Traders are keeping an eye on DOGE, SUI, PEPE, and FTM as Bitcoin remains stable near the $100,000 mark. This stability in Bitcoin's price range is allowing traders to focus on these alternative cryptocurrencies.
The price of Bitcoin (BTC) is facing a challenge as it struggles to stay above the $100,000 mark, with both buyers and sellers vying for control. CryptoQuant contributor Percival noted in a blog post on Dec. 6 that Bitcoin's momentum for the week has declined, indicating a period of stabilization ahead.
Despite the current uncertainty and fluctuating prices, analysts remain optimistic about the long-term prospects of Bitcoin. According to WeRate co-founder Quinten François, Bitcoin is now in a phase of extreme excitement, which could potentially lead to a continued rise in value for up to a year before reaching a peak.
Daily overview of cryptocurrency market data. Data sourced from Coin360.
Donald Trump winning the United States presidential election has caused the prices of many alternative cryptocurrencies to rise, in addition to Bitcoin. Felix Hartmann, the managing partner of Hartmann Capital, warned in a post on X that venture capitalists and teams may sell off their altcoins at a high rate to make a profit, potentially causing a significant decrease in prices.
Could alternative cryptocurrencies continue to perform better in the short term if Bitcoin starts consolidating? Let's analyze the top 5 cryptocurrencies that have a solid chart pattern.
Analysis of Bitcoin's price
Bitcoin is encountering a barrier at the important threshold of $100,000, however, investors are not quickly selling off their holdings.
Daily chart for the BTC/USDT trading pair, sourced from Cointelegraph/TradingView.
When the price of Bitcoin hovers around $100,000 without much fluctuation, it increases the likelihood of a significant increase in value. If buyers are able to push the price above $104,088, there could be a strong uptrend in momentum, leading to a potential surge in the BTC/USDT pair to $113,331 and possibly even $125,000.
It is important to keep an eye on the 20-day exponential moving average at $95,285 as a key support level in the near future. If this level is broken, it could indicate that buyers are quickly selling to secure their profits. This could lead to a drop in price to $90,000 and then potentially down to the 50-day simple moving average at $84,110.
The 4-hour chart for the BTC/USDT pair is shown in the image sourced from Cointelegraph/TradingView.
The two assets have been trading above the average price levels, suggesting that the buyers have a slight advantage. However, there is likely to be strong resistance in the price range between $101,900 and $104,088. If the pair manages to break above this range, it could potentially rise towards $113,331.
Conversely, if the moving averages are broken and closed below, it may entice short-term investors to sell and take their profits. This could cause the price to drop to $90,000, at which point buyers may step in. If the price bounces back from $90,000 and surpasses the moving averages, it could indicate a period of consolidation. The price may then fluctuate between $90,000 and $104,088 for a period of time.
Analysis of Dogecoin's price movement
The value of Dogecoin (DOGE) has been increasing within a pattern known as an ascending channel, suggesting that buyers are currently in control.
The daily chart for DOGE/USDT, sourced from Cointelegraph/TradingView.
Bulls attempted to increase the price above the resistance level of $0.48, but were unable to do so as the bears stood firm. If the price starts to rise from the current level or the 20-day EMA of $0.41, the bulls will make another attempt to push the DOGE/USDT pair towards the resistance line of the channel. The bears are likely to strongly resist the pair breaking above the resistance line, as this could lead to a significant increase in price to $0.60.
In order to stop the price from rising, bears will need to push it down below the support line of the channel. If this happens, the pair could potentially drop to the 50-day Simple Moving Average, which is at $0.30.
Chart for the DOGE/USDT pair, showing data over a 4-hour period. Image source is Cointelegraph/TradingView.
The duo is receiving assistance from the 20-day Exponential Moving Average (EMA), which suggests a favorable outlook. The buyers will make another attempt to surpass the barrier at $0.48. If they are successful, the pair could climb to the upper boundary of the channel. However, if the price sharply drops from the resistance line and falls below the 20-EMA, it indicates that the pair might stay within the channel for a while longer.
On the other hand, if the price breaks above the resistance line and closes above it, this would indicate the beginning of the next upward movement towards the $0.60 mark.
Analysis of Sui's price
Sui is currently encountering resistance around $4.50, but 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 and TradingView.
The trading pair SUI/USDT may potentially decrease to $3.94 and then to the 20-day Exponential Moving Average at $3.66. In case the price bounces back from the 20-day EMA, the buyers will aim to surpass the resistance level at $4.50. If successful, the pair could potentially continue its upward trend towards $5.31.
One small issue to note is the emergence of a negative divergence on the RSI indicator. If the price drops below the 20-day Exponential Moving Average (EMA), it could indicate that buyers are taking their profits. This could potentially cause the currency pair to fall towards the 50-day Simple Moving Average (SMA) at $2.93.
4-hour chart of the SUI/USDT pair. Image source: Cointelegraph/TradingView.
If the bulls are unable to push the price above $4.50, there may be a decline back to $4. This level is crucial to monitor, as a significant rebound from it could lead to a potential surge above $4.50.
On the other hand, if the price drops below $4 and stays there, it indicates that sellers are gaining control. This could lead to a further decrease in price to the 50-day Simple Moving Average. If this level of support is broken, the price may drop even further to $3.
Associated: Here is a summary of the events that occurred in the world of cryptocurrency
Analysis of Pepe's price
The value of Pepe (PEPE) has reached a resistance level of $0.000027, where buyers and sellers are expected to compete for dominance.
Daily chart of the PEPE/USDT trading pair. Chart taken from Cointelegraph/TradingView.
The 20-day Exponential Moving Average (EMA) is showing an upward trend at a value of $0.000021, and the Relative Strength Index (RSI) is signaling that buyers have an advantage as it is in the overbought zone. If the price remains above $0.000027, there is a possibility for the PEPE/USDT pair to increase to $0.000035 and potentially reach $0.000044.
However, if the price decreases from $0.000027, it indicates that the bears are strongly protecting that price level. This could lead to a potential drop in the pair's value to the 20-day Exponential Moving Average (EMA). In order to gain control, sellers would need to push the price below the 20-day EMA.
Chart for the PEPE/USDT trading pair on a 4-hour timeframe. Image source: Cointelegraph/TradingView.
After the bears pushed the price down to below $0.000024, the bulls stepped in to buy at the 20-EMA level. The bulls are now attempting to raise the price back above $0.000027. If successful, the pair has the potential to rise to $0.000035.
The bears are running out of time to regain control. In order to turn things around, they need to quickly lower the price below the moving averages. This could cause the pair to drop towards a significant support level around $0.000017.
Analysis of Fantom's price movement shows that on December 2nd, the price rose above $1.23 resistance. Despite bearish attempts to bring the price back down, strong buying support prevented this, indicating a positive trend in the market.
Daily chart for FTM/USDT showing the performance of the cryptocurrency. Source of the chart is Cointelegraph/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 raise the price towards $1.68, which is expected to be a strong resistance level. Nevertheless, if buyers manage to surpass $1.68, the upward movement could continue towards $2.
It is important to keep an eye on the key support level of $1.23. If the price breaks below and closes below this level, it could indicate a decrease in bullish momentum. In that scenario, the FTM/USDT pair might drop towards the 20-day Exponential Moving Average (EMA).
Chart showing the performance of FTM/USDT over a 4-hour period. Source is Cointelegraph/TradingView.
The pair of assets has consistently seen strong buying activity whenever it has dipped below the 20-day exponential moving average (EMA). If buyers are able to push the price above $1.39, then the pair may continue its upward trend towards the next target price of $1.68.
On the other hand, if the price drops significantly from $1.39 and falls below the 20-day exponential moving average (EMA), it indicates that sellers are influencing the market at higher prices. This could lead to a decrease in the pair's value to the 50-day simple moving average (SMA). If the price breaks below the 50-SMA, it may shift the advantage to the sellers in the short term.
This article does not provide any investment advice or recommendations. All investment and trading actions come with a level of risk, so readers should do their own research before making any decisions.