How Bitcoin’s Surge to $70K is Paving the Way for OP, TAO, STX, and MNT in the Crypto Market

Top 5 Cryptocurrencies to Consider Buying During This Bull Market

The price of Bitcoin (BTC) has held steady this week, with traders showing no signs of cashing in their profits as it nears $70,000. The number of Bitcoin whales, or unique addresses holding over 1,000 BTC, has risen to 2,104 as of March 7, indicating their confidence in the ongoing uptrend.

Bitcoin’s surge has also boosted market sentiment for other cryptocurrencies. According to DefiLlama data, the total value locked (TVL) in decentralized finance (DeFi) protocols has surpassed $100 billion for the first time in two years. However, this is still significantly lower than the record high of $189 billion set in November 2021.

During a bull market, investors often throw caution to the wind and chase after high prices. However, Bitwise chief investment officer Matt Hougan warned against this, stating that some “terrible projects” are trading at inflated valuations.

If Bitcoin reaches a new all-time high, it is likely that select altcoins will also experience a surge. Here are the top 5 cryptocurrencies that appear to be strong performers on the charts.

Bitcoin price analysis

The bears are attempting to halt the upward momentum of Bitcoin near $70,000, but the bulls remain resilient, indicating a strong buying sentiment. This suggests that any minor dips in price are being quickly bought up.

The bulls will make an effort to resume the uptrend by pushing the price above $70,000. If successful, the BTC/USDT pair could gain significant momentum and potentially reach $76,000. This level may pose a slight obstacle, but if surpassed, the rally could extend to $80,000.

In order for the bears to regain control, they will need to sell aggressively and push the price below the 20-day exponential moving average ($61,422). This could trigger stop losses for short-term traders and potentially lead to a deeper correction towards the 50-day simple moving average ($51,197).

Both moving averages are currently trending upwards, and the relative strength index (RSI) on the 4-hour chart is in positive territory, indicating a strong presence of buyers. The fact that the price has remained above the 20-EMA suggests that buyers are actively purchasing on any minor dips. A close above $70,000 could signal the start of the next leg of the uptrend.

Alternatively, if the price turns downwards and breaks below the 20-EMA, the pair may experience a decline towards the 50-SMA. A close below this support level would be the first indication that the bulls may be losing control. This could potentially lead to a drop to $59,000.

Optimistic price analysis

Optimism has been on the rise in recent days, with a break above the $4.20 resistance completing a bullish inverse head-and-shoulders pattern on March 5.

The upward 20-day EMA ($4.12) and positive RSI indicate a likely continuation of the uptrend. If buyers push the price above $4.87, the OP/USDT pair could see a rally towards the pattern’s target of $5.79.

However, a sharp downturn from current levels and a break below the 20-day EMA would suggest a potential bear trap. In this case, the pair may drop to $3.42, and a further break below this level would give the advantage to the bears.

The pair has maintained a price above the breakout level of $4.20, indicating a positive sentiment where any dips are being bought up. Buyers will likely attempt to break through the barrier at $4.87 and establish dominance. If successful, the pair could climb to $5, where the bears may once again resist strongly.

The first sign of weakness would be a break and close below the 50-SMA, increasing the likelihood of a retest of $4.20. For the bears to take control, they must pull the price below this support level.

Analysis of Bittensor Price

Bittensor (TAO) has retraced to the 20-day EMA ($646), a critical short-term level to monitor.

If the price bounces off the 20-day EMA, it signifies that the bulls are still in command. This strengthens the possibility of a break above $757, with the TAO/USDT pair potentially resuming its upward trend towards $846.

However, a plunge below the 20-day EMA would suggest that the bulls are quickly cashing out their profits. In this case, the pair could drop to the 50-day SMA ($535). A further decline below the 50-day SMA would indicate a potential shift in the trend by the bears.

Looking at the 4-hour chart, it is evident that the bulls are struggling to maintain the price above $700. This implies that the bears are still selling on rallies. If the price remains below the 50-SMA, the next support level could be $617, followed by a potential drop to $550.

On the other hand, a rebound from the current level would indicate the bulls’ attempt to establish $700 as a support level. If successful, the pair could retest $757, which is likely to be breached. This could propel the pair towards $850.

Cryptocurrency Analysis: Stacks Price and the Future of Web 3.0

As the world of cryptocurrency continues to evolve, many investors are wondering which coins are worth buying. One promising option is Stacks (STX), which has shown resilience in the face of recent market dips.

Bulls have successfully defended the 20-day EMA ($2.77), indicating a positive sentiment and a willingness to buy the dips. This was evident in the solid bounce on March 10, although the long wick on the candlestick suggests that bears are still present. To confirm a bullish trend, STX must break above $3.39 and potentially reach $4.58 and $5.

However, it’s important to keep an eye on the 20-day EMA as a crucial support level. If bears manage to push the price below this level, it could signal a weakening of the bulls’ hold on the market. In this case, the price may fall to the 50-day SMA ($2.20).

On the 4-hour chart, we can see that the price surged after breaking through the downtrend line, but failed to surpass $3.39, leading to profit-taking. Currently, the price has dipped back to the downtrend line. If it bounces back strongly from this level, it could indicate a potential break above $3.39.

However, if the price continues to drop and breaks below the moving averages, it could suggest that bears are still active at higher levels. This could lead to a decline to $2.40 and potentially $2.20.

Analysis of Mantle price

Mantle (MNT) has been on a steady rise, but the bears are not giving up and are attempting to halt the rally at $1.15, as evidenced by the long wick on the March 8 candlestick.

However, the buyers have managed to keep the price above the key level of $1, giving them a slight edge. The moving averages are trending upwards and the RSI is in the overbought territory, indicating that the bulls are in control.

If the buyers push the price above $1.15, the MNT/USDT pair could enter the next phase of its uptrend, targeting $1.37 and then $1.50. On the other hand, a drop below the 20-day EMA ($0.91) would invalidate this bullish scenario and could lead to a decline towards $0.85 and potentially $0.80.

The bulls are currently working on turning the breakout level of $1.01 into a support level. If they succeed, it would signal strong buying interest at lower levels. A move above $1.07 could pave the way for a retest of $1.15 and a potential increase in momentum.

On the flip side, a drop below $1.01 would suggest a lack of demand at higher prices. The 50-SMA could provide some support, but a break below it could lead to a drop towards $0.85.