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May 9, 2024 Coin Telegraph

SOL, LINK, NEAR and THETA flash bullish as Bitcoin takes a breather

November 19, 2023 Coin Telegraph

Bitcoin

Bitcoin price range trades as SOL, LINK, NEAR and THETA play catch up.

Bitcoin (BTC) has been consolidating above $35,000 for several days, but the bulls have failed to resume the uptrend above $38,000. This suggests hesitation to buy at higher levels. BitGo CEO Mike Belshe said in a recent interview with Bloomberg that there is likely to be another round of rejections of the spot Bitcoin exchange-traded fund applications before they are finally approved.

Multiple analysts believe Bitcoin will enter a correction in the near term, with the worst outcome projecting a drop to $30,000. However, the fall is unlikely to start a bear phase. Look Into Bitcoin creator Philip Swift said that on-chain data suggests that the Bitcoin bull market is still in its early stages as there is “no FOMO yet.”

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

As Bitcoin takes a breather, several altcoins have witnessed a pullback, but some are showing signs of resuming their uptrends. Fidelity and BlackRock’s applications filed for a spot Ether ETF show strong demand for investment in select altcoins.

Could Bitcoin stay above $35,000 over the next few days? Is it time for altcoins to start the next leg of their up-move? Let’s look at the charts of the top 5 cryptocurrencies that may rise in the short term.

Bitcoin price analysis

Bitcoin is facing stiff resistance near $38,000, but a positive sign is that the bulls have not allowed the price to dip below the 20-day exponential moving average ($35,666).

*BTC/USDT daily chart. Source:* *TradingView*

The upsloping moving averages and the relative strength index (RSI) in the positive zone indicate that bulls have the upper hand. If the price rebounds off the 20-day EMA, the bulls will make one more attempt to overcome the roadblock at $38,000.

If they succeed, the BTC/USDT pair may reach $40,000. This level may witness aggressive selling by the bears, but if buyers bulldoze their way through, the rally could eventually touch $48,000.

The first sign of weakness will be a close below the 20-day EMA. That will indicate the possibility of a range-bound action in the near term. The pair may remain stuck between $34,800 and $38,000 for a while. A break below $34,800 could clear the path for a decline to $32,400.

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

The 4-hour chart shows that the price is swinging between $38,000 and $34,800. Both moving averages have flattened out, and the RSI is near the midpoint, indicating that the range-bound action may continue for some more time.

A tight consolidation near the 52-week high is a positive sign as it shows that the bulls are not closing their positions in a hurry. That increases the likelihood of an upside breakout. If that happens, the pair may resume the uptrend. The short-term trend will favor the bears on a break below $34,800.

Solana price analysis

Solana (SOL) fell below the breakout level of $59 on Nov. 16, but the bears could not capitalize on this advantage. This indicates that selling dries up at lower levels.

*SOL/USDT daily chart. Source: TradingView*

The bulls are again trying to propel the price back above $59. If they do that, it will indicate that the markets have rejected the lower levels. The SOL/USDT pair may then climb to $68.20. If this level is scaled, the pair may resume the uptrend. The next target on the upside is $77 and subsequently $95.

This bullish move will be invalidated if the price turns down and plummets below $48. That could start a steeper correction to the 50-day SMA ($35.47). The deeper the fall, the longer the time it will take for the next leg of the uptrend to begin.

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

The 20-EMA is flattening out, and the RSI is just above the midpoint, indicating a balance between supply and demand. If buyers shove the price above $64, the pair may challenge the local high at $68.20.

On the other hand, if the price turns down and breaks below $54, it will suggest that the bears are back in the game. The pair may then plunge to $51 and eventually to the strong support at $48. A break below this level will tilt the advantage in favor of the bears.

Chainlink price analysis

Chainlink’s (LINK) pullback is finding support at the 20-day EMA ($13.42), indicating that lower levels continue to attract buyers.

*LINK/USDT daily chart. Source: TradingView*

The bulls will next try to push the price to the local high of $16.60. This level may witness a tough battle between the bulls and the bears, but if this barrier is overcome, the LINK/USDT pair could start the next leg of the uptrend to $20.

Instead, if the price turns down from $15.38, it will indicate that bears are selling on rallies. They will then try to sink the price below the 61.8% Fibonacci retracement level of $13.55. If they manage to do that, the pair may tumble to the 50-day SMA ($10.54).

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

The pair has been declining inside a descending channel pattern for the past few days. Generally, traders sell near the channel’s resistance line, and that is what they are doing. If the price skids below $13.36, it will open the doors for a fall to the support line.

Contrarily, if buyers kick the price above the channel, it will suggest that the correction may be over. The pair may first rise to $15.38 and subsequently to $16.60. The flattish 20-EMA and the RSI near the midpoint do not give a clear advantage to the bulls or the bears.

Near Protocol price analysis

Near Protocol (NEAR) rose and closed above the formidable resistance of $1.72 on Nov. 17. This move indicates a potential trend change in the short term.

*NEAR/USDT daily chart. Source: TradingView*

The rising 20-day EMA ($1.58) and the RSI in the positive zone indicate that the bulls are in charge. There is a minor resistance at $2. The NEAR/USDT pair may rise to $2.40 if this obstacle is cleared.

Meanwhile, the bears are likely to have other plans. They will try to pull the price back below the breakout level of $1.72 and trap the aggressive bulls. The pair may then fall to the 20-day EMA. This remains the critical level to watch out for because a drop below it will indicate that the sellers are back in the game.

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

The pair has been sustaining above the breakout level of $1.72, but the bulls have failed to start a strong up-move. This suggests that the bears have not given up and are trying to pull the price back below $1.72.

If they can pull it off, the price may drop to $1.60. If this level gives way, several stops may get triggered. The pair may then tumble to $1.45 and thereafter to $1.28. Contrarily, if buyers shove the price above $1.95, the pair may start its march toward $2.10.

Theta Network price analysis

Theta Network (THETA) is finding support at the 20-day EMA ($0.88) after going through a correction in the past few days. This indicates that the sentiment remains positive, and traders are viewing the dips as a buying opportunity.

*THETA/USDT daily chart. Source: TradingView*

The rebound off the 20-day EMA is likely to face resistance at the psychological level of $1. If this level is conquered, the THETA/USDT pair could pick up momentum and rise to $1.05 and later to $1.20. This level may again act as a strong hurdle, but if cleared, the pair may soar to $1.33.

If bears want to prevent the rally, they will have to quickly pull the price back below the 20-day EMA. That will indicate that the bulls may be rushing to the exit. The pair may then start a deeper correction to the 50-day SMA ($0.72).

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

The pair has been correcting inside a falling wedge, which usually acts as a bullish setup. Buyers will need to break and sustain the price above the wedge to signal strength. The pair may first rise to $1.05 and thereafter retest the resistance at $1.20.

On the contrary, if the price turns down from the resistance line, it will suggest that the pair may remain stuck inside the wedge for some more time. The sentiment is likely to turn bearish on a slide below the wedge.

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.

Aptos resumes operation after 5-hour outage that ‘impacted’ transactions

October 19, 2023 Coin Telegraph

APT

Aptos suffered a five-hour outage, coincidentally in the same week that the network launched this time last year.

Layer-1 blockchain Aptos Network has managed to bring its network back to normal operations after a lengthy five-hour outage that saw transactions on its network “impacted."

According to the Aptoscan network tracker, on-chain transactions on the Move language-based blockchain were halted 11:11pm UTC on Oct. 18 at block 104621314 — down for more than five hours.

Aptos seemingly confirmed the outage with a post on X (formerly Twitter), noting:

“Your energy for Aptos One was so electric, you cut the lights!”

At the time, the team added that “transactions on the network have been impacted” and they were “working diligently” to resolve the issue.

Your energy for Aptos One was so electric, you cut the lights!

What that means at the moment is that transactions on the network have been impacted. We are working diligently to resolve the issue and will keep you updated upon completion.
— Aptos (@Aptos_Network) October 19, 2023

The outage then led crypto exchanges Upbit and OKX to alert users about maintenance for the Aptos network, adding that APT deposits and withdrawals were temporarily suspended.

Before the outage, Aptos Labs posted a birthday message saying, “It's been a year since Aptos Mainnet burst onto the scene.”

Aptos, a heavily VC-backed project that launched on Oct. 17, 2022, was built by former Meta employees who worked on Facebook’s Diem blockchain.

It may be outage season as Aptos is not the only chain to go down recently.

On Oct. 19, the Theta Network team stated that a recent node upgrade created an “edge case bug” that caused blocks on the main chain to stop producing for several hours.

It added that a fix had been implemented and the network was operating normally again.

In September, the Coinbase layer-2 network Base suffered its first major outage since the launch in the previous month.

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Crypto traders shift focus to these 4 altcoins as Bitcoin price flatlines

September 24, 2023 Coin Telegraph

ARB

Bitcoin’s tight range trading points to a potential range expansion and that could trigger a trending move in LINK, MKR, ARB, and THETA.

Bitcoin (BTC) has been trading in a tight range for the past three days even as the S&P 500 fell for the last four days of the week. This is a positive sign as it shows that cryptocurrency traders are not panicking and rushing to the exit.

Bitcoin’s supply seems to be gradually shifting to stronger hands. Analyst CryptoCon said citing Glassnode data that Bitcoin’s short-term holders (STHs), investors who have held their coins for 155 days or less, hold the least amount of Bitcoin supply in more than a decade.

In the short term, the uncertainty regarding Bitcoin’s next directional move may have kept traders at bay. That could be one of the reasons for the subdued price action in several large altcoins. But it is not all negative across the board. Several altcoins are showing signs of a recovery in the near term.

Could Bitcoin shake out its slumber and start a bullish move in the near term? Can that act as a catalyst for an altcoin rally? Let’s study the charts of the top-five cryptocurrencies that may lead the charge higher.

Bitcoin price analysis

The bulls have managed to sustain the price above the 20-day exponential moving average ($26,523) but they have failed to start a strong rebound. This indicates a lack of demand at higher levels.

The flattish 20-day EMA and the relative strength index (RSI) near the midpoint show a status of equilibrium between the buyers and sellers. A break below the 20-day EMA will tilt the advantage in favor of the bears. The BTC/USDT pair could then descend to the formidable support at $24,800.

Alternatively, if the price rises from the current level and climbs above the 50-day simple moving average ($26,948), it will signal that buyers are back in the driver's seat. The pair may then attempt a rally to the overhead resistance at $28,143.

BTC has been trading below the moving averages on the 4-hour chart but the bears have failed to start a downward move. This suggests that selling dries up at lower levels. The bulls will try to propel Bitcoin price above the moving averages. If they manage to do that, the pair could rally to $27,400 and subsequently to $28,143.

If bears want to seize control, they will have to sink and sustain BTC price below $26,200. That could first yank it down to $25,750 and then to the $24,800-support.

Chainlink price analysis

Chainlink (LINK) surged above the downtrend line on Sep. 22, indicating a potential trend change in the near term.

The moving averages have completed a bullish crossover and the RSI is in positive territory, indicating that the buyers have the upper hand. On any correction, the bulls are likely to buy the dips to the 20-day EMA ($6.55). A strong rebound off this level will suggest a change in sentiment from selling on rallies to buying on dips.

The bulls will then try to extend the up-move to $8 and eventually to $8.50. If bears want to prevent the up-move, they will have to sink and sustain the LINK/USDT pair below the 20-day EMA.

Both moving averages are sloping up on the 4-hour chart and the RSI is in the positive zone. The bulls have been buying the dips to the 20-EMA indicating a positive sentiment. If LINK price rebounds off the 20-EMA, $7.60 will then be the upside target to watch.

Contrary to this assumption, if Chainlink's price continues lower and skids below the 20-EMA, it will signal profit-booking by the bulls. LINK may then retest the breakout level from the downtrend line. The bears will have to sink it below $6.60 to be back in control.

Maker price analysis

Maker (MKR) turned down from the overhead resistance at $1,370 on Sep. 21, indicating that the bears are trying to defend the level.

*MKR/USDT daily chart. Source: TradingView*

The 20-day EMA ($1,226) is the support to watch for on the downside. If the price rebounds off this level, it will suggest that lower levels continue to attract buyers. The bulls will then make one more attempt to drive MK price above the overhead resistance. If they can pull it off, the MKR/USDT pair could accelerate toward $1,759.

Conversely, if the bears sink the price below the 20-day EMA, it will suggest that the bullish momentum has weakened. That could keep the pair range-bound between $980 and $1,370 for a few days.

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

The moving averages on the 4-hour chart have flattened out and the RSI is just below the midpoint, indicating a balance between supply and demand. If buyers shove the price above $1,306, MKR pric could sprint toward $1,370.

Instead, if the price turns down and breaks below $1,264, it will suggest that the selling pressure is increasing. That could clear the path for a further decline to $1,225. A slide below this support may tilt the short-term advantage in favor of the bears.

Arbitrum price analysis

Arbitrum (ARB) is in a downtrend. The bears are selling on rallies to the 20-day EMA ($0.85) but a positive sign is that the bulls have not ceded much ground. This suggests that the bulls are trying to hold on to their positions as they anticipate a move higher.

*ARB/USDT daily chart. Source: TradingView*

The RSI has risen above 40, indicating that the momentum is gradually turning positive. If buyers kick the price above the 20-day EMA, it will suggest the start of a sustained recovery. The ARB/USDT pair could first rally to the 50-day SMA ($0.95) and thereafter to $1.04.

The support on the downside is $0.80 and then $0.78. Sellers will have to drag ARB price below this zone to make room for a retest of the support near $0.74. A break below this level will indicate the resumption of the downtrend.

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

The 4-hour chart shows that the bears are selling the rallies to the downtrend line. The bears pulled the price below the moving averages but could not sink ARB pric below the immediate support at $0.81. This suggests that the bulls are trying to form a higher low.

Buyers will again try to propel the price above the downtrend line. If they succeed, Arbitrum price is likely to start a strong recovery toward the psychological level of $1. Contrarily, a break below $0.81 can tug ARB price to $0.78 and subsequently to $0.74.

Theta Network price analysis

Theta Network (THETA) soared above the 20-day EMA ($0.61) on Sep. 23, indicating that the bulls have absorbed the supply and are attempting a comeback.

The bears have pulled the price back below the 50-day SMA ($0.64) but the bulls are expected to defend the 20-day EMA. If THETA price turns up from the current level and climbs above the 50-day SMA, it will enhance the prospects of a retest of $0.70.

This is an important level to keep an eye on because if it is scaled, the THETA/USDT pair may reach $0.76. This positive view will invalidate in the near term if the price turns down and plunges below the 20-day EMA. That opens the door for a potential retest of $0.57.

The 4-hour chart shows that the bears are protecting the overhead resistance at $0.65. If buyers want to sustain the bullish momentum, they will have to drive THETA price above $0.65. If they do that, the pair is likely to start a new up-move toward $0.70.

The 20-day EMA is the important support to watch for on the downside. If bears sink the price below this support, it will indicate that the bulls are closing their positions. The pair may then descend toward the support at $0.58.

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.

Bitcoin’s dull price action ignites buying interest in LINK, FIL, SNX and THETA

July 23, 2023 Coin Telegraph

Bitcoin

LINK, FIL, SNX and THETA are starting to look bullish right as Bitcoin prepares for a volatile price move.

Bitcoin (BTC) is struggling to rise above the overhead resistance at $31,000 but a minor positive is that the bulls have not allowed the price to dive below the $29,500 support. This suggests that a catalyst may be needed for the price to break out from its range.

On the macroeconomic front, the Federal Reserve’s meeting on July 25 and 26 is an important event to keep an eye on. The FedWatch Tool shows a 99.2% probability of a 25 basis point rate hike in the meeting. If that happens, the markets may not witness a knee-jerk reaction as the hike seems to have been priced in. However, any surprise move by the Fed could thrust the price out of the range.

Several analysts expect the range to break soon but there is no consensus on the direction of the breakout. If the price breaks below the range, analysts expect a significant downside. Some are even projecting a fall closer to $20,000.

If Bitcoin moves higher, select altcoins could attract buyers. Let’s study the charts of top-5 cryptocurrencies that could turn positive over the next few days.

Bitcoin price analysis

Bitcoin remains pinned below the 20-day exponential moving average ($30,036) for the past few days but a positive sign is that the bears have not been able to sink the price to the 50-day simple moving average ($28,979).

This suggests that the bulls have not given up and they are buying on every minor dip. The repeated failure of the bears to pull the BTC/USDT pair lower may attract buyers.

If the price breaks above the 20-day EMA, the pair could rally toward the overhead resistance of $31,000. A charge above the $31,000 to $32,400 zone could clear the path for a possible rally to $40,000.

On the other hand, if the price turns down and dives below the 50-day SMA, it will suggest that bears are making a comeback. The pair may then slump toward the support at $24,800.

The moving averages on the 4-hour chart are flattening out and the relative strength index (RSI) has risen to the midpoint, indicating that the range-bound action may continue for some more time.

If bulls push the price above the 50-SMA, the pair could attempt a rally to $30,500 and then to $31,000. The important support to watch on the downside is $29,500. If this level crumbles, the pair may decline to $27,500.

Chainlink price analysis

Chainlink (LINK) has been trading inside a large range between $5.50 and $9.50 for the past several months. The bears pulled the price below the range on Jun 10 but they could not build upon this advantage.

The bulls pushed the price back into the range on June 21 and are currently attempting to drive the LINK/USDT pair toward the overhead resistance of $9.50. Both moving averages have turned up and the RSI is in the positive territory, indicating that bulls are in control.

The bears will try to stall the up-move in the zone between $8.50 and $8.80 but if buyers bulldoze their way through, the pair may soar to $9.50. The important support to watch on the downside is $7.50 and then the 20-day EMA ($7.05).

The correction on the 4-hour chart has reached the 20-EMA, which is an important level to watch out for. If the price rebounds off the 20- EMA with strength, the pair could surge to $8.46. A break above this level will indicate the resumption of the uptrend. The pair could then reach $8.80.

This positive view will be negated in the near term if the price turns down and plummets below the 20-EMA. That could tempt short-term bulls to book profits, pulling the price down to the 50-SMA and subsequently to $6.50.

Filecoin price analysis

Filecoin (FIL) is trying to form an inverse head and shoulders pattern, which will complete on a break and close above the neckline.

*FIL/USDT daily chart. Source: TradingView*

The 20-day EMA ($4.36) has started to turn up gradually and the RSI is in the positive territory indicating that the path of least resistance is to the upside. If buyers thrust the price above the neckline, the FIL/USDT pair could attempt a rally to $6.50 and eventually to the pattern target of $7.30.

On the contrary, if the price turns down sharply from the neckline and breaks below the 50-day SMA ($4.12), it will suggest that the bulls have lost their grip. The pair may then skid to $3.50 and later to $3.29.

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

The 20-EMA is sloping up on the 4-hour chart and the RSI is in the positive territory, indicating that bulls have the upper hand. There is a minor resistance at $4.74 but if this level is crossed, the pair could retest the neckline.

The bears are expected to defend this level aggressively but if bulls do not allow the price to slip below the 20-EMA, the likelihood of a rally above the neckline increases.

Alternatively, if the price turns down and breaks below the 50-SMA, it will suggest that the bears are selling on rallies. That may drag the pair to $4.14.

Synthetix price analysis

Synthetix (SNX) is attempting to break out from a basing pattern but the bulls are facing solid resistance in the zone between $3.40 and $3.56.

*SNX/USDT daily chart. Source: TradingView*

During the pullback, the bulls did not allow the price to dip below the 20-day EMA ($2.56), which is a positive sign. This suggests that dips are being bought. Buyers will again try to clear the overhead zone. If they can pull it off, the SNX/USDT pair may start a rally to the next resistance at $4.50.

The bears are likely to have other plans. They will try to stall the relief rally in the overhead zone and yank the price below the 20-day EMA. If they do that, the pair may tumble to the 50-day SMA ($2.19).

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

The 4-hour chart shows that the bears have pulled the price below the 20-EMA but the bulls are trying to guard the 50-SMA. This suggests that lower levels continue to attract buyers.

If bulls propel the price above $3.15, the momentum could pick up and the pair could retest the resistance at $3.30. This is an important level to watch for because if it gives way, the pair may resume the next leg of the up-move and hit $3.82.

If bears want to prevent the rally, they will have to tug the price below the moving averages. The pair could then collapse to $2.52.

Theta Network price analysis

The recovery in the Theta Network (THETA) is facing selling near the 38.2% Fibonacci retracement level of $0.83.

However, a positive sign in favor of the bulls is that they have not allowed the price to sustain below the 20-day EMA ($0.77). This indicates that the sentiment is turning positive and traders are buying on dips.

A break and close above $0.83 could open the doors for a further rise to the 50% retracement level of $0.91 and thereafter to the 61.8% retracement level of $0.99.

This positive view will invalidate if the price turns down and plunges below the moving averages. The THETA/USDT pair could then descend to $0.66.

The 4-hour chart shows that the price is trading inside an ascending channel pattern. The bulls are trying to arrest the pullback at the moving averages and resume the up-move. Generally, in a channel, the price bounces off the support and reaches the resistance.

If the price sustains above the 20-EMA, the bulls will try to propel the pair above $0.85. If they succeed, the pair may climb to the resistance of the channel near $0.90.

Contrarily, if the price slips below the 50-SMA, the bears will try to pull the pair to the support of the channel. A break below this level could tilt the short-term advantage in favor of the bears.

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.

THETA, LIDO, KLAY and EGLD flash bullish signs as Bitcoin recaptures $23K

February 26, 2023 Coin Telegraph

Bitcoin

BTC price is chasing after $24,000 again, raising the possibility of LDO, EGLD, THETA and KLAY targeting new year-to-date highs.

The cryptocurrency markets and the United States equities markets witnessed profit-booking this week as the macroeconomic data hinted toward continued rate hikes by the Federal Reserve. Bitcoin (BTC) is down more than 4% and the S&P 500 fell 2.7% to record its worst week of the year.

The CME FedWatch Tool shows a 73% probability of a 25 basis points rate hike by the Fed in the March meeting but after the hotter-than-expected inflation readings in two weeks, the probability of a 50 basis point rate hike has started to slowly gain traction.

During periods of uncertainty, some coins enter a deeper correction while a few buck the trend and continue to outperform the markets. Hence, it becomes important to select the right coins to trade.

A few coins that have witnessed a shallow correction or have bounced sharply off the support have been selected in this list. Let’s see their charts and determine the levels to watch out for.

BTC/USDT

Bitcoin plunged below the 20-day exponential moving average ($23,391) on Feb. 24 but the bears could not build upon this advantage and sustain the price below the strong support at $22,800.

The price bounced off $22,800 on Feb. 25 and the bulls are trying to push the price above the 20-day EMA. If they manage to do that, it will indicate that the BTC/USDT pair may consolidate between $25,250 and $22,800 for a few days.

The flattening 20-day EMA and the relative strength index (RSI) near the midpoint also suggest a range-bound action in the near term.

Alternatively, if the price slips below $22,700, the selling could intensify and the pair may plummet to the next strong support at $21,480.

The 20-EMA has turned down on the 4-hour chart and the RSI is in the negative territory. This indicates an advantage to the bears. Sellers will try to protect the 20-EMA and if the price turns down from this level, the likelihood of a break below $22,800 increases. If that happens, the selling may intensify and the pair may slide to $21,480.

On the contrary, if the price breaks above the 20-EMA, it will suggest that bulls are buying on dips. That could push the pair to the 50-simple moving average and keep the price stuck inside the range for some more time.

LDO/USDT

Lido DAO (LDO) did not sustain below the 20-day EMA ($2.75) during the recent correction, which is a positive sign. Another bullish sign is the formation of the pennant near the local highs.

The bulls will try to propel the price above the resistance line of the pennant. If they succeed, the LDO/USDT pair could start the next leg of the up-move. The pair may first rise to $3.90 and thereafter attempt a rally to $4.24.

Conversely, if the price turns down from the resistance line, it will suggest that bears are selling on rallies. That could keep the price inside the pennant for a while longer. The bears will have to sink the price below the pennant if they want to signal a short-term trend reversal.

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

The strong bounce off the support line of the pennant indicates aggressive buying on dips. Buyers will have to overcome the obstacle at the resistance line to regain control. If they do that, the pair may resume its uptrend.

However, the bears are likely to have other plans as they will try to protect the resistance line. If the price turns down from this level, the state of equilibrium may continue for some more time.

A break below the pennant could attract profit-booking by short-term traders. That may tug the price to $2.20 and later to $2.

EGLD/USDT

MultiversX (EGLD) turned down from the resistance line but an encouraging sign is that the bulls are trying to defend the 20-day EMA ($47).

Both moving averages are sloping up and the RSI is above 54, indicating that buyers have a slight edge. The bulls will try to push the price toward the resistance line where they are again likely to face strong opposition from the bears.

This bullish view could invalidate in the near term if the price turns down and plummets below the 20-day EMA. That will indicate selling by the bears on every minor rally. The EGLD/USDT pair could then tumble to the 50-day SMA ($44) and later to $40.

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

The 4-hour chart shows that the price is falling inside a descending channel pattern. Buyers purchased at lower levels and have pushed the price to the resistance line of the channel. If this resistance gives way, the pair could rise to the 50-SMA and thereafter attempt a retest of the strong barrier at $54.

Contrarily, if the price turns down from the resistance line, it will suggest that the bears have not given up. That could result in a drop toward the support line of the channel.

THETA/USDT

The bulls are trying to arrest Theta Network’s (THETA) pullback at the 20-day EMA ($1.15). Both moving averages are sloping up and the RSI is in the positive territory, indicating advantage to the bulls.

If buyers thrust the price above the downtrend line, the THETA/USDT pair could climb to the overhead resistance at $1.34. This is a formidable resistance and a break above it could open the gates for a possible surge to $1.70.

Instead, if the price turns down and plunges below the 20-day EMA, it will suggest that the short-term bulls may be rushing to the exit. That may start a deeper correction to the 50-day SMA ($1.05) and then to the psychological support at $1.

The 4-hour chart shows the formation of a symmetrical triangle pattern. Both moving averages have flattened out and the RSI is oscillating near the center, indicating a balance between supply and demand.

A break below the triangle could tilt the short-term advantage in favor of the bears. The pair could first fall to $1.12 and then to $1.

If bulls want to prevent the decline, they will have to quickly propel the price above the triangle. That could start a journey to $1.27 and later to $1.30.

KLAY/USDT

Klaytn (KLAY) is attempting to break out from a basing pattern. The price rebounded off the 20-day EMA ($0.26) on Feb. 25, indicating solid buying on dips.

The bulls will try to pierce the overhead resistance at $0.34. If they do that, the KLAY/USDT pair could pick up momentum and soar to the psychological resistance at $0.50. Such a move will signal a potential trend change.

If the price turns down from $0.34, it will indicate that bears are fiercely protecting the level. That could again pull the price down to the 20-day EMA. A break below this level could indicate that the pair may spend some more time in the basing pattern.

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

The bulls arrested the pullback near the 61.8% Fibonacci retracement of $0.26 and started a recovery. There is a minor resistance at $0.32 but if this level is crossed, the pair could attempt a rally to $0.34 and thereafter to $0.37.

On the other hand, if the price turns down from the overhead resistance, it will suggest that bears are selling on rallies. That may enhance the prospects of a break below $0.26. If that happens, the pair may slide to $0.22.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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.

Bitcoin, Ethereum and select altcoins set to resume rally despite February slump

February 5, 2023 Coin Telegraph

Algorand

Bitcoin and select altcoins such as ETH, OKB, ALGO, and THETA may extend their up-move after a brief correction.

After the impressive rally in January, Bitcoin (BTC) seems to be taking a breather in February. This is a positive sign because vertical rallies are rarely sustainable. A minor dip could shake out the nervous longs and provide an opportunity for long-term investors to add to their positions.

Has Bitcoin price bottomed?

The opinion remains divided, however, on whether Bitcoin has bottomed out or not. Some analysts expect the rally to reverse direction and nosedive below the November low while others believe the markets will continue to move up and frustrate the traders who are waiting to buy at lower levels.

In an interview with Cointelegraph, Morgan Creek Capital Management founder and CEO Mark Yusko said “the crypto summer” could begin as early as the second quarter of this year.

He expects risk assets to turn bullish if the United States Federal Reserve signals that it will slow down or pause interest rate hikes. Another potential bullish catalyst for Bitcoin is the block reward halving in 2024.

Could the altcoins continue their up-move while Bitcoin consolidates in the near term? Let’s study the charts of Bitcoin and select altcoins that may outperform in the next few days.

BTC/USDT

Bitcoin has been gradually correcting since hitting $24,255 on Feb. 2. This indicates profit booking by short-term traders. The price is nearing the strong support zone between $22,800 and $22,292. The 20-day exponential moving average ($22,436) is also located in this zone, hence the buyers are expected to defend the zone with all their might.

The upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate that bulls have the edge. If the price turns up from the support zone, the bulls will again attempt to catapult the BTC/USDT pair to $25,000. This level should act as a formidable resistance.

On the downside, a break below the support zone could trigger several stop losses and that may start a deeper pullback. The pair could first drop to $21,480 and if this support also fails to hold up, the next stop may be the 50-day simple moving average ($19,572).

The 4-hour chart shows that the price is trading inside an ascending channel but the RSI has been forming a negative divergence. This suggests that the bullish momentum may be weakening. A break and close below the channel could tilt the short-term advantage in favor of the bears. The pair could then fall toward $21,480.

Alternatively, if the price rebounds off the support line of the channel, the bulls will again attempt to kick the pair above the channel. If they manage to do that, the pair may resume its uptrend.

ETH/USDT

Ether (ETH) has been trading near the $1,680 resistance for the past few days. Usually, a tight consolidation near an overhead resistance resolves to the upside.

While the upsloping 20-day EMA ($1,586) indicates advantage to buyers, the negative divergence on the RSI suggests that the bulls may be losing their grip. If bulls want to assert their dominance, they will have to propel and sustain the price above $1,680.

If they do that, the ETH/USDT pair may rally to $1,800. This level may again act as a resistance but if bulls do not allow the price to dip below $1,680, the rally may stretch to $2,000.

Instead, if the price turns down and plummets below the 20-day EMA, the ETH/USDT pair could tumble to $1,500. This is an important support level to monitor because a bounce here could keep the pair range-bound between $1,500 and $1,680. On the other hand, if the $1,500 support cracks, the pair may dive to $1,352.

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

The 4-hour chart shows that the bears have pulled the price below the 20-EMA. This is the first indication that the bulls may take a step back. There is a minor support at the 50-SMA but if it fails to hold, the pair may slide to $1,550 and then to $1,500.

Conversely, if the price turns up from the moving averages, the bulls will again attempt to thrust the pair above the overhead resistance. If they succeed, the pair may resume the uptrend.

OKB/USDT

While most cryptocurrencies are well below their all-time high, OKB (OKB) hit a new high on Feb. 5. This suggests that bulls are in command.

Some traders may book profits near the overhead resistance of $44.35 as it may act as a formidable resistance. If the price turns down from the current level but rebounds off the 20-day EMA ($37), it will suggest that bulls continue to buy the dips.

That could increase the possibility of a break above $45. The OKB/USDT pair could first skyrocket to $50 and thereafter to $58.

If the price turns down and breaks below the 20-day EMA, it will indicate that the traders may be rushing to the exit. The pair could then drop to $34 and later to the 50-day SMA ($30).

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

The 4-hour chart shows that the bears are trying to protect the $44.35 level. The pair could turn down and reach the moving averages, which is an important support to keep an eye on. If the price bounces off the moving averages, the bulls will again try to overcome the barrier at $45 and start the next leg of the uptrend.

Contrarily, if the price breaks below the 50-SMA, the selling could intensify and the pair may slump to $36 and then to $34. Such a move could delay the resumption of the uptrend.

ALGO/USDT

Algorand’s (ALGO) recovery reached the breakdown level of $0.27 on Feb. 3. The bears defended this level but the bulls have not given up much ground. This suggests that the bulls expect the relief rally to continue.

The upsloping 20-day EMA ($0.24) and the RSI in the positive territory indicate that bulls have the upper hand. If the price turns up from the 20-day EMA, the likelihood of a break above $0.27 increases. The ALGO/USDT pair could then travel to $0.31 where the bears may try to offer strong resistance.

If the price turns down from this level but bounces off $0.27, it will suggest that the downtrend could be over in the short term. The pair could then attempt a rally to $0.38.

This positive view could invalidate in the near term if the pair turns down from the current level and slides below $0.23. The pair could then dive to the 50-day SMA ($0.21).

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

The 4-hour chart shows that the bears are guarding the $0.27 level but a minor positive is that the bulls have not allowed the price to stay below the 50-SMA. If the price turns up from the current level, the bulls will again try to clear the overhead hurdle. If they do that, the pair could pick up momentum and surge toward $0.31.

Contrary to this assumption, if the price continues and breaks below the moving averages, the pair risks a drop to $0.23. The bears will have to smash this support to gain the upper hand.

THETA/USDT

Theta Network (THETA) successfully completed a retest of the breakout level on Feb. 1, indicating that bulls have flipped the downtrend line into support.

The bulls will try to push the price to the overhead resistance at $1.20. This level may act as a minor hurdle but if bulls do not give up much ground from $1.20, the THETA/USDT pair could extend its up-move to $1.34. This is an important level for the bears to defend because if this resistance crumbles, the pair could soar to $1.65.

If bears want to stop the bulls, they will have to quickly pull the price back below the 20-day EMA. The pair could then fall to $0.97 and later to the 50-day SMA ($0.89).

The pair bounced off the $0.97 level, which becomes an important level to watch out for on the downside. A breach of this level is likely to tilt the advantage in favor of the bears and open the doors for a possible drop to $0.85.

The rally is facing resistance near $1.20 but the upsloping 20-EMA and the RSI in the positive territory indicate that the path of least resistance is to the upside. If buyers push the price above $1.20, the momentum should pick up for a rally toward $1.34.

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.

Top Crypto Strategist Predicts Rallies for Ethereum (ETH), Fantom (FTM) and Two Additional Altcoins

September 1, 2022 The Daily Hodl

XRP, Binance Coin (BNB) and Two Mid-Cap Altcoins Flashing Bullish in One Metric, Says Analytics Firm Santiment

August 26, 2022 The Daily Hodl

Top 5 cryptocurrencies to watch this week: BTC, FLOW, THETA, QNT, MKR

August 7, 2022 Coin Telegraph

Bitcoin

Select altcoins such as FLOW, THETA, QNT, and MKR could rally if Bitcoin breaks above the stiff overhead resistance at $24,668.

The United States jobs data on Aug. 5 was above market expectations, indicating that inflation has not cooled down. The strong numbers reduce the possibility that the U.S. Federal Reserve will slow down its aggressive pace of rate hikes. After the release, the likelihood of a 75 basis points hike in September has risen to 68%, according to CME Group data.

However, analysts at Fundstrat Global Advisors have a different view. They highlighted that three out of six times, the S&P 500 bottomed out six months before the Fed’s last rate hike. Therefore, the firm anticipates the S&P 500 to witness a strong rally to 4,800 in the second half of the year.

If the tight correlation between the equities markets and the cryptocurrency markets maintain, the recovery in the crypto markets may have some more room to run. On-chain monitoring resource Material Indicators said in a Twitter update on Aug. 5 that if Bitcoin (BTC) rises above $25,000, there is no major resistance till the $26,000 to $28,000 range.

Could Bitcoin climb above the overhead resistance and extend its recovery, pulling select altcoins higher? Let’s study the charts of the top-5 cryptocurrencies that may outperform in the near term.

BTC/USDT

Bitcoin has been trading close to the 20-day exponential moving average ($22,719) for the past few days, indicating a tough battle between the bulls and the bears. Although the bulls have held the level, they have not been able to achieve a strong rebound off it. This indicates a lack of demand at higher levels.

Both moving averages have flattened out and the relative strength index (RSI) is just above the midpoint, indicating a balance between buyers and sellers. The advantage could tilt in favor of the buyers if they push and sustain the price above $24,668.

If they manage to do that, the BTC/USDT pair could rally to $28,000 and then to the next overhead resistance at $32,000.

Contrary to this assumption, if bears pull the price below the 20-day EMA, the pair could decline to the 50-day simple moving average ($21,719). If this support also gives way, the next stop could be the uptrend line.

The price is stuck between $22,400 and $23,648 on the 4-hour chart. Both moving averages have flattened out and the RSI is near the midpoint, indicating a balance between supply and demand. If bulls drive the price above $23,648, the pair could rise to the overhead resistance at $24,668.

Conversely, if the price turns down and breaks below $22,400, it will tilt the short-term advantage in favor of the bears. The pair could then decline to the uptrend line, which could act as a strong support.

FLOW/USDT

The tight range trading in Flow (FLOW) resolved to the upside with the range expansion on Aug. 4. This indicates accumulation at lower levels and the start of a new up-move.

The bears are attempting to stall the up-move near $3 but a minor positive is that the bulls have not given up much ground. This indicates that traders are not hurrying to book profits after the recent rally.

The 20-day EMA ($2.07) has started to turn up and the RSI is near the overbought zone, indicating that bulls have the upper hand. If buyers drive the price above the $3 to $3.30 resistance zone, the FLOW/USDT pair could pick up momentum and rally toward $4.60.

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

The pair has turned down from the overhead resistance near $3 but is finding support at the 20-EMA on the 4-hour chart. If bulls push the price above $2.80, the pair could retest the overhead resistance at $2.99. A break above this level could signal the resumption of the uptrend.

Alternatively, if the price slips below the 20-EMA, the pair could drop to the 50% Fibonacci retracement level of $2.41, and then to the 61.8% retracement level of $2.27. A break below this level could tilt the advantage in favor of the bears and sink the pair to $2.

THETA/USDT

Theta Network (THETA) broke and closed above the stiff overhead resistance at $1.55 on Aug. 5, indicating that the range had resolved in favor of the bulls. The bears tried to sink the price back below the breakout level on Aug. 6 but the bulls held their ground.

The 20-day EMA ($1.39) has started to turn up and the RSI is in the positive territory, indicating advantage to buyers. If bulls sustain the price above $1.65, the THETA/USDT pair could start a new uptrend toward the pattern target of $2.10. This level may pose a strong challenge but if bulls clear this overhead hurdle, the pair could extend its rally to $2.60.

To invalidate this positive view, the bears will have to pull and sustain the price below $1.55. If that happens, the aggressive bulls may get trapped and the pair could slide to the moving averages.

The 4-hour chart shows that the bulls purchased the dip to the 20-EMA, indicating buying on dips. Both moving averages on the 4-hour chart are sloping up and the RSI is near the overbought territory, indicating that the path of least resistance is to the upside. If bulls maintain the price above $1.65, the up-move may resume.

The first sign of weakness will be a break and close below the 20-EMA. If that happens, the pair could drop to the 50-SMA. The bears will have to sink the price below this level to signal that the uptrend may have ended in the near term.

QNT/USDT

Quant (QNT) made a strong recovery from its intraday low of $40 made on June 13. The bears tried to stall the up-move at $115 but the bulls aggressively purchased the dip below the 20-day EMA ($103) on July 26.

The bulls maintained their momentum and pushed the price above the overhead resistance at $115 on Aug. 6. This indicated the resumption of the uptrend. The QNT/USDT pair could rally to the overhead resistance zone between $154 to $162 where the bears may mount a strong defense.

Alternatively, if the price turns down from the current level, the bulls will attempt to flip the $115 level into support. If that happens, the pair could resume its uptrend. The bears will have to sink and sustain the price below the 20-day EMA to gain the upper hand.

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

The pair is in an uptrend but the RSI on the 4-hour chart jumped into the overbought territory, indicating the possibility of a near-term correction. The bulls are expected to buy the dips to the 20-EMA. If they do that, it will suggest that the sentiment remains positive and traders are buying on dips. That will increase the likelihood of the resumption of the uptrend.

On the contrary, if the price turns down from the current level and breaks below the 20-EMA, the pair could slide to the 50-SMA. This is an important level to keep an eye on because a break below it could result in a fall to $100.

MKR/USDT

Maker’s (MKR) recovery is facing stiff resistance near $1,100 but a positive sign is that the bulls have not allowed the price to dip below the 20-day EMA ($1,044).

The moving averages are sloping up and the RSI is in the positive territory, indicating that buyers have the upper hand.

If bulls push and sustain the price above the overhead resistance zone between $1,100 and $1,188, the MKR/USDT pair could rally to $1,400 and then to the pattern target of $1,570. Such a move will suggest that the pair may have bottomed out.

Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the 20-day EMA, the pair could slide to the trendline. A break and close below this level will invalidate the bullish setup.

The pair has formed a symmetrical triangle on the 4-hour chart. The 20-EMA is sloping up gradually and the RSI is in the positive zone, indicating a slight advantage to the bulls.

If buyers drive the price above the resistance line, the pair could rally to the overhead resistance at $1,188. A break and close above this level could indicate the resumption of the uptrend.

Conversely, a break below the support line of the triangle could tilt the advantage in favor of the sellers. The pair could then decline to the psychological level at $1,000.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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