Bitcoin Price Action Leads Traders To Focus On SHIB, UNI, MKR, and XDC Crypto Altcoins
Bitcoin’s sideways price action leads traders to focus on SHIB, UNI, MKR and XDC

Bitcoin (BTC) is forming two consecutive Doji candlestick patterns on the weekly charts, but the fact that the price is staying above the 20-week exponential moving average ($28,072) is a bullish sign. TechDev, a popular pseudonymous trader, used the three-week timeframe to show that Bitcoin’s compression above the 20-period moving average is close to the values observed only four times since Bitcoin’s creation. All three of those previous occasions saw an upwards expansion, suggesting that history favors the bulls.

In the short term, however, the lack of volatility has led to Bitcoin futures trading volumes hitting their lowest levels since December 2022. Cointelegraph contributor Marcel Pechman believes this could mean that traders have moved to other markets or are avoiding making trades at the current level.

While several altcoins are waiting for Bitcoin to show the way, some have outperformed in the near term. Let’s have a look at the charts of the top-five cryptocurrencies that could show positive results over the next few days.

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Bitcoin price analysis

Bitcoin has been trading near the 20-day EMA ($29,447) for the past two days, indicating that the bulls and the bears are in a state of indecision.

The relative strength index (RSI) and the flattish moving averages are both hovering around the midpoint, indicating that neither party has the upper hand, which could keep the BTC/USDT pair stuck inside the $28,585-to-$30,150 range for a while.

The next trending move is likely to begin after the price breaks out of this range. If the price dives below $28,585, the selling could gain momentum and the pair may drop to $26,000.

On the other hand, a break and close above $30,150 may attract bullish crypto buyers. The pair could then surge to the $31,804-to-$32,400 resistance zone.

The four-hour chart shows that the price is stuck between the moving averages, suggesting uncertainty about the next trending move. If the price closes below the 50-day simple moving average, the short-term advantage will tilt in favor of the bears. That could drag the price toward $29,000 and then to $28,585.

If the price turns up and breaks above the 20-day EMA, it will suggest that the bulls are attempting to seize control. The pair may first rise to $29,738, and if this hurdle is cleared, the rally could reach the overhead resistance at $30,350.

Shiba Inu price analysis

The Shiba Inu (SHIB) token is on a strong uptrend, with buyers currently struggling to break the overhead resistance at $0.000012.

The bullish 20-day EMA ($0.000009) and the RSI near the overbought zone suggest that bulls are in control. If buyers can push the price above $0.000012, it could lead to a rally up to $0.000014 and then to $0.000016.

On the other hand, if the price falls below $0.000010, the pair could extend its pullback to the 20-day EMA. This is a critical level to watch, as a breakdown below it could signal the end of the recovery.

The four-hour chart shows that the price has corrected to the 20-day EMA. Bulls are likely to defend this level strongly. If successful, the pair could try to break and sustain above the overhead resistance at $0.000011.

If the price drops and remains below the 20-day EMA, it will suggest that bulls are losing their grip. The pair may then drop to the next major support at the 50-day SMA. This could be a good opportunity for bullish crypto investors to enter the market.

Uniswap price analysis

Uniswap (UNI) saw a rebound from the 50-day SMA ($5.79) on Aug. 7 and moved above the 20-day EMA ($6.09) on Aug. 8, suggesting that buyers are active at lower levels.

The UNI/USDT pair is currently facing a tough battle near the 20-day EMA, indicating that the bears have not yet given up. If the price falls below the 20-day EMA, it could intensify the selling and the pair may drop to the 50-day SMA.

Alternatively, if the price rises from the 20-day EMA, it will signal that the bulls are trying to make this level a support. If they manage to do that, the pair may rise above the immediate resistance at $6.35 and reach $6.70.

Both moving averages have flattened out on the four-hour chart, indicating a balance between supply and demand. If the price dips below the 50-day SMA, the advantage will tilt in favor of the bears. The pair may then plunge to $5.80.

On the other hand, if the price rebounds off the 50-day SMA and rises above the 20-day EMA, it could suggest bullish crypto activity. The pair could then rise to $6.35. Buyers will have to surmount this resistance to come out on top. The pair may then soar to $6.70.

Maker price analysis

The MKR/USDT pair has been trading above the bullish crypto level of $1,200 for a few days, indicating that buyers are attempting to flip the level into support.

The 20-day EMA ($1,204) is slowly rising, and the RSI is in the positive territory, suggesting that the bulls have the edge. Buyers will try to take the price above the immediate resistance of $1,284 and challenge the local high at $1,370. A break and close above this level could signal the start of a new uptrend.

If bears want to prevent the uptrend, they must quickly push the price back below the bullish crypto level of $1,200. That could open the gates for a decline to the 50-day SMA ($1,041).

The 20-day EMA on the four-hour chart has flattened out, and the RSI is just above the midpoint. The price action has formed a symmetrical triangle pattern, indicating indecision among the bulls and the bears.

If buyers drive the price above the triangle, the MKR/USDT pair may start an up-move toward the pattern target of $1,463. On the other hand, a break below the triangle could signal that bears are back in the game. The pattern target on the downside is $986.

XDC Network price analysis

XDC Network (XDC) is currently trading near its 20-day Exponential Moving Average ($0.062), which is an important support level to watch out for. The 20-day EMA is flattening out and the Relative Strength Index is just above the midpoint, indicating that the bullish momentum may be weakening. To gain control, buyers must push the price above the overhead resistance at $0.073, which could start an up-move towards $0.082.

On the contrary, if the price breaks and closes below the 20-day EMA, it could sink the pair to the 61.8% Fibonacci retracement level of $0.056, delaying the start of the next leg of the uptrend.

The four-hour chart shows a descending triangle formation, which will be completed on a break and close below $0.061. If that occurs, the pair could start a downward move towards $0.054 and, thereafter, to the pattern target of $0.040.

However, if the price rises from the current level and breaks above the downtrend line, it will invalidate the bearish setup, which could open the doors for a potential rally to $0.082.

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