Difference between Web 1.0, 2.0, and 3.0 illustrated by Bitcoin price reclaiming $35K and how ATOM, UNI, NEAR, and AXS may rally next.
Bitcoin price reclaims $35K — Will ATOM, UNI, NEAR and AXS rally next?

The S&P 500 Index had an impressive 5.85% increase last week, its biggest growth since November 2022. Speculations that the US Federal Reserve will not raise rates anymore drove a large part of the gains.

In contrast, Bitcoin (BTC) had a more moderate increase of around 2%. However, a positive sign for crypto investors is that the risk-on sentiment is likely to benefit the crypto space.

The rally of Bitcoin triggered investments in several altcoins that had been dormant for a long time. If Bitcoin does not collapse, the recovery may spread to other coins that have not yet joined the uptrend.

Even though Bitcoin is in a range, some altcoins are showing signs of moving higher. Let’s look at the charts of the top five cryptocurrencies that could extend their rallies in the coming days.

Bitcoin price analysis

The price of Bitcoin (BTC) is still near the $35,000 resistance, forming an ascending channel pattern. After the sharp rise, such a tight ascending channel usually indicates a negative sign. If the price falls below the channel, it may trigger some aggressive traders to take their profits, dragging the price to the 20-day exponential moving average (EMA) ($33,033). If the bulls manage to bounce back from this level, it will prove that they remain in control and will try to push the price above $36,000 once again.

On the other hand, if the price drops and breaks the 20-day EMA, the BTC/USDT pair could plunge to the strong support zone between $32,400 and $31,000. The bulls are likely to fight hard to defend this area, as a break below it would give the advantage to the bears.

The pair has been climbing inside the ascending channel pattern, but the negative divergence on the relative strength index (RSI) suggests that the bullish momentum may be fading. The bulls need to take the price above the channel if they want to keep their control. If they succeed, the pair could reach $40,000.

On the other hand, the bears will try to move the price below the channel and take over the market. If successful, the pair could decline to $32,400.

Cosmos price analysis

On Oct. 30, Cosmos’ ATOM (ATOM) surpassed the $7.60 resistance, forming a double-bottom pattern. Over the period from Nov. 1 to 3, buyers effectively defended the breakout level.

Subsequently, the price rose beyond $8.25 on Nov. 5, showing the resumption of the uptrend. According to the bullish setup, the pattern target is $8.91, which may act as a barrier. In case of a successful break above this level, the ATOM/USDT pair could surge to $10.

The key support to watch on the downside is $7.60. If the bears drive the price below this level, it will point to strong selling pressure at higher levels, thus resulting in a plunge to the 50-day simple moving address (SMA) ($7.07).

The four-hour chart displays that the price has gone above the nearby resistance of $8.20, suggesting a minor advantage to the buyers. If the bulls can keep the price above $8.20, it is likely to start a new leg of the up-move to $8.91.

Contrarily, if the price reverses and breaks below the 20-EMA, it will demonstrate that the markets have denied the higher levels. This may lead to liquidation of long positions and push the price down to the robust support at $7.60.

Uniswap price analysis

On Nov. 2, UNI (UNI) of Uniswap reached the overhead resistance of $5, but the bulls failed to break it.

The bulls have some minor positive points in their favor, since they have not allowed the bears to take control. The moving averages have completed a bullish crossover and the RSI is in the positive zone, which implies that the bulls have the upper hand. If buyers push the price above $5, the UNI/USDT pair could rise to $6 and then to $6.40.

On the contrary, if the price falls from $5, it will signify that the bears are still defending the level strongly. That may cause the price to go down to the 20-day EMA ($4.36), which is the key level for the bulls to protect if they wish to retain their advantage.

Buyers have managed to keep the price above the 20-EMA, but they could not break the resistance at $5. This implies that the bears have not given up and are attempting to get back in the game. A break and close below the 20-EMA will further strengthen the bears. The pair may then decline to $4.50.

On the other hand, if the price rises from the 20-EMA with force, it will show that the bulls continue to buy on dips. That increases the probability of a break above the overhead resistance of $5. If that occurs, the pair may climb to $5.50.

Near Protocol price analysis

In the past few days, Near Protocol’s NEAR (NEAR) has seen a sharp rise, indicating that the bulls are attempting a comeback.

The bears mounted a stiff resistance at $1.63, but the bulls’ refusal to let the price dip below $1.43 is an encouraging sign. This suggests that the buyers are confident that the rally will continue and are not eager to book profits.

If buyers can keep the price above $1.63, the NEAR/USDT pair could reach $2. However, the RSI is overbought, which implies that consolidation or a correction may occur in the near term. If the price falls below $1.63, the bears will try to push the pair below $1.43.

After a period of consolidation between $1.43 and $1.59, the bulls took control and drove the price up. The pair could first reach $1.78 and then attempt a rally to $2.

The rising moving averages indicate an advantage for buyers, but the overbought levels on the RSI suggest that consolidation or a correction may occur in the short term. A drop below the 20-EMA would be the first sign that the bulls are losing their grip. The pair may then drop to the 50-SMA.

Axie Infinity price analysis

Axie Infinity Shards (AXS) has experienced a strong recovery phase for the past several days, but the bears have not given up and are still selling near $6.

The bears attempted to push the price to the 20-day EMA ($5.11), but the bulls bought the dips below $5.40, as indicated by the long tail on the candlesticks. Buyers are attempting to resume the uptrend by driving the price above $6. If they succeed in doing so, the AXS/USDT pair could begin its journey north to $6.55 and then to $7.

If the bulls want to avoid the uptrend, they must pull the price below the 20-day EMA. The pair then risks a further correction to $4.65.

The pair broke above the symmetrical triangle pattern on the four-hour chart, signifying the resumption of the uptrend. The pair could rise to $6, where the bears may again put up a strong defense.

If the price turns down from this level, the pair may drop to the 20-EMA. A strong bounce off this support could improve the prospects of a rally above $6. The pair may then jump to $6.40. The bears will regain control if they drag the price below $5.17.

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