Crypto bullish signals as Bitcoin price holds $26K, MKR, AAVE, RUNE and RNDR flash bullish.
Bitcoin price holds $26K as MKR, AAVE, RUNE and RNDR flash bullish signals

After forming successive Doji candlestick patterns on the weekly chart for the past three weeks, Bitcoin (BTC) is on target to end the week on a positive note. This is an early sign that the uncertainty between the bulls and the bears is resolving to the upside. Crypto bullish sentiment is growing as the relief rally picks up momentum.

Although the recovery is still in its early stages, the Federal Open Market Committee meeting on Sep. 20 could boost volatility. The majority of the market participants expect the Federal Reserve to maintain a status quo on rates but surprises could arise during Fed Chair Jerome Powell’s press conference following the rate decision.

Bitcoin’s recovery from the strong support near $24,800 has ignited buying interest in select altcoins, crypto buy the rumor sell which are providing trading opportunities. For these altcoins to continue their upward trajectory, Bitcoin needs to maintain above $26,500.

Crypto and analysis is needed to identify the best opportunities in the market. Crypto day trading is a popular strategy to capitalize on short-term price movements, while crypto charts and the best book on web 3.0 can help investors understand the market. Cheapest crypto press release can also be used to gain an edge in the market.

Could Bitcoin’s relief rally pick up momentum, triggering buying in select altcoins? Let’s study the charts of top-5 cryptocurrencies that are showing promise in the near term.

Bitcoin price analysis

The bulls have been successful in pushing the BTC/USDT pair above the 20-day exponential moving average ($26,303) on Sep. 14, which suggests that the selling pressure is reducing. Since then, the buyers managed to prevent the bears from dragging the price back below the 20-day EMA.

Crypto bulls will try to capitalize on their advantage and drive the pair to the 50-day simple moving average ($27,295). This level may act as a minor resistance, yet if it is crossed, the pair is likely to reach $28,143. The bears are expected to defend this price point with vigor.

If the bears want to regain control, they will have to sink the price below the 20-day EMA. This could trap the aggressive bulls and open the doors for a potential retest of the important support at $24,800.

The price has been trading above the 20-EMA on the 4-hour chart indicating that the crypto bulls are buying on dips. This suggests that traders anticipate the recovery to continue. If the buyers are able to overcome the hurdle at $26,900, the pair could climb to $27,600 and eventually to $28,143.

If the bears want to make a comeback, they will have to sink and sustain the price below the 20-EMA. Such a move could clear the path for a further decline to the 50-SMA and later to the strong support zone between $25,600 and $25,300.

Maker price analysis

On Sep. 15, buyers drove Maker (MKR) above the 50-day SMA ($1,162), indicating that the crypto bulls are attempting to take the lead.

The MKR/USDT pair is on the way to $1,370. This level is likely to witness a fierce battle between the bulls and the bears. If the bulls can hold their ground, the chances of a break above it will rise. If this happens, the pair could gain momentum and surge to $1,759.

The crucial level to watch on the downside is the 20-day EMA ($1,162). If this level is breached, it could point to the pair swinging within the large range between $980 and $1,370 for a while.

The 4-hour chart shows that the crypto bulls remain in control but the RSI near the overbought territory suggests a minor correction or consolidation in the near future. The 20-EMA remains the key level to watch on the downside. A break and close below it could suggest the beginning of a deeper correction toward the 50-SMA.

On the other hand, if the price bounces off the 20-EMA, it will be a sign that the bulls are still buying the dips. This could initiate a rally toward the significant overhead resistance at $1,370.

Aave price analysis

The crypto bulls have made their move as Aave (AAVE) surged above the moving averages on Sep. 16, however, the long wick on the day’s candlestick indicates that selling is taking place at higher levels.

The bulls have been able to keep the price above the 50-day SMA ($59) which gives them a slight advantage. If they manage to sustain it, the AAVE/USDT pair could potentially accelerate towards $70 and later to $76.

The 20-day EMA ($56) is the key support to watch out for in the near-term. If the price drops below this level, it would suggest that the bears are active at higher levels, causing the pair to slide to the strong support at $48.

The 4-hour crypto charts show that the bulls recently purchased the pullback to the 20-EMA which implies that the sentiment has turned positive. Buyers will try to push the price above the resistance at $63. If successful, the pair could potentially reach $70.

On the contrary, if the crypto price turns down and breaks below the 20-EMA, it would indicate that demand is lacking at higher levels. The pair could then fall to the 50-SMA which may attract buyers.

THORChain price analysis

RUNE, or THORChain, has seen some positive momentum in recent days, with buyers attempting a comeback. The uptrend is nearing the strong resistance at $2, which could be a major roadblock. If the price drops sharply from $2, it would suggest that the bulls are exiting the market, and the price could fall to the 20-day EMA ($1.62).

On the other hand, if RUNE/USDT does not give up much ground, it indicates that the bulls are still confident and are expecting the rally to continue. If the $2 mark is breached, the pair could move up to $2.30 and then to $2.80.

The 4-hour chart shows that $2 is a resistance level. The price may dip to the 20-EMA, which is likely to act as a strong support. If the price bounces off this level with strength, the bulls will make another attempt to break $2. If they succeed, the pair may reach $2.30.

The first sign of weakness will be a break and close below the 20-EMA. This could cause short-term traders to take profits. The pair may then drop to the 50-SMA.

Render price analysis

On Sep. 15, Render (RNDR) broke out and closed above the 50-day SMA ($1.58), suggesting that the selling pressure may be diminishing.

The moving averages are close to a crypto bullish crossover and the RSI is in the positive zone, indicating that bulls have a slight edge. If the price bounces off the 20-day EMA ($1.50), it could indicate a shift in sentiment from selling on rallies to buying on dips. This could potentially lead to a stronger recovery to $1.83 and then to $2.20.

This optimistic view could be invalidated in the short-term if the price continues to decline and breaks below the moving averages. The RNDR/USDT pair could then drop to $1.38 and later to $1.29.

The moving averages on the 4-hour chart are ascending and the RSI is in the positive territory, indicating an advantage for buyers. The first support to watch on the downside is the 20-EMA. If the price bounces from this level, it will show that bulls continue to view the dips as a buying opportunity. This increases the likelihood of a rally to $1.77.

On the other hand, if the 20-EMA gives way, the pair could slide to the 50-SMA. This is a significant level for the bulls to defend because a break below it could cause the pair to plunge to $1.39.

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