Bitcoin’s Stable Price Shifts Focus to LINK, ICP, RNDR, and SUI

Bitcoin (BTC) Continues to Trade Sideways, Potential for Buying Surge in Anticipation of Halving

The world of cryptocurrency is constantly evolving, with the emergence of new technologies and updates to existing ones. One such update is the introduction of web 3.0, which has sparked discussions about the differences between web 1.0, 2.0, and 3.0. In the midst of this, the popular cryptocurrency, Gala, has also seen some updates and developments.

As for Bitcoin, it remains stuck in a range and is expected to end the week with a marginal gain of about 2%. According to trading suite DecenTrader, this sideways price action may continue for another month before a potential surge in buying activity leading up to the halving event in April.

Despite the opening of spot Bitcoin exchange-traded funds (ETFs) for institutional investments, the inflows have been slow as large trading platforms are taking their time to conduct thorough evaluations, as reported by Bloomberg. However, there is a minor positive in the fact that outflows from Grayscale Bitcoin Trust (GBTC) have been decreasing. Data from BitMEX Research shows that GBTC outflows have been hovering around $200 million since January 29, down from a high of $640 million on January 22.

The consolidation of Bitcoin’s price is seen as a positive sign, which may attract traders to consider alternative cryptocurrencies. Let’s take a look at the charts of the top 5 cryptocurrencies that have the potential to outperform in the near future.

Bitcoin price analysis

Bitcoin has been trading above the 20-day exponential moving average ($42,471) for the past few days, but the bulls have been unable to break through the resistance at $44,700.

The lack of a strong rebound from the 20-day EMA suggests a lack of demand at higher levels. If the price falls below $41,394, it will indicate that the BTC/USDT pair may enter a consolidation phase between $44,700 and $37,980 for the near future.

The $44,700 resistance level is crucial to watch for any potential upside movement. A break and close above this level will signal a return of bullish momentum. This could pave the way for a potential rally towards the psychologically significant level of $50,000.

On the 4-hour chart, both moving averages have flattened out and the RSI is hovering around the midpoint, indicating a balance between buyers and sellers. A drop below the 50-simple moving average could shift the advantage towards the sellers, potentially leading the pair towards $41,394.

If the bulls want to take control, they will need to push the price above the resistance zone of $44,000 to $44,700. If successful, the pair could climb towards $47,000. However, this level is likely to pose a strong resistance and could cause a dip towards $44,700. If the bulls manage to turn this level into support, it could lead to a continuation of the uptrend towards $50,000.

Chainlink price analysis

The recent surge in Chainlink’s (LINK) price above the resistance level of $17.32 on February 2nd signals a continuation of the bullish trend. The 20-day EMA ($15.80) has started to turn upwards and the RSI is close to the overbought zone, indicating that the bulls are currently in control. There is a minor resistance at $19.54, but if this is surpassed, the LINK/USDT pair could potentially reach the target of $21.79 as per the current pattern.

If the bears want to prevent further upside, they will need to push the price back below the breakout level of $17.32. This would indicate a strong selling pressure at higher levels. In such a scenario, the pair may drop down to the 20-day EMA.

Looking at the 4-hour chart, it can be seen that the bulls are attempting to establish the $17.32 level as a support. The rising moving averages and the RSI in positive territory further confirm the bullish dominance. A break and close above $18.88 would signal the beginning of a new upward trend towards $21.38.

On the other hand, if the price turns downwards and breaks below $17.32, it would suggest that the bulls are losing their grip. This could result in the pair dropping down to the 50-SMA and remaining range-bound for a while.

Internet Computer price analysis

On February 1st, the Internet Computer (ICP) saw a bounce off of the 50-day SMA ($11.63), indicating strong support from the bulls at this level.

The bears attempted to halt the upward movement near $14 on February 3rd, as shown by the long wick on the candlestick. However, the bulls have not given up much ground, increasing the likelihood of a break above $14. If this occurs, the ICP/USDT pair may attempt a rally towards $16.30.

If the price falls below the 50-day SMA, this positive outlook will be invalidated in the short term. In this case, the pair may drop further to the breakout level of $9.36, where buyers are expected to step in.

Looking at the 4-hour chart, we can see that the pair is currently trading within the range of $9.36 to $14. The bounce off the 20-EMA suggests that buyers are interested in lower levels. The next major resistance level is at $14.

If buyers are able to break through this barrier, the pair could potentially rally towards $16.30 and then the pattern target of $18.64. However, if the price falls below $11.20, it may indicate a longer period of consolidation within the range.

Understanding the Evolution of the Internet: Web 1.0, 2.0, and 3.0

On January 30, the price analysis for Render (RNDR) showed a bullish break above the $4.40 resistance level. The 50-day Simple Moving Average (SMA) acted as a strong support on January 31.

While there is a minor hurdle at $5.07, it is likely to be surpassed as the RNDR/USDT pair aims to retest the previous high of $5.28. If the buyers continue to push the price above this level, the pair could potentially surge towards $6.60.

However, a sharp decline from $5.28 would indicate bearish pressure at higher levels. In this case, the pair may revisit the 50-day SMA before potentially dropping to $4.

The 4-hour chart shows an upward trend as both moving averages are sloping upwards and the Relative Strength Index (RSI) is in the positive territory. This suggests that buyers are in control in the short term, with the pair likely to climb towards $5.07 and then $5.28.

On the other hand, a break and close below the 20-day Exponential Moving Average (EMA) would be the first sign of weakness. If this occurs, the pair may fall back to the breakout level of $4.40. This level is crucial for the bulls to defend, as a break below it could signal a shift in the short-term trend.

Sui price analysis

Upon breaking above the resistance of $1.50 on January 29th, Sui (SUI) was unable to sustain the breakout, indicating a potential comeback by the bears.

The SUI/USDT pair rebounded from the 20-day EMA ($1.34), reflecting a positive sentiment among traders who view dips as buying opportunities.

To maintain the momentum, buyers must push the price above $1.65. If successful, the pair could climb to $2, with $2.64 serving as a significant hurdle to overcome.

However, if the bears manage to pull the price below the 20-day EMA, they may gain the upper hand and send the pair down to the 50-day SMA ($1.04).

The recent breakout above $1.50 suggests bullish momentum. If buyers can sustain it, the pair may reach $1.57 and then $1.65, with potential for further gains. The bears will likely try to defend this level, but if the bulls prevail, the uptrend may continue.

On the other hand, if the price turns down from the resistance and falls below $1.38, it will signal a bearish advantage. The pair could then resume its correction towards $1.15 and possibly $1.

Overall, there are clear differences between web 1.0, 2.0, and 3.0, with the latter offering more advanced features and capabilities. In the world of cryptocurrency, updates and developments, such as the recent gala crypto update and crypto.com update, can greatly impact the market. It’s important to understand the differences between web 1.0, 2.0, and 3.0, as well as the difference between web 3.0 and 2.0, in order to stay informed and make informed decisions. Additionally, the ongoing fight between different cryptocurrencies, such as the crypto ICP, can also greatly impact the market and should be closely monitored.