Investors are keeping an eye on cryptocurrencies such as DOGE, SUI, PEPE, and FTM as Bitcoin remains steady near the $100,000 mark. This stability in Bitcoin's price range is allowing traders to analyze other digital assets more closely.
The price of Bitcoin (BTC) is currently facing resistance at the $100,000 level as buyers and sellers are in a fierce struggle. According to a post by CryptoQuant contributor Percival on Dec. 6, Bitcoin's momentum for the week has weakened, indicating a period of consolidation ahead.
Despite the current uncertainty and fluctuating prices, analysts remain optimistic about Bitcoin in the long term. WeRate co-founder Quinten François believes that Bitcoin is now in a stage of euphoria, which could lead to a continued rally for up to a year before reaching a peak in the market cycle.
Daily overview of cryptocurrency market data. Information taken from Coin360.
Following Donald Trump's election victory, the prices of various alternative cryptocurrencies (altcoins) have seen an increase alongside Bitcoin. However, according to Felix Hartmann, a managing partner at Hartmann Capital, there is a possibility that venture capitalists and teams may start selling off their altcoin investments to make quick profits, potentially causing a significant decrease in prices.
If Bitcoin enters a period of stability, will other alternative cryptocurrencies continue to perform well in the short term? Let's examine the top 5 cryptocurrencies that have a solid chart pattern.
Analysis of Bitcoin's Price
Bitcoin is encountering a barrier around the important level of $100,000, but buyers are not hastily selling off their holdings.
Daily chart of the BTC/USDT trading pair, sourced from Cointelegraph/TradingView.
When Bitcoin hovers around $100,000 without much movement, it increases the likelihood of a significant price increase. If buyers can push the price past $104,088, it could lead to a strong upward trend, potentially sending 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, which is currently at $95,285, as it is a key level of support in the short term. If this level is breached, it could indicate that buyers are eager to take profits. In that case, 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 BTC/USDT is shown in the image sourced from Cointelegraph/TradingView.
The duo has been trading higher than the average trend lines, giving a small advantage to those who are optimistic. However, it is predicted that the upward movement will encounter strong opposition between $101,900 and $104,088. If this resistance is surpassed, the pair could potentially reach $113,331.
Conversely, if the price falls below the moving averages, it could encourage short-term investors to sell for a profit. This could cause the price to drop to $90,000, which might attract new buyers. If the price bounces back from $90,000 and surpasses the moving averages, it could indicate a new trading range. The market may then fluctuate between $90,000 and $104,088 for a period of time.
Analysis of Dogecoin's price
The value of Dogecoin (DOGE) has been increasing within a pattern where it moves upwards in a channel, suggesting that buyers are in control.
Chart showing the daily price movements of DOGE/USDT. The source of the chart is Cointelegraph/TradingView.
Bulls attempted to increase the price past the resistance level of $0.48, but were met with resistance from the bears. If the price increases from its current level or the 20-day EMA of $0.41, bulls will once again try to push the DOGE/USDT pair towards the resistance line of the channel. Bears are likely to strongly defend this resistance line as a breach could lead to a significant increase in price to $0.60.
In order to stop prices from rising, bears will need to push the price below the support line of the channel. If this happens, the pair could drop to the 50-day simple moving average at $0.30.
Chart showing the 4-hour price movement of DOGE/USDT. Source: Cointelegraph/TradingView.
The duo is receiving assistance from the 20-day Exponential Moving Average (EMA), suggesting a favorable attitude. The buyers will make another attempt to surpass the obstacle at $0.48. If they are successful, the pair could increase to the upper boundary of the channel. However, if the price sharply declines from the upper boundary and falls below the 20-EMA, it could indicate that the pair might continue trading within the channel for a while longer.
On the other hand, if the price breaks above the resistance line and closes above it, this could indicate the beginning of the next upward movement towards the $0.60 mark.
Analysis of Sui's price
The price of 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.
The daily chart for the SUI/USDT pair is shown in the image. The source of the chart is Cointelegraph
If the SUI/USDT pair drops to $3.94 and then to the 20-day EMA at $3.66, there is a possibility of a price rebound. If the price bounces off the 20-day EMA, the buyers will attempt to surpass the resistance at $4.50. If successful, the pair may continue its upward trend towards $5.31.
One small issue to note is the negative divergence showing on the RSI. If the price drops below the 20-day EMA, it could indicate that investors are selling off their positions for profit. This action might cause the pair to drop down to the 50-day SMA level at $2.93.
Chart for the 4-hour timeframe of the SUI/USDT trading pair. Image source is Cointelegraph via TradingView.
If the bulls are unable to push the price above $4.50, it could lead to a drop back to $4. Keeping an eye on this key support level is crucial, as a significant rebound from it could raise the chances of a surge above $4.50.
On the other hand, if the price falls below $4 and stays below that level, it could indicate that sellers are gaining control of the market. In this scenario, the price may drop to the 50-day simple moving average. If this level is broken, the price could decline further to $3.
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Analysis of the price of Pepe
The price of Pepe (PEPE) has reached a level of resistance at $0.000027, where buyers and sellers are expected to compete for dominance.
Daily chart showing the PEPE/USDT trading pair. Image source is Cointelegraph/TradingView.
The 20-day Exponential Moving Average (EMA) at $0.000021 is showing an upward trend, and the Relative Strength Index (RSI) suggests that buyers have an advantage as it is in the overbought zone. If the price remains above $0.000027, the PEPE/USDT pair may see a potential increase to $0.000035 and possibly reach $0.000044.
Despite what was originally thought, a decrease in price from $0.000027 would indicate that sellers are actively trying to prevent the price from rising. This could result in the pair dropping to the 20-day EMA. In order to take control, sellers will need to push the price below the 20-day EMA.
Chart of the PEPE/USDT trading pair on a 4-hour timeframe. Image source is from Cointelegraph/TradingView.
After the bears pushed the price down to below $0.000024, the bulls stepped in and bought at the 20-EMA level. Now, the bulls are attempting to increase the price above $0.000027. If they are successful, the price could potentially rise to $0.000035.
The bears are running out of time to recover. In order to make a comeback, they must quickly bring the price below the moving averages. This could cause the pair to drop to a significant support level around $0.000017.
Analysis of Fantom's price movement
Fantom (FTM) rose above the resistance level of $1.23 on December 2nd, and buyers successfully prevented the price from falling below that level despite bearish pressure. This indicates strong buying interest during price declines.
The daily chart for FTM/USDT is being shown, sourced from 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. Buyers will likely aim to increase the price to $1.68, which may be a significant resistance level. 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 below it, 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).
This is a 4-hour chart for the FTM/USDT pair, sourced from Cointelegraph/TradingView.
The pair has shown strong buying momentum whenever it dips slightly, bouncing off the 20-day exponential moving average. 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 decreases significantly from $1.39 and falls below the 20-day Exponential Moving Average (EMA), it indicates that the sellers are influencing the market at higher price points. This could result in the pair declining to the 50-day Simple Moving Average (SMA). If the price drops below the 50-SMA, it may give the bears an advantage in the short term.
The information provided in this article is not intended as financial advice or recommendations for investments. It is important to recognize that all investment and trading activities come with a level of risk, so readers should take the time to thoroughly research and