Bitcoin (BTC) is expected to close the week with an increase of approximately 6%, which shows that bulls are still in demand. Michael Saylor, co-founder of MicroStrategy, said during his speech at the 2023 Australia Crypto Convention on November 10 that the demand for Bitcoin could increase two to tenfold by the end of 2024. In addition, the halving will reduce the supply by half. Saylor believes that both of these events will cause the price to rise.
With a general consensus that Bitcoin’s price will continue to rise in 2024, analysts are busy predicting how high the rally could reach. Philip Swift, creator of Look Into Bitcoin, said that using its Terminal Price on-chain indicator, Bitcoin could reach at least $110,000 in its next bull cycle.
While Bitcoin is still the center of attention, several major altcoins have been rising. This broad-based cryptocurrency rally increases the chances that an altcoin season may be on its way. If the bullish sentiment persists, altcoins may experience a rotation, in which the high flyers will face some profit-taking, and the laggards will start to move higher. Let’s look at the charts of the top five cryptocurrencies that may outperform in the near future.
Bitcoin price analysis
The bulls have been defending the breakout level of Bitcoin by holding it above the ascending channel pattern for the past three days.
The bulls are attempting to push the price up beyond $38,000 and propel it northward towards $40,000. Despite the bullishness being indicated by the upsloping moving averages, the RSI is showing an overbought level, which warns of a potential correction.
If the price drops back into the channel, it will indicate that the markets have rejected the higher levels, and this could lead to a fall to the channel’s support line, which is close to the 20-day exponential moving average ($34,784).
The bears will have to push the price below the channel to indicate the start of a solid correction. The BTC/USDT pair may then decline to the $32,400 to $31,000 support zone.
The bulls are buying the dips to the 20-EMA on the 4-hour chart, but they have failed to resume the uptrend, which suggests a lack of demand for higher levels. The bears will try to take advantage of this situation and drag the price below the 20-EMA. If they succeed, the pair may fall to the 50-SMA.
On the contrary, if the price climbs from the current level, it will suggest that the bulls have converted the breakout level from the channel into support. This will enhance the prospects of a rally above $38,000.
VeChain price analysis
VeChain (VET) has formed a double bottom pattern after buyers managed to push the price above the overhead resistance of $0.021 on Nov. 6.
The bulls have been successful in stopping the attempts by the bears to bring the price back below $0.021, which suggests that buyers are attempting to convert the $0.021 level into support. The bulls will now try to move the price above $0.023 and resume the uptrend. If they can do that, the VET/USDT pair could surge to the pattern target of $0.028.
Conversely, if the price fails to move above the $0.023 resistance, the probability of a drop to the 20-day EMA ($0.020) increases. A break and close below this support will mean that the bears are back in the market. The pair may then plummet to the 50-day SMA ($0.018).
The pair has been consolidating above the breakout level of $0.021 for some time. The 20-EMA is flattening out, and the RSI is near the midpoint, which indicates an equilibrium between supply and demand.
This balance will shift in favor of the buyers if they can push the price above $0.023. This could start the next leg of the uptrend. On the other hand, if the price turns down and falls below $0.021, it will show that the markets have rejected the higher levels. This could lead to a decline to $0.020.
Immutable price analysis
The IMX/USDT pair has been on the rise in recent days, indicating that bulls are attempting a comeback. There is a strong resistance at $1.30 which will need to be broken through for the rally to continue to $1.59. The RSI is overbought, so a correction or consolidation is expected in the near term.
The moving averages are sloping upwards, which suggests that the bulls remain in control. However, the negative divergence on the RSI implies that the bullish momentum is weakening. If the price drops sharply from the current level or $1.30, it will mean that the bulls are exiting. This could lead to a pullback to the 20-day EMA ($0.84).
The pair is inching closer to the overhead resistance of $1.30. If the price holds above the moving averages during the pullback, it will increase the odds of a break above the hurdle. Conversely, if the price turns down and falls below the 50-SMA, it will indicate the start of a decline to $0.80.
The Graph price analysis
The Graph (GRT) has seen a correction following a sharp increase, but the bulls have been successful in keeping the price above the 20-day EMA ($0.12), which is a positive indication.
The GRT/USDT pair is attempting to resume its uptrend, but the bears are presenting a strong resistance at $0.14. The upsloping moving averages and the RSI in the positive territory indicate that the path of least resistance is on the upside.
If the bulls manage to break through the obstacle at $0.16, the pair could resume its uptrend and reach $0.21. However, if the price turns down and breaks below the 20-day EMA, it will indicate that the up-move has ended.
The pair has found support at the 50-SMA on the 4-hour chart, but the bears are trying to put a stop to the recovery near $0.14. If the buyers manage to penetrate this resistance, the pair could retest the barrier at $0.16, which may again be a battleground between the bulls and the bears.
On the downside, the 50-SMA remains the key level to watch. If this level gives way, the pair could drop to the strong support at $0.12, which is likely to attract buying from the bulls.
Algorand price analysis
Algorand (ALGO) is forming a rounding bottom pattern, which is expected to be completed upon a break and close above the overhead resistance at $0.14.
The upsloping moving averages and the RSI in the overbought zone demonstrate that the bulls have the upper hand. If buyers are able to keep the price above $0.14, it will be a sign of the start of a new up-move. The pattern target of the reversal setup is $0.20. If this level is reached, the up-move may extend to $0.24.
Alternatively, if the price turns down sharply from $0.14, it will indicate that the bears are still defending the level strongly. The ALGO/USDT pair could then drop to the 20-day EMA ($0.12).
The bulls are buying the dip to the moving averages, which implies that the sentiment is becoming more positive. The real test for the bulls is at $0.14. If they manage to push and sustain the price above this level, the pair is likely to pick up momentum.
On the downside, the moving averages remain the key level to watch out for. A break below the 20-EMA could pull the price to the 50-SMA. If this level is breached, the pair may start a correction to $0.10.
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