Traders are paying attention to DOGE, SUI, PEPE, and FTM as Bitcoin remains steady around the $100,000 mark. The stable price of Bitcoin is allowing traders to closely examine these alternative cryptocurrencies.
The price of Bitcoin (BTC) is facing resistance at the $100,000 level as buyers and sellers struggle for control. Percival, a contributor to CryptoQuant, noted in a blog post on Dec. 6 that Bitcoin's upward momentum is weakening, indicating a period of consolidation ahead.
Despite the current uncertainty and fluctuations in price, analysts remain optimistic about Bitcoin's long-term potential. WeRate co-founder Quinten François suggested that Bitcoin is now in a phase of excitement, which could lead to a continued rally for up to a year before reaching a peak.
Daily overview of cryptocurrency market data. Data sourced from Coin360.
After Donald Trump won the United States presidential election, the prices of various alternative cryptocurrencies, or altcoins, increased along with Bitcoin. Felix Hartmann, who is a managing partner at Hartmann Capital, warned in a post on X that venture capitalists and teams might start selling off their altcoins to make a profit, causing the prices to drop significantly.
Can alternative cryptocurrencies continue to perform better than Bitcoin in the short term if Bitcoin goes through a period of stability? Let's examine the top 5 cryptocurrencies with a solid chart pattern.
Analysis of Bitcoin's Price
Bitcoin is encountering difficulty surpassing the important level of $100,000, but the buyers are not showing signs of panic selling.
Daily chart of the BTC/USDT trading pair. Image source: Cointelegraph/TradingView.
When the price of Bitcoin consolidates around $100,000, it suggests that there is potential for a significant increase in value. If buyers are able to push the price above $104,088, it could lead to a strong upward movement in the market. This may result in the BTC/USDT pair reaching $113,331 and possibly even $125,000.
It is important to keep an eye on the 20-day exponential moving average ($95,285) as a key level of support in the near future. If this level is breached, it could indicate that investors are rushing to sell and take profits. This could potentially lead to a drop in the price to $90,000 and then to the 50-day simple moving average ($84,110).
A chart showing the price movement of Bitcoin against the US Dollar over a 4-hour period. The chart was sourced from Cointelegraph
The duo has been trading at levels higher than the moving averages, which suggests a small advantage for the buyers. It is anticipated that there will be strong resistance in the range of $101,900 to $104,088 for the upward movement. If the pair manages to surpass this range, it could potentially rise towards $113,331.
Conversely, if the price falls below the moving averages, short-term investors may decide to take their profits, potentially causing the price to drop to $90,000 where buyers may step in. If the price bounces back from $90,000 and surpasses the moving averages, it could indicate a period of consolidation. During this time, the price may fluctuate between $90,000 and $104,088.
Analysis of Dogecoin's price movement shows that the cryptocurrency has been increasing within a pattern known as an ascending channel. This suggests that buyers are dominating the market.
Daily chart for the DOGE/USDT trading pair, sourced from Cointelegraph/TradingView.
The bulls attempted to increase the price above the resistance level at $0.48, but the bears were able to maintain control. If the price rises from its current level or the 20-day EMA ($0.41), the bulls will once again attempt to move the DOGE/USDT pair towards the channel's resistance line. The bears are likely to strongly defend the resistance line, as a breakthrough could send the pair to $0.60.
In order to stop the price from rising, bears will need to pull it down below the support line of the channel. If this happens, the pair could then drop down to the 50-day SMA at $0.30.
4-hour DOGE/USDT chart, sourced from Cointelegraph/TradingView.
The duo is receiving assistance at the 20-day Exponential Moving Average (EMA), which suggests a optimistic outlook. The buyers will make another attempt to surpass the barrier at $0.48. If they are successful, the duo could climb towards the resistance line of the channel. However, if the price abruptly drops from the resistance line and falls below the 20-EMA, it could indicate that the duo might continue trading within the channel for a while longer.
On the other hand, if there is a break above the resistance line and it closes above it, this will indicate the beginning of the next upward movement towards $0.60.
Analysis of Sui price
Sui (SUI) is currently encountering resistance around $4.50, however, the buyers are holding their ground against the sellers. This indicates that the buyers are expecting the upward trend to persist.
Daily chart of the SUI/USDT pair, sourced from Cointelegraph/TradingView.
The trading pair SUI/USDT may decrease to $3.94 and then to the 20-day Exponential Moving Average, which is at $3.66. If the price bounces back from the 20-day EMA, buyers will attempt to surpass the resistance level at $4.50. If successful, the pair could continue its upward trend towards $5.31.
One issue to consider is the negative divergence appearing on the RSI. If the price drops below the 20-day EMA, it could indicate that buyers are selling to lock in profits. This could potentially cause the pair to decrease to the 50-day SMA at $2.93.
Chart showing the price movement of the SUI/USDT currency pair over a 4-hour period. This chart was sourced from Cointelegraph
If the bulls are unable to push the price above $4.50, there may be a decrease in price to $4. It is crucial to monitor this level of support, as a significant rebound from it could lead to a potential increase in price above $4.50.
On the other hand, if the price drops below $4 and remains there, it could indicate that the sellers are gaining control. This could lead to a further decline in the price to the 50-SMA. If this level of support is broken, the price may fall even lower to $3.
Related: Here is a summary of the events that took place in the cryptocurrency world
Analysis of Pepe's price
Pepe (PEPE) has reached a point where the price is likely to face resistance at $0.000027. This is where buyers and sellers will compete to determine who has more control over the market.
Daily chart for the PEPE/USDT trading pair, sourced from Cointelegraph and displayed on TradingView.
The 20-day Exponential Moving Average (EMA) is showing an upward trend at $0.000021, while the Relative Strength Index (RSI) is in the overbought territory, suggesting an advantage for buyers. If the bulls can keep the price above $0.000027, there is a possibility for the PEPE/USDT pair to rise to $0.000035 and potentially reach $0.000044.
Despite what was previously thought, if the price decreases from $0.000027, it indicates that the bears are strongly protecting that level. As a result, the pair could potentially decrease to the 20-day EMA. For sellers to take control, they will need to push the price below the 20-day EMA.
Chart showing the price movements of the cryptocurrency pair PEPE/USDT over a 4-hour period. Source: Cointelegraph/TradingView.
The bears managed to decrease the price to under $0.000024, however the bulls stepped in to buy at the 20-EMA level. The bulls are now attempting to increase the price back up above $0.000027. If successful, the pair could potentially rise to $0.000035.
The bears are running out of time to turn things around. In order to make a comeback, they need to quickly lower the price below the moving averages. This could cause the pair to drop to a key support level around $0.000017.
Analysis of Fantom's price movement
On December 2, the price of Fantom (FTM) rose above the $1.23 resistance level, and buyers successfully prevented the price from dropping back below this level despite efforts from sellers. This indicates strong demand for buying whenever the price dips.
Daily chart for the FTM/USDT trading pair, obtained from Cointelegraph and TradingView.
The increasing 20-day Exponential Moving Average (EMA) at $1.09 and the Relative Strength Index (RSI) in the overbought zone suggest that buyers are in control. The bullish investors will attempt to increase the price to $1.68, which may present a strong resistance. Nevertheless, if buyers manage to surpass $1.68, the momentum could carry the price up to $2.
It is important to keep an eye on the key support level of $1.23. If the price breaks below this level and stays below it, it indicates a decrease in the strength of the bullish trend. In this scenario, the FTM/USDT pair could potentially drop to the 20-day Exponential Moving Average.
Chart showing the price movement of FTM/USDT over a four-hour period. Image source is from Cointelegraph on TradingView.
The duo has consistently rebounded from the 20-day Exponential Moving Average (EMA), showing strong purchasing activity during small declines. If buyers are able to push the price above $1.39, the pair may continue its upward trend towards the next target of $1.68.
On the other hand, if the price drops quickly from $1.39 and goes below the 20-day Exponential Moving Average (EMA), it indicates that sellers are influencing the market at higher price points. This could result in a decrease in the pair's value to the 50-day Simple Moving Average (SMA). If the price falls below the 50-SMA, it may shift the short-term momentum in favor of the sellers.
This article does not provide any investment advice or recommendations. It is important to remember that all investments and trading decisions come with risks, so it is recommended that readers conduct their own research before making any decisions.