If Bitcoin price stabilises and starts to consolidate the five altcoins listed below could be able to enjoy a significant gains.
The main United States stock market indices have continued to decline over the past week as deteriorating macroeconomic conditions heightened fears of an economic recession in the world. It was reported that the Dow Jones Industrial Average was closed in the lowest in 2022, Bitcoin pr news distribution service . Major indexes posted their fifth week-end close over the last six weeks.
While Bitcoin ( BTC) has only dipped marginally in the last week, BTC is at risk of being at its lowest since the year 2020. A new multi-year weekly closing is not a good signal, sellers need to hold the lower levels or it could turn out to be a trap for bears. The price action over the coming days will likely to see increased volatility as the bears and the bulls battle each other for supremacy.
A lot of investors miss out on opportunities to purchase when there is a sharp correction because they attempt to get to the bottom. Investors should instead concentrate on the projects they like and build up the coins in a gradual manner that lasts for a few weeks or even months. The bottom of all coins is not reached in the exact same way. Therefore, it is best to concentrate on specific cryptocurrencies that demonstrate the strength.
Although Bitcoin is nearing its annual lows, some altcoins are doing very well. Bitcoin press news distribution service ,Let’s examine 5 charts for cryptos which are worth a look in the near future.
It is believed that the Bitcoin bulls have been able to defend the $18,626-$17,622 support zone over the last few days, however they face continued significant selling in the exponentially moving average of 20 days ($19,720). This suggests that bears are continuing to sell off on rallies that are not significant.
The downwardly sloped moving averages suggest that bears hold an advantage, however the positive divergence of the index for relative strength (RSI) implies that the bearish trend could be slowing down.
A break or close that is just above 20 days EMA could be the first indication that bears are losing their hold. The BTC/USDT price could climb to the simple moving average for 50 days ($21,043) and eventually to $22,799. Buyers will need to break through this obstacle in order to create the conditions for a rise to $25,211.
In contrast, if bears drop prices below the June record low of $17,622, selling might increase, and the pair could resume its decline. The price could plummet to $14,500.
The bulls are taking advantage of the drop below $18,626 however the bears have been unable to stop the rebound around the 50 SMA, Bitcoin press release distribution service . This has forced the price between the two levels, however this trading in a tight range will not last for longer.
If the price falls and stays lower than $18,626, bears could pull the pair towards the crucial support of $17,622. This is a level that could again see an intense battle between bears and the bulls. If bulls can push prices above the 50-SMA level, the price could reach $20,400.
Cosmos ( ATOM) is trading above the break-out level of $13.46 for the past few days, which indicates that sentiment is positive. Traders are also buying dips.
Its 20-day EMA ($14.22) was been flattened as well. The RSI is close to the midpoint. This indicates an equilibrium between demand and supply. If the price reaches $15.26 The short-term benefit could shift in favor of buyers. The ATOM/USDT currency pair may then increase to $17.20.
This level could be a source of resistance, however when buyers push the price up to it, the pair may gain momentum and climb to $20.34 and eventually to $25.
Contrary to the assumption If the price moves down and then breaks under the 50 day SMA ($12.90) then the benefit could shift in favor of bears. The pair may then fall to as low as $10.
The price was stuck at $13.45 to $17 a period of period of. The buyers have fought hard to defend the support level of $13.45 and are now trying to get the price over the 50-SMA. If they succeed then the probability of a rise up to $16 or $17 rises.
In contrast, if the price decreases from the current level , and then falls under the 20-EMA it could indicate that bears will continue to buy off the upswings, Bitcoin press release distribution . This could push prices back towards the strong resistance of $13.45. The sellers must bring the price down to $13 to allow to a potential drop down to $11.50.
The uncertainty surrounding the range-bound move that was centered between $0.27 and $0.38 changed to the upwards on September. 23rd, signalling the beginning of a new upward trend. If this happens then The Algorand ( ALGO) may be still in its initial leg of the trend up.
The key level to be watching for on the downward side is $0.38. If bulls turn this level back into support, it will increase chances of the beginning of a new trend upwards. The pair of ALGO/USDT could climb to $0.45 and then $0.50.
This bullish outlook may be invalidated in the near-term when the price falls below $0.38 and then returns to the price range. This could cause the price to fall towards the 20-day EMA ($0.33). If prices rebound above this level, bulls will attempt to overcome any overhead resistance.
The price was able to surpass the overhead resistance of $0.38 however the bulls could not sustain the momentum. This suggests that the bears aren’t giving up, and continue to sell when rallies reach $0.41.
If bears manage to pull the price below 20-EMA, it could fall to $0.36. This is a critical area for bulls to guard because a fall beneath it may open possibility of a drop towards the 50 SMA, Bitcoin news distribution network .
On the other hand the bulls need to raise the price above $0.41 to signal the start of the trend upwards.
Chiliz (CHZ) The Chiliz (CHZ) has risen sharply from the lows of June, and the bulls broke through the overhead resistance of $0.26 on September. 22 which signaled the return of the upward trend. If a currency is moving against the sentiment of the market It is worth taking a closer inspection.
The bears have tried to bring the price down below the level of breakout $0.26 over the last three days, but the bulls have stood their position. This suggests that bulls see the dips as an investment opportunity. The increasing moving averages as well as those with the RSI that are in positive zone show that buyers are taking control.
If the price goes up and is above $0.28 the CHZ/USDT currency pair may rally towards the next strong resistance point at $0.33.
If, on the other hand, the price drops and falls below $0.26 this could suggest that traders are rushing to exit. The price could initially drop down to the 20-day EMA ($0.23) then then down to the 50 day SMA ($0.21).
The moving averages both are rising suggesting a benefit to buyers, however the negative divergence on RSI indicates that the bullish momentum could be waning. If bears push to below $0.26 The pair may fall towards the 50-SMA. This is an important point for bulls to guard since if they fail to defend it and the price falls, Pr services for Bitcoin companies and startups , it could drop to $0.22.
However when the price bounces from $0.26 and reaches $0.28 then the upward movement may resume. The pair may then surge to $0.32.
Quant ( QNT) is showing signs of strength since it trades over each of the two moving averages. Even when the general sentiment in the cryptocurrency market was negative the company has been able to trade higher.
The bears have been fighting the $112 price level for a number of days, but the bulls broke into the support on September. 24 and drove prices to that downtrend line. The long wick of the candlestick of the day shows that the bears are attempting to hold off the price rise at this point.
Another positive aspect is the fact that the bulls bought the drop to $112 on September. 25 which suggests that buyers are attempting to flip this level to support. The QNT/USDT pair may once again climb to the line of downtrend. If the hurdle is cleared it could rise until $133 before eventually settling to $154.
If the price drops and falls below $112 The next stop may include the daily twenty-day EMA ($106). If it breaks below this support, it could cause the pair to fall towards $95.
The price picked up speed after it broke above $112 and retreated towards the line of downtrend. This moved the RSI into the territory of overbought and could have enticed traders who trade in the short-term to make profits.
The price recovered from $112, suggesting that general sentiment is positive and traders are buying the dips. The pair is likely to climb to $121 before retracing up to the line of downwards, Bitcoin news platform . On the other hand the price, a dip below $112 could send the pair below the 50-SMA before regaining to $95.
The opinions and views that are expressed in this article are the sole opinions of the writer and do not necessarily represent the opinions of Cointelegraph. Each investment and trade is risky, so you must do your own research prior to making an investment decision.
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