This Week’s Top Crypto Market Performers: Mog Coin Leads With 54.9% Gain

July 15, 2024 Bitcoin.com

A sideways Bitcoin price could lead to breakouts in ETH, XRP, LDO and RNDR

June 11, 2023 Coin Telegraph

Bitcoin

If BTC price consolidates in the $25,000 range, ETH, XRP, LDO and RNDR could be the first altcoins to break out with recovery rallies.

Altcoin prices crumbled after the United States Securities and Exchange Commission (SEC) announced lawsuits against Binance and Coinbase at the start of the week. Apart from the action against the two biggest crypto exchanges, investors seem to be nervous because the SEC labeled 23 cryptocurrencies as securities in the two lawsuits. That brings the total number of cryptocurrencies termed as securities by the SEC to 67.

Among the mayhem, a minor positive is that Bitcoin (BTC) and Ether (ETH) have held out relatively well. This suggests that institutional investors are not panicking and dumping their positions. Due to their outperformance, Bitcoin’s dominance has risen to a year-to-date high of 47.6% and Ether’s to 20%.

*Crypto market data daily view. Source:* *Coin360*

The uncertainty in the near term is likely to keep several investors on the sidelines. During this period, the cryptocurrencies that have held out generally tend to do well when the market sentiment improves.

Let’s look at the top-5 cryptocurrencies that are trying to sustain above their respective support levels and are attempting to start a rebound. What are the important support and resistance levels to keep an eye on?

Bitcoin price analysis

Bitcoin once again dipped to the crucial support at $25,250 on June 10, indicating that the bears are keeping up the pressure. The repeated retest of a support level within short intervals tends to weaken it.

*BTC/USDT daily chart. Source: TradingView*

The downsloping moving averages and the relative strength index (RSI) in the negative territory indicate that bears are in control. If the support zone between $25,250 and $23,896 crumbles, the BTC/USDT pair may witness panic selling. The pair could then plummet to the psychologically vital level of $20,000. Buyers are expected to protect this level with all their might.

If bulls want to prevent a sharp decline, they will have to quickly push the price above the 20-day exponential moving average ($26,721). Such a move will suggest strong demand at lower levels. The pair may first rise to the 50-day simple moving average ($27,464) and thereafter to the resistance line of the channel. Buyers will have to kick the price above this level to indicate the resumption of the up-move.

*BTC/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the recovery off the $25,250 support is facing selling at the 20-EMA. This indicates that the bears are not giving any opportunity to the bulls to make a comeback. The bears will have to sink the price below $25,250 to further solidify their position.

On the contrary, if the price turns up and breaks above the 20-EMA, the pair could rally to the 50-SMA. If this level gets taken out, the pair is likely to move toward $27,400.

Ether price analysis

Ether has been in a corrective phase for the past several days. The bears pulled the price below the 50% Fibonacci retracement level of $1,755 on June 10 but the bulls prevented a collapse as they defended the strong support at $1,700.

*ETH/USDT daily chart. Source: TradingView*

The bulls will try to start a relief rally that could reach the 20-day EMA ($1,835). This is an important level to watch out for because a break and close above it will suggest that the ETH/USDT pair may stay range-bound between $1,700 and $2,000 for some time.

Contrarily, sellers will try to stall the recovery and tug the price below the $1,700 support. If they can pull it off, the pair may start the next leg of the correction. There is a minor support at $1,600 but if it fails to hold, the pair may collapse to $1,352.

*ETH/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bulls had previously protected the $1,700 level with vigor and they may again try to do that. Buyers will have to cross the obstacles at the moving averages to start a sustained recovery that could take the price to $1,920.

On the contrary, if the price turns down from the current level or the moving averages, the bears will again try to sink the pair below $1,700. If they succeed, the selling may accelerate and the pair could retest $1,352.

XRP price analysis

XRP (XRP) turned down from the overhead resistance near $0.56 on June 10 and nosedived below the 20-day EMA ($0.50).

*XRP/USDT daily chart. Source: TradingView*

However, a positive sign is that the buyers promptly purchased the dip to the 50-day SMA ($0.47) as seen from the long tail on the day’s candlestick. The 20-day EMA is an important level for the bulls because if they sustain the price above it, the XRP/USDT pair may again reach near $0.56.

Instead, if the price turns down and breaks below the 20-day EMA, it will suggest that higher levels are attracting sellers. The pair may then drop to the 50-day SMA. A break and close below this level may start a deeper fall to $0.41.

*XRP/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the recovery is facing selling near the 20-EMA. This suggests that the short-term sentiment remains negative and bears are selling on rallies. If the price turns down from the current level, the bears will try to yank the pair below $0.47. If they manage to do that, the pair may slide to $0.44.

On the other hand, if buyers thrust the price above the moving averages, it will clear the path for a possible rally to $0.55.

Lido DAO price analysis

Lido DAO (LDO) has been falling inside a descending channel pattern for the past few days, indicating that the bears are in control.

*LDO/USDT daily chart. Source: TradingView*

The LDO/USDT pair plunged sharply on June 10 but the long tail on the day’s candlestick shows that the bulls are aggressively buying the dips to the support at $1.57. Buyers will try to start a recovery that may reach the moving averages.

However, the sellers are likely to have other plans. They would not want to give any leeway to the buyers and will try to sink the price to $1.57. If this level cracks, the pair may start its descent to the support line of the channel near $1.

*LDO/USDT 4-hour chart. Source: TradingView*

The deeply oversold levels on the RSI suggest that a relief rally may be around the corner. Buyers tried to start a recovery but the bears did not allow the price to rise above $1.90. Hence, this becomes an important hurdle for the buyers to cross to start a recovery.

The pair could then rise to the 20-EMA where the bulls are likely to encounter strong selling by the bears. Buyers need to overcome this obstacle to start a stronger rally. This positive view will invalidate in the near term if the price plunges below $1.65.

Render Token price analysis

Render Token (RNDR) corrected sharply on June 10 and plunged below the uptrend line but a minor positive is that the bulls are trying to push the price back above the breakdown level.

*RNDR/USDT daily chart. Source: TradingView*

If the price sustains above the uptrend line, it will suggest that the recent breakdown may have been a bear trap. The RNDR/USDT pair could then climb toward the 20-day EMA ($2.31) where it is likely to face its real test.

Alternatively, if the price fails to sustain above the uptrend line, it will suggest that the bears have flipped the uptrend line into resistance. The pair could then extend its decline and fall to the next support near $1.60.

*RNDR/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bulls are trying to push the price back above the breakdown level but the bears have held their ground. The zone between the uptrend line and the 20-EMA remains the key level to keep an eye on. If the price breaks above this zone, the pair may recover to $2.40.

Contrarily, if the price continues lower from the current level and breaks below $1.80, it will signal the resumption of the downtrend. The pair may then drop to $1.60 where the buyers are likely to mount a strong defense.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Bitcoin price chart flashes a bullish sign that could lead to breakouts in ADA, QNT, RNDR and RPL

June 4, 2023 Coin Telegraph

Bitcoin

BTC’s chart is beginning to look bullish, and ADA, QNT, RNDR and RPL could rally if Bitcoin price breaks out to the upside.

The United States equities markets welcomed the debt ceiling deal and the May nonfarm payrolls data on June 2 with strong rallies. The S&P 500 rose 1.8% during the week while the tech-heavy Nasdaq was up 2%. This was the sixth successive week of gains for the Nasdaq, the first such occasion since January 2020.

In addition to the above, the expectation of the Federal Reserve remaining in a pause mode during the next meeting may have acted as a catalyst for the rally. CME’s FedWatch Tool is showing a 75% probability of a pause, with the remaining 25% expecting a 25 basis points hike in the June 14 meeting.

Rallies in the equities markets failed to trigger a similar performance in Bitcoin (BTC) and the altcoins. However, a minor positive is that several major cryptocurrencies have stopped falling and are trying to start a recovery.

Could bulls maintain the momentum and surmount the respective overhead resistance levels? If they do, which are the top five cryptocurrencies that may lead the rally?

Bitcoin price analysis

Bitcoin has been trading close to the 20-day exponential moving average ($27,233) for the past three days. This suggests that the bulls are buying the dip near $26,500.

The 20-day EMA has flattened out and the relative strength index (RSI) is just below the midpoint, indicating a balance between supply and demand. This balance will tilt in favor of the buyers if they drive the price above the resistance line of the descending channel pattern. That may start a northward march toward $31,000.

If the price turns down from the resistance line, it will suggest that the BTC/USDT pair may spend some more time inside the channel. The critical level to watch on the downside is $25,250. A break and close below this support may intensify selling and tug the price toward $20,000.

The 4-hour chart shows that the bears are guarding the immediate resistance of $27,350. On the downside, the pair has been forming higher lows in the near term, indicating demand at lower levels. This enhances the prospects of a rally above the overhead resistance. If that happens, the pair may soar to the resistance line of the descending channel.

If bears want to gain the upper hand, they will have to quickly sink the price below the nearest support at $26,505. The next stop on the downside could be $26,360 and then $25,800.

Cardano price analysis

Cardano (ADA) has been repeatedly finding support at the uptrend line but the bulls have failed to kick the price above the 50-day simple moving average ($0.38).

*ADA/USDT daily chart. Source: TradingView*

A breakout from this tight range trading is likely to happen within the next few days. If bulls shove and sustain the price above the 50-day SMA, it will clear the path for a possible rally to $0.42 and then to $0.44.

Alternatively, if the price turns down from the 50-day SMA and dips below the uptrend line, it will suggest the start of a deeper correction. The ADA/USDT pair could then plunge to the strong support at $0.30.

*ADA/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the $0.38 level is behaving as a strong obstacle. However, the rising moving averages and the RSI in the positive zone indicate that the bulls have the upper hand. If buyers thrust the price above $0.38, the pair could climb to $0.40 and thereafter to $0.42.

If the price turns down sharply from the current level and breaks below the 50-SMA, it will suggest that bears have seized control in the near term. The pair may then collapse to $0.36 and later to $0.35.

Quant price analysis

After staying below the downtrend line for several days, Quant (QNT) turned around and started a recovery on May 26. The bulls continued their purchase and pushed the price above the moving averages on May 29, indicating a potential trend change.

*QNT/USDT daily chart. Source: TradingView*

The moving averages have completed a bullish crossover and the RSI is in the positive territory, indicating that the path of least resistance is to the upside. There is a barrier at $120 but if bulls overcome it, the QNT/USDT pair could rise to $128 and subsequently to $135.

Contrary to this assumption, if the price turns down sharply from $120, the bears will try to yank the price to the 20-day EMA ($110). This remains the key level to keep an eye on because a break below it will indicate that bears are back in control.

*QNT/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the price is stuck inside a trading range between $114.50 and $120. The 20-EMA is flattish but the RSI is in the positive territory, indicating that the momentum remains bullish. If bulls clear the hurdle at $120, the pair is likely to start the next leg of the up-move.

Conversely, if the price turns down and plummets below $114.50, it will suggest that bears have a slight edge. The pair may then slump to $110 and later to $102. The deeper the fall, the greater the time needed for the recovery to resume.

Render Token price analysis

While most major cryptocurrencies are struggling to start a recovery in a downtrend, Render Token (RNDR) has started a new upward move.

The RNDR/USDT pair dipped to the 20-day EMA ($2.48) on May 31 but the bulls successfully defended the level. This shows a positive sentiment where traders are buying the dips to strong support levels. The pair could retest the 52-week high of $2.95. If this resistance is overcome, the pair may soar to $3.75.

The first sign of weakness will be a break and close below the 20-day EMA. Such a move will indicate aggressive profit-booking by the short-term bulls. That may open the doors for a possible drop to the 50-day SMA ($2.20).

The moving averages have completed a bullish crossover and the RSI is in positive territory, indicating that bulls have the upper hand. Buyers will try to push the price above the overhead resistance zone between $2.90 and $2.95. If they succeed, the pair may start a new uptrend.

On the contrary, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will suggest that the bears are on a comeback. A break and close below $2.42 will indicate the start of a downward move toward $2.25.

Rocket Pool price analysis

Rocket Pool (RPL) has been trading inside an ascending channel pattern for the past several days. A positive sign in the short term is that the bulls have kept the price above the moving averages. This indicates a change in sentiment from selling on rallies to buying on dips.

*RPL/USDT daily chart. Source: TradingView*

The RPL/USDT pair has been trading inside a tight range for the past few days. This suggests that a range expansion could be around the corner. If the price breaks and closes above $50.50, it will suggest the start of an up-move to the resistance line of the channel. The bears are expected to defend this level with all their might.

This positive view will invalidate in the near term if the price turns down from the current level and breaks below the moving averages. The pair could then plummet to the support line of the channel.

*RPL/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bulls are sustaining the price above the moving averages but they have failed to clear the overhead hurdle at $50.37. This suggests that bears continue to sell on minor rallies.

If the price turns down and breaks below the 50-SMA, it will indicate that the bulls have given up. The pair may then plummet to the support line near $46.

Contrarily, if buyers propel and sustain the price above $50.50, the bullish momentum may pick up and the pair could rally to $53.50.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

These four altcoins could be ready for an up-move if Bitcoin rallies above $27,500

May 21, 2023 Coin Telegraph

Bitcoin

Bitcoin price could be gearing up for a decisive move, which could set the stage for XRP, LTC, RNDR and CFX.

Inexperienced traders usually chase prices higher during the end of the bull phase as they fear missing out on the rally. However, institutional investors tend to wait for the froth to settle before entering. Bitcoin’s (BTC) bear market in 2022 ended the hype that was seen in 2021.

Fred Pye, CEO of 3iQ, Canada’s first Bitcoin fund issuer, said in an interview with Cointelegraph that as “the FOMO in Bitcoin is gone” institutional investors and portfolio managers have started to take a look at it as “a serious venue.”

While analysts are bullish for the long term, the short-term picture looks uncertain as the price is stuck inside a range for the past several days. Analysts expect a trending move to start either next week or the week after.

If Bitcoin breaks out to the upside, what are the altcoins that may follow it higher? Let’s analyze the charts of the top five cryptocurrencies that may rally in the short term.

Bitcoin price analysis

Bitcoin has been trading near the support line of the symmetrical triangle but the bulls have failed to push the price above it. This indicates that the bears are active at higher levels.

The downsloping 20-day exponential moving average ($27,481) and the relative strength index below 42, indicate that bears are at an advantage.

If the sellers sink the price below the immediate support at $26,361, the BTC/USDT pair may tumble to the crucial support zone between $25,800 and $25,250. Buyers are expected to protect this zone with all their might because if they fail, the pair could nosedive to $20,000.

Conversely, if bulls kick the price above the 20-day EMA, it may attract further buying. The pair could then rise toward the resistance line of the triangle. If this barrier is overcome, the pair may start its journey to $32,400.

The 4-hour chart shows the formation of a symmetrical triangle pattern, indicating uncertainty among the bulls and the bears. The flattening moving averages also point to a balance between supply and demand.

If the price collapses below the triangle, the short-term trend will turn negative and the pair could drop to $25,800. The pattern target of the triangle is $24,773.

This bearish view will be negated if the price surges above the triangle. The pair could then climb to $28,400 and thereafter to the pattern target of $29,165.

XRP price analysis

XRP (XRP) is trying to start a recovery. Buyers have been sustaining the price above the 20-day EMA ($0.45) since May 16 but they haven’t been able to overcome the obstacle at the 50-day SMA ($0.47).

The 20-day EMA has started to turn up and the RSI is just above the midpoint, indicating that bulls have a slight advantage. That increases the likelihood of a rally above the 50-day SMA. The XRP/USDT pair could then start a rally to $0.54 and eventually to $0.58. This zone is likely to witness aggressive selling by the bears.

The first support to watch on the downside is the 20-day EMA. Sellers will have to yank the price below this level to gain the upper hand. The pair may then descend to $0.43 and later to the crucial support at $0.40.

The 4-hour chart shows that the recovery reversed direction from the downtrend line. This shows that the bears are fiercely guarding the downtrend line. Sellers are trying to maintain the price below the 20-EMA and stretch the pullback to the 50-SMA.

Instead, if the price turns up from the current level and climbs above the downtrend line, it will suggest the start of a short-term up-move. There is a minor resistance at $0.48 but it is likely to be crossed. The pair may then rally to $0.54.

Litecoin price analysis

Litecoin (LTC) has been trading in a tight range between the 50-day SMA ($89) and the overhead resistance of $96 for the past few days. This shows indecision between the bulls and the bears.

*LTC/USDT daily chart. Source: TradingView*

The 20-day EMA ($88) has turned up and the RSI is in the positive territory, indicating that the bulls have the edge. This enhances the prospects of a rally above the resistance at $96. If that happens, the LTC/USDT pair could rally to $106. This level may again attract strong selling by the bears.

This positive view will invalidate in the near term if the price turns down and plummets below the moving averages. Such a move will suggest that the pair may remain stuck between $79 and $96 for some more time.

*LTC/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the bulls are trying to defend the 20-EMA. This indicates a change in sentiment from selling on rallies to buying on dips. If the price bounces off the current level, the bulls will again try to clear the overhead hurdle at $96.

However, the bears are not going to give up without a fight. They are trying to sink the price below the 20-EMA. If they are successful, the pair may crumble to the 50-SMA. A collapse of this support may open the doors for a fall to $86 and then $82.

Render Token price analysis

Render Token (RNDR) is in an uptrend. Buyers kicked the price above the overhead resistance of $2.60 on May 21 but the long wick on the candlestick shows selling at higher levels.

The upsloping moving averages and the RSI just below the overbought area indicate that bulls are in command. Buyers will make another attempt to propel the price above the psychological barrier at $3. If they manage to do that, the RNDR/USDT pair may rally to $3.35.

The first support to watch on the downside is the 20-day EMA ($2.10). If this level gives way, it will suggest that the break above $2.60 may have been a bull trap. The pair could then plunge to the 50-day SMA ($1.87).

The bulls are struggling to sustain the price above the overhead resistance at $2.60, pointing toward the possibility of a bull trap. Sellers will try to strengthen their position by pulling the price below the immediate support at the 20-EMA. If they do that, the pair may decline to the 50-SMA.

However, the rising moving averages and the RSI in the overbought zone suggest that lower levels are likely to be purchased. If buyers push and maintain the price above $2.60, the pair could soar to $3.

Conflux price analysis

Conflux (CFX) is trading inside a descending channel pattern. The bulls purchased the dip to the support line on May 12, indicating solid demand at lower levels.

*CFX/USDT daily chart. Source: TradingView*

The 20-day EMA ($0.29) has flattened out and the RSI is near the midpoint, suggesting that the selling pressure has reduced.

Buyers tried to clear the overhead hurdle at the 50-day SMA ($0.32) on May 16 but the bears held their ground. A minor positive in favor of the bulls is that they have not allowed the price to dip back below the 20-day EMA. This signals buying on dips.

The bulls are likely to make one more attempt to propel the price above the 50-day SMA. If they succeed, the CFX/USDT pair may reach the downtrend line, which is again likely to act as a formidable resistance.

*CFX/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the price is correcting the sharp rally from $0.22 to $0.33. Buyers are trying to defend the 38.2% Fibonacci retracement level of $0.29 which is a positive sign.

If buyers sustain the price above the resistance line, it will suggest that bulls are back in the driver’s seat. The pair may first rise to $0.33 and thereafter to $0.37. Alternatively, a break and close below $0.29 could start a deeper correction toward $0.28 and then 0.27.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.