Bitcoin (BTC) went quiet over the weekend. CryptoQuant CEO Ki Young Ju said in a recent post on X (formerly Twitter) that Bitcoin’s speed has dropped to a three-year low. He said this could be viewed as either a positive, as whales held onto their positions, or a negative, because the transfer to new investors didn’t happen.
The range bound move continues to confuse investors as to the next possible trend move. Regarding this, there were positive comments from JPMorgan analysts, who said that the Bitcoin downtrend could end. They believe the declining open interest in bitcoin futures contracts on the Chicago Mercantile Exchange suggests the long liquidation is over.
Daily view of crypto market data. Source: Coin360
As Bitcoin decides its next move, select altcoins are showing signs of strength. These altcoins could turn negative if Bitcoin’s range resolves to the downside, but if Bitcoin rises or stays in a range then they could present a short-term trading opportunity.
Let’s look at the charts of the top 5 cryptocurrencies that could rise in the near future and identify the levels that need to be breached for the bulls to take the lead.
Bitcoin price analysis
Bitcoin formed an inside-day candlestick pattern on Aug. 26, indicating indecisiveness between bulls and bears over the next directional move.
BTC/USDT daily chart. Source: TradingView
The descending 20-day exponential moving average ($27,222) and the Relative Strength Index (RSI) in the oversold territory suggest that the bears are in charge. However, the bulls are unlikely to give up without a fight. They will do everything in their power to defend the $24,800 mark.
The BTC/USDT pair could start a stronger recovery if buyers propel the price above the 20-day EMA. This could open the door for a potential rally to the 50-day simple moving average ($28,888).
If bears want to strengthen their position, they need to sink the price below $24,800. If they do, the pair could start a downtrend to $20,000.
BTC/USDT 4 hour chart. Source: TradingView
The 20-day EMA is flattening out and the RSI is near the middle of the four-hour chart. This indicates a balance between supply and demand. If the price drops below $25,700, the pair could drop to $25,166 and then $24,800.
On the contrary, if the pair stays above the moving averages, it will signal that the bulls have absorbed the selling. There is a minor resistance at $26,314 but if that is breached the pair could rally to $26,610 and later to $26,833.
Toncoin price analysis
Toncoin (TON) is forming an inverse head and shoulders pattern that will complete on a break and close above $1.53.
TON/USDT daily chart. Source: TradingView
The gradual rising 20-day EMA ($1.38) and the RSI in the positive territory suggest that the path of least resistance is up. If buyers push the price above $1.53, the TON/USDT pair could start a fresh uptrend towards the pattern target of $1.91.
The bears may have other plans. They will try to protect $1.53 and sink the price below the moving averages. If they succeed, the pair could sink to $1.25 and eventually $1.15.
TON/USDT 4 hour chart. Source: TradingView
The 4-hour chart is showing that the $1.53 level could prove to be a strong hurdle for buyers to clear. If the price declines from this level but recovers from the 20-day EMA, it will indicate that the bulls will buy smaller dips. That could increase the likelihood of a break above $1.53. The pair could then rally to $1.70.
If the price instead declines and breaks below the 20-day EMA, it will signal traders to book gains near $1.53. The pair could then drop to the 50-day SMA and then down to $1.33.
Monero price analysis
Monero (XMR)’s strong rebound from the uptrend line for the second time in the past few days shows the bulls are fiercely defending the level.
XMR/USDT daily chart. Source: TradingView
The XMR/USDT pair could reach the 20-day EMA ($148), which is likely to be a formidable hurdle. If the bulls do not drop much from this level, the prospects of a rally above the 20-day EMA will increase. The pair could then scale the 50-day SMA ($157), which could prompt selling from the bears.
If the price declines sharply from the 20-day EMA, it will indicate that the bears will continue selling on rallies. The pair may then retest the uptrend line. Repeatedly retesting a support level tends to weaken it. If this level gives way, the pair could drop to $125 and then $115.
XMR/USDT 4 hour chart. Source: TradingView
The bulls have pushed the price above the four-hour chart’s moving averages, indicating that the bears may lose their footing. There is a strong resistance at $150, but if that level is cleared, the pair could reach $160. The rising 20-day EMA and the RSI in the positive territory suggest a slight advantage for buyers.
The first sign of weakness will be a break and close below the moving averages. This could pull the price onto the uptrend line. A break below this support could drop the pair to $125.
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Mantle price analysis
Mantle (MNT) has been in a strong downtrend since its high of $0.60 on July 20th. The strong downtrend has sent the RSI into oversold territory, suggesting that a recovery rally is possible.
MNT/USDT daily chart. Source: TradingView
The intraday candlestick pattern on August 25 suggests that the buyers are trying to take control. The MNT/USDT pair might initially rally to the 20-day EMA ($0.45), an important level to watch out for. If buyers clear this obstacle, the pair could rally to the 38.2% Fibonacci retracement level from $0.48.
On the other hand, when the price diverges from the 20-day EMA, it suggests that the bears will continue to sell on any minor rallies. This could lead to a retest of the $0.41 support. If this level breaks, the pair could slip to $0.35.
MNT/USDT 4 hour chart. Source: TradingView
The four-hour chart shows that the bulls have propelled the price above the moving averages but are struggling to start a runaway rally. This suggests that the bears have not given up and may pose a challenge at higher levels.
If the price breaks below the moving averages, it will signal an advantage for the bears. This increases the possibility of a break below $0.41.
Alternatively, if the price sustains above the 20-day EMA, it will suggest that the bulls are buying the minor dips. The pair could then attempt a rally to $0.47 and then $0.52.
Quantitative price analysis
Quant (QNT) bounced off the strong support at $95 on Aug 17 and surged above the moving averages on Aug 26. This shows strong demand at higher levels.
QNT/USDT daily chart. Source: TradingView
The bulls will try to maintain the momentum and push the price onto the downtrend line. At this level, an uphill battle between bulls and bears is likely to ensue. If the price declines from this level but recovers from the 20-day EMA ($101), it will signal a switch in sentiment from selling on rallies to buying on downturns.
This could increase the likelihood of a rally above the downtrend line. If that happens, the QNT/USDT pair could start a rally to $120. This positive view could be invalidated in the short-term if the price declines and breaks below the moving averages. The pair could then slide to the $95 support.
QNT/USDT 4 hour chart. Source: TradingView
The four-hour chart’s moving averages are rising and the RSI is in positive territory, indicating that the bulls are making a comeback. The pair might rally to the downtrend line where the bears might once again build stiff resistance.
On the upside, the moving averages are expected to act as strong support. A break and close below the 50-day SMA suggests the rally may be over. The pair could then drop to $98.
This article does not contain any investment advice or recommendations. Every investment and trading activity involves risk and readers should do their own research in making their decision.