The crypto market has been relatively quiet over the weekend as Bitcoin (BTC) has been range-bound. Ki Young Ju, CEO of CryptoQuant, mentioned on X (formerly Twitter) that the velocity of Bitcoin has dropped to a 3-year low. This could be interpreted positively as whales are holding onto their positions or negatively as new investors are not entering the market.
Investors are still uncertain as to the direction of Bitcoin in the near future. However, there was a recent bullish sentiment from JPMorgan analysts who suggested that the downtrend could be over. They believe that the decreasing open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange indicates that the long liquidation has ended.
As Bitcoin traders wait for the next move, some altcoins are showing signs of strength. This could be reversed if Bitcoin’s range resolves to the downside, but if Bitcoin’s trend continues or stays in a range, then they may provide a short-term trading opportunity.
Let’s take a look at the top-5 cryptocurrencies that may move up in the near term and identify the levels that need to be crossed for the bulls to take charge.
Bitcoin price analysis
On Aug. 26, Bitcoin formed an inside-day candlestick pattern, which indicates a lack of consensus between bulls and bears on the upcoming direction of the asset.
The downward-sloping 20-day exponential moving average ($27,222) and the relative strength index (RSI) in the oversold zone demonstrate that the bears have the upper hand. Nevertheless, the bulls are likely to fiercely defend the $24,800 level.
If buyers can push the BTC/USDT pair above the 20-day EMA, it may start a stronger recovery. This could lead to a possible rally to the 50-day simple moving average ($28,888).
Conversely, if the bears can bring the price below $24,800, the pair could drop to $20,000. The 20-EMA is flattening out and the RSI is near the midpoint on the 4-hour chart, which suggests a balance between supply and demand.
If the price falls below $25,700, the pair could drop to $25,166 and then to $24,800. On the other hand, if the pair manages to stay above the moving averages, it will signal that the bulls have absorbed the selling pressure. There is minor resistance at $26,314, but if it is broken, the pair could climb to $26,610 and later to $26,833.
Toncoin price analysis
Toncoin (TON) is forming an inverse head and shoulders pattern, which will be confirmed if the price breaks and closes above $1.53.
The 20-day EMA ($1.38) is gradually increasing and the RSI is in the positive zone, indicating that the price is likely to move up. If buyers can push the TON/USDT pair above $1.53, a new uptrend could be initiated and the pattern target of $1.91 could be achieved.
The bears, however, may try to defend the $1.53 level and pull the price below the moving averages. If this happens, the pair could drop to $1.25 and then to $1.15.
The 4-hour chart suggests that $1.53 could be a tough resistance to cross. If the price turns down from this level but rebounds off the 20-EMA, it could indicate that the bulls are buying on minor dips, increasing the chances of a break above $1.53. This could lead to a rally to $1.70.
On the other hand, if the price turns down and breaks below the 20-EMA, it could mean that traders are booking profits near $1.53. The pair may then fall to the 50-SMA and eventually to $1.33.
Monero price analysis
The bulls have demonstrated their strength by pushing Monero’s (XMR) price off the uptrend line for the second time in recent days.
The XMR/USDT pair could reach the 20-day EMA ($148), which could act as a significant barrier. If buyers are able to hold their ground at this level, the chances of a rally above the 20-day EMA increase. This could then take the pair up to the 50-day SMA ($157), where the bears might sell.
If the price falls sharply from the 20-day EMA, it will suggest that bears are still selling on rallies. The pair could then retest the uptrend line. A repeated test of this support could weaken it. If it gives in, the pair may drop to $125 and then to $115.
The bulls have pushed the price above the moving averages on the 4-hour chart, showing that bears may be losing their grip. There is a strong resistance at $150 but if the pair is able to break through this level, it could reach $160. The rising 20-EMA and the RSI in the positive territory suggest a slight advantage to buyers.
The first sign of weakness will be a break and close below the moving averages. This could pull the pair back to the uptrend line. A break below this support could send the price of XMR/USDT tumbling to $125.
Mantle price analysis
Since Mantle (MNT) hit its peak at $0.60 on July 20, it has been in a strong downtrend. The RSI has dropped to oversold levels, indicating that a relief rally may occur.
The outside-day candlestick pattern on Aug. 25 indicates that buyers are trying to take control. The MNT/USDT pair could first go up to the 20-day EMA ($0.45), which is a critical point to pay attention to. If buyers can overcome this resistance, the pair may then reach the 38.2% Fibonacci retracement level of $0.48.
On the other hand, if the price falls from the 20-day EMA, it would suggest that bears are still selling on every small rally. This could lead to a retest of the support at $0.41. If this level is broken, the pair could drop to $0.35.
The 4-hour chart shows that the bulls have pushed the price above the moving averages but are having difficulty initiating a powerful rally. This suggests that the bears are still present and could present a challenge at higher levels.
If the price dips below the moving averages, it will give the bears an advantage. This will increase the likelihood of a break below $0.41.
Conversely, if the price is maintained above the 20-EMA, it will show that the bulls are buying on the dips. The pair may then try to rally to $0.47 and then to $0.52.
Quant price analysis
On Aug. 17, Quant (QNT) rebounded off the strong support at $95 and breached the moving averages on Aug. 26, suggesting strong demand at higher levels.
The bulls are likely to try and maintain the uptrend and push the price to the downtrend line, where they may face resistance from the bears. If the price falls from this level but rebounds off the 20-day EMA ($101), it could signal a shift in sentiment from selling on rallies to buying on dips. This could increase the chances of a rally above the downtrend line and potentially lift the QNT/USDT pair to $120. This optimistic outlook could be short-lived if the price declines and goes below the moving averages. The pair may then slide to the support at $95.
On the 4-hour chart, the moving averages have turned up and the RSI is in the positive territory, indicating that the bulls are making a comeback. The pair may then rally to the downtrend line, where the bears could try to resist it again.
On the downside, the moving averages are expected to act as strong supports. If the price breaks and closes below the 50-SMA, it could indicate that the recovery is over. The pair may then plummet to $98.
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