Bitcoin (BTC) was unable to sustain its rally this week, suggesting that the bears have not given up and are using the highs to sell. Bitcoin is on track to end the week with a loss of more than 4%. The longer the price stays near $60,000, the greater the possibility of a downside breakdown.
However, analysts remain optimistic about price action in the post-halving cycle. According to Cane Island Alternative Advisors founder and investment director Timothy Peterson, bitcoin could rise anywhere “between $175,000 – $350,000 in the next nine months.” “This bull market will end in January 2025,” Peterson warned in the X post.
Despite the sideways price movement, some traditional finance companies are adding Bitcoin to their investment portfolio. JPMorgan Chase and Wells Fargo reported exposure to bitcoin spot exchange-traded funds in their May 10 filing with the U.S. Securities and Exchange Commission. Although the allocation to Bitcoin is small, it seems like a step in the right direction.
Will Bitcoin’s limited action shift focus to altcoins? Let’s examine the top 5 cryptocurrencies that look promising on the charts.
Bitcoin price analysis
The bulls successfully defended Bitcoin’s $59,600 level, but failed to push the price above the 20-day EMA ($62,650). This indicates an intense battle between bulls and bears.
The 20-day EMA and the Relative Strength Index (RSI) in negative territory indicate an advantage for sellers. If it breaks above $59,600, BTC/USDT could retest the May 1 intraday low at $56,552. This level is expected to attract buyers, but if the bears take control, the pair could fall to the 61.8% Fibonacci retracement level at $54,298.
If the bulls want to prevent a downtrend, they will have to push and hold the price above the 20-day EMA. If they do, the pair could rise to $67,250. Buyers will have to overcome this hurdle to start the rally to $73,777.
The 20 EMA on the 4-hour chart is flattening, and the RSI is near the midpoint, indicating that selling pressure is decreasing. The crucial support to watch on the downside is $59,600. If this level is breached, selling could pick up, and the pair could fall to $56,552.
Conversely, if the price rises above the 50 simple moving average, it will indicate that the bulls are trying to make a comeback. The pair may rise to $63,500 and then to $65,500 later. A break above this resistance will indicate that bears may be losing their grip.
Toncoin price analysis
Toncoin (TON) is trying to rise above the immediate resistance level of $7.23, but the bears are still holding their positions.
The slight positive for the bulls is that they did not allow the price to fall much below $7.23. This enhances the chances of a breakout above $7.23. If this happens, the TON/USDT pair may challenge the resistance level at $7.67.
The main support to watch on the downside is the moving averages. A break and close below this support suggests that the pair may consolidate between $4.72 and $7.67 for a few days.
Both moving averages are sloping higher, and the RSI is near the overbought zone on the 4-hour chart, indicating that the bulls have the upper hand. Buyers will try to strengthen their position further by pushing the price above $7.23.
Conversely, the bears will try to push the price below the 20 EMA. If they do so, it will indicate that the bears are aggressively defending the overhead resistance. The pair may then decline to the 50 simple moving average.
Provide price analysis
Render (RNDR) broke through the moving averages on May 5, indicating that the corrective phase may be over.
The bears are trying to halt the recovery near the $12 overhead resistance, but the bulls have not ceded much ground. This indicates that dips are being bought. The moving averages have completed a bullish crossover, and the RSI is in positive territory, indicating that the bulls are in control.
If the price rises from the current level or bounces off the 20-day EMA ($9.59), it will increase the probability of a rise above $12. The RNDR/USDT pair may then rise to $13.83. This optimistic outlook will be invalidated in the near term if the price declines and falls below the moving averages.
The bears are trying to sink the pair below the 20 EMA. If they succeed, the short-term bullish momentum will weaken, and the pair may fall to the 50 EMA. This level may attract buyers but the bounce may face selling at Exponential Moving Average 20. If it breaks through the Simple Moving Average 50, the next stop point will likely be at $9.50.
If buyers want to maintain control, they will have to defend the $20 moving average and kick the price above the $12 resistance level.
Related: Is the altcoin market ready for an “explosive rally”? Analysts look to these three indicators
Baby price analysis
PEPE (PEPE) has recovered steadily in the past few days, indicating continued buying at lower levels.
The price action has formed an inverse head and shoulders pattern that will complete upon the breakout and close above $0.0000092. If buyers keep the price above the neckline, PEPE/USDT may resume its uptrend. The pattern target for the upside setup is $0.0000145.
Moving averages are likely to act as strong support during pullbacks. If the price bounces off the moving averages, it will indicate that sentiment is still positive and traders are buying on dips. The trend will turn negative in the near term if the support at $0.0000060 breaks.
The 4-hour chart shows that the pair is receiving support at the moving averages, indicating that the bulls are fiercely defending this level. Buyers will need to overcome the overall hurdle at $0.0000092 to gain the upper hand.
If the price drops and breaks below the moving averages, it will signal that the bears are back in the game. The price could then slide to the crucial support level at $0.0000076, which is likely to see aggressive buying by the bulls.
Arowif price analysis
Arweave (AR) has been gradually rising in the past few days, indicating strong demand from bulls.
The 20-day EMA ($36) and RSI above 61 indicate that the bulls have the advantage. The AR/USDT pair could reach the upper resistance level at $47.51, which is an important level to pay attention to. If the bulls push the price above this resistance level, the pair will likely accelerate towards $52 and then $68.
This positive outlook will be invalidated in the near term if the pair declines and falls below the moving averages. This could pull the pair to the $26.50 level.
The 4-hour chart shows that the pair is receiving support at the 50 simple moving average during pullbacks. Buyers will try to push the price to $45 and later to $47.51. Sellers are expected to defend this area aggressively because if they fail in their endeavors, the bullish momentum could pick up.
The 50 simple moving average is the support level to pay attention to on the downside. If this level breaks down, the pair could fall to $36 and next to $34. The price may bounce from this area but is likely to face selling at the 20 EMA.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
