in the short term.
Bitcoin price analysis
The crypto sol is not looking great for Bitcoin as it is facing strong resistance near $38,000. But the bulls have not allowed the price to dip below the 20-day exponential moving average ($35,666), which is a positive sign.
The upsloping moving averages and the relative strength index (RSI) in the positive zone indicate that the crypto top buyers are in control. If the crypto recent price rebounds off the 20-day EMA, the bulls will make one more attempt to cross the hurdle at $38,000.
If they succeed, the BTC/USDT pair may reach $40,000. This level may trigger intense selling pressure from the bears, but if the crypto what to buy buyers overpower them, the rally could eventually touch $48,000.
The first indication of weakness will be a close below the 20-day EMA. That will mean that the crypto may enter a range-bound phase in the near future. The pair may stay stuck between $34,800 and $38,000 for a while. A break below $34,800 could pave the way for a decline to $32,400.
The 4-hour chart shows that the price is fluctuating between $38,000 and $34,800. Both moving averages have flattened out, and the RSI is close to the midpoint, suggesting that the range-bound crypto telegram channel action may continue for some more time.
The fact that the price is consolidating tightly near the 52-week high is a good sign as it shows that the bulls are not closing their positions quickly. This increases the probability of an upside breakout. If that happens, the pair may resume its uptrend. The short-term trend will favor the bears if the crypto falling price breaks below $34,800.
Solana price analysis
The SOL/USDT pair fell below the $59 breakout level on Nov. 16, yet the bears were unable to capitalize on this opportunity. This suggests that selling dries up at lower crypto prices.
The bulls are now attempting to push the Solana crypto above the $59 mark again. If successful, it will indicate that the market has rejected the lower levels. If the price rises above $64, then the pair may reach the local high of $68.20.
If the crypto falls below $48, it will invalidate the bullish move and could cause a steeper correction to the 50-day SMA ($35.47). The deeper the fall, the more time it will take for the next uptrend to begin.
The 20-EMA is flattening out and the RSI is just above the midpoint, implying that there is an equilibrium between supply and demand. If buyers are able to push the price above the $64 level, the pair may challenge the $68.20 resistance.
If the crypto price turns down and breaks below $54, it could mean that the bears have taken control. The pair may then drop to $51 and then to the strong support at $48. A break below this level will give the bears an advantage.
Chainlink price analysis
The current pullback in Chainlink’s (LINK) price is being supported by the 20-day EMA ($13.42), suggesting that buyers are still interested in buying at lower levels.
The bulls will then attempt to push the LINK/USDT pair above the local high of $16.60. This could prove to be a difficult task, but if successful, the price could potentially surge to $20.
On the other hand, if the crypto falls back from $15.38, it would indicate that the bears are selling on rallies. In this case, the pair may drop to the 61.8% Fibonacci retracement level of $13.55 or even to the 50-day SMA ($10.54).
The LINK/USDT pair has been trading inside a descending channel pattern for some time. Traders usually sell near the channel’s resistance line, which is what is happening now. If the price drops below $13.36, it could lead to a further decline to the support line.
Conversely, if the buyers manage to push the crypto above the channel, it could signal the end of the correction. The pair could first rise to $15.38 and then to $16.60. The 20-EMA and the RSI near the midpoint do not provide an advantage to either the bulls or the bears.
Near Protocol price analysis
Near Protocol (NEAR) rose and closed above the formidable resistance of $1.72 on Nov. 17, suggesting a potential trend change in the short term. The rising 20-day EMA ($1.58) and the RSI in the positive zone indicate that the bulls are in charge, with a minor resistance at $2. If this level is cleared, the NEAR/USDT pair may rise to $2.40.
However, the bears may attempt to pull the price back below the crypto recent breakout level of $1.72 and trap the aggressive bulls. If successful, the pair could fall to the 20-day EMA. This remains the critical level to watch out for, as a drop below it will indicate that the sellers are back in the game.
The pair has been sustaining above the crypto top breakout level of $1.72, but the bulls have failed to start a strong up-move. This suggests that the bears have not given up and are trying to pull the price back below $1.72. If they succeed, the price may drop to $1.60, and if this level gives way, the pair may tumble to $1.45 and thereafter to $1.28. On the other hand, if buyers shove the price above $1.95, the pair may start its march toward $2.10.
Theta Network price analysis
Theta Network (THETA) is finding support at the 20-day EMA ($0.88) after going through a correction in the past few days. This indicates that the sentiment remains positive, and traders are viewing the dips as a buying opportunity.
The rebound off the 20-day EMA is likely to face resistance at the psychological level of $1. If this crypto top level is conquered, the THETA/USDT pair could pick up momentum and rise to $1.05 and later to $1.20. This crypto may 2022 level may again act as a strong hurdle, but if cleared, the pair may soar to $1.33.
If bears want to prevent the rally, they will have to quickly pull the price back below the 20-day EMA. That will indicate that the bulls may be rushing to the exit. The pair may then start a deeper correction to the 50-day SMA ($0.72).
The pair has been correcting inside a falling wedge, which usually acts as a bullish setup. Buyers will need to break and sustain the price above the wedge to signal strength. The pair may first rise to $1.05 and thereafter retest the resistance at $1.20.
On the contrary, if the price turns down from the resistance line, it will suggest that the pair may remain stuck inside the wedge for some more time. The sentiment is likely to turn bearish on a slide below the crypto recent wedge.
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