Investors are keeping an eye on cryptocurrencies like DOGE, SUI, PEPE, and FTM as Bitcoin remains stable around the $100,000 mark. This period of consolidation is allowing traders to analyze these alternative coins more closely.
The price of Bitcoin (BTC) is facing resistance at the $100,000 level as buyers and sellers struggle for control. According to CryptoQuant contributor Percival, Bitcoin's weekly momentum is weakening, indicating a period of stabilization ahead.
Despite the current uncertainty and fluctuating prices, analysts still believe in the long-term potential of Bitcoin. Co-founder of WeRate, Quinten François, mentioned in a post on X that Bitcoin is reaching a stage of euphoria, which could lead to a continued rally for up to 12 months before reaching a peak in the cycle.
Daily overview of cryptocurrency market data. Information sourced from Coin360.
Following Donald Trump's win in the United States presidential election, the prices of various alternative cryptocurrencies (altcoins) have seen an increase alongside Bitcoin. However, Felix Hartmann, a managing partner at Hartmann Capital, expressed concern that venture capitalists and teams may start selling off their altcoins at a rapid pace, potentially causing a significant drop in prices.
Can alternative cryptocurrencies keep performing better in the short term if Bitcoin starts consolidating? Let's analyze the top 5 cryptocurrencies with a solid chart pattern.
Analysis of Bitcoin's price
Bitcoin is encountering difficulty moving past the important milestone of $100,000, but investors are not immediately selling off their holdings.
Daily chart showing the price of Bitcoin in US dollars. Data source is from Cointelegraph/TradingView platform.
When the price of Bitcoin consolidates around $100,000, there is a better chance of it breaking out to the upside. If buyers are able to push the price above $104,088, it could lead to an increase in bullish momentum, potentially causing the BTC/USDT pair to rise to $113,331 and then $125,000.
It is important to keep an eye on the 20-day exponential moving average, which is currently at $95,285, as it is a key support level in the short term. If this level is broken, it could indicate that buyers are rushing to take profits. The price may drop to $90,000 and then potentially 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 pair of assets have been trading higher than the average prices over a period of time, showing a small advantage for buyers. The upward movement is likely to encounter strong opposition in the range of $101,900 to $104,088. If the pair manages to surpass this range, it could potentially reach $113,331.
Alternatively, if the moving averages are breached and closed below, it might encourage short-term investors to sell for a profit, potentially causing the price to drop to $90,000. This lower price point could attract new buyers. If the price bounces back from $90,000 and surpasses the moving averages, it could indicate a consolidation phase. During this period, the pair might fluctuate between $90,000 and $104,088.
Analysis of Dogecoin's price
The price of Dogecoin (DOGE) has been increasing within a pattern of ascending channels, suggesting that buyers are in control.
Daily chart of the DOGE/USDT pair. Image source is Cointelegraph/TradingView.
The bulls attempted to increase the price above the barrier at $0.48, but the bears stood firm. If the price rises from its current level or the 20-day EMA ($0.41), the bulls will once again aim to push the DOGE/USDT pair towards the upper limit of the channel. The bears are likely to strongly resist any movement above this limit as it could lead to a significant increase in price to $0.60.
In order to avoid the price from going up, bears will need to push it down below the support line of the channel. This could cause the pair to drop down to the 50-day Simple Moving Average, which is at $0.30.
The 4-hour chart for DOGE/USDT is shown in the image sourced from Cointelegraph/TradingView.
The duo is receiving help at the 20-day Exponential Moving Average, showing a optimistic mood. The buyers will make another attempt to surpass the obstacle at $0.48. If they are successful, the duo could climb towards the upper boundary of the channel. However, if the price drops significantly after reaching the resistance line and falls below the 20-EMA, it suggests that the duo might stay within the channel for a while longer.
On the other hand, if the price breaks and closes above the resistance line, it indicates the beginning of the next upward movement towards $0.60.
Analysis of Sui's price
Sui's price is currently encountering resistance at around $4.50. However, the buyers have not lost much control to the sellers. This indicates that the buyers are expecting the upward movement to persist.
The daily chart for the SUI/USDT pair is shown in the image. This information was sourced from Cointelegraph and
The SUI/USDT pairing may decrease to $3.94 and then to the 20-day Exponential Moving Average of $3.66. If the price bounces back from the 20-day EMA, buyers will attempt to surpass the resistance at $4.50. If successful, the pair could begin an upward trend towards $5.31.
One issue to consider is the emerging negative divergence on the RSI indicator. If the price falls below the 20-day Exponential Moving Average, it indicates that buyers are selling off their positions. This could potentially cause the pair to drop to the 50-day Simple Moving Average, which is at $2.93.
Chart depicting the price movement of SUI against USDT over a 4-hour period. Data source is Cointelegraph/TradingView.
If the bulls are unable to push the price above $4.50, there may be a decrease in price down to $4. It's crucial to keep an eye on this support level, 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 stays there, it indicates that sellers are gaining control. This could lead to a further decrease in price towards the 50-day simple moving average. If this level is broken, the price may fall to $3.
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Analysis of the price of Pepe
The value of Pepe (PEPE) has reached a point of resistance at $0.000027, where buyers and sellers may engage in a struggle for control.
Daily chart showing the price of PEPE in relation to USDT. The information was sourced from Cointelegraph and TradingView.
The 20-day Exponential Moving Average, currently at $0.000021, is showing an upward trend. The Relative Strength Index (RSI) is in the overbought zone, suggesting an advantage for buyers. If the bulls are able to keep the price above $0.000027, it is possible for the PEPE/USDT pair to increase to $0.000035 and potentially reach $0.000044.
Despite what some may think, if the price falls from $0.000027, it indicates that the bears are strongly resisting that level. In that case, the pair could decrease to the 20-day Exponential Moving Average. In order to have control, sellers will need to push the price below the 20-day EMA.
A 4-hour chart showing the trading pair of PEPE/USDT. Image source is Cointelegraph/TradingView.
After the bears pushed the price down to below $0.000024, the bulls stepped in and bought the dip when it hit the 20-EMA. Now, the bulls are attempting to bring the price back up above $0.000027. If they succeed, the pair could potentially rise to $0.000035.
The bears are running out of time to regain control. In order to turn things around, they will need to quickly push the price below the moving averages. This could cause the pair to drop down to a significant support level around $0.000017.
Analysis of Fantom's price
On December 2, Fantom (FTM) surpassed the resistance level of $1.23, with buyers successfully preventing the price from dropping back below this point despite bearish pressure. This indicates strong buying interest during price dips.
The daily chart for the FTM/USDT trading pair, sourced from Cointelegraph/TradingView.
The 20-day Exponential Moving Average (EMA) is increasing at $1.09 and the Relative Strength Index (RSI) is in the overbought zone, showing that buyers are in control. The bullish investors will attempt to raise the price to $1.68, which may prove to be a strong resistance level. Nevertheless, if buyers manage to surpass $1.68, the upward momentum could continue towards $2.
It is important to keep an eye on the key support level at $1.23. If the price breaks below this level and stays there, it could indicate that the upward momentum is losing strength. In that case, the FTM/USDT pair might drop to the 20-day Exponential Moving Average.
4-hour chart for FTM/USDT. Image source is Cointelegraph/TradingView.
The pair has shown strong buying interest whenever it dipped close to the 20-EMA. 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 significantly from $1.39 and falls below the 20-day exponential moving average (EMA), it indicates that the sellers are dominating 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 in the short term to the sellers.
The information provided in this article is not intended as investment advice or recommendations. It is important to recognize that all investment and trading decisions come with inherent risks, so readers should thoroughly research and consider their options before making any decisions.