Investors 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.
Bitcoin is currently experiencing a struggle between buyers and sellers around the $100,000 mark. A contributor named Percival from CryptoQuant mentioned in a blog post on Dec. 6 that Bitcoin's strength over the week has decreased, indicating a possible period of consolidation in the future.
Despite the current uncertainty and fluctuating prices, analysts remain optimistic about the long-term potential of Bitcoin. WeRate co-founder Quinten François suggested that Bitcoin is entering a phase of excitement, which could lead to a continued rally for up to a year before reaching a peak.
Daily snapshot of cryptocurrency market data. Information obtained from Coin360.
Following Donald Trump's election as President of the United States, the value of various alternative cryptocurrencies, known as altcoins, has risen alongside Bitcoin. However, Felix Hartmann, a managing partner at Hartmann Capital, warned in a statement on X that venture capitalists and development teams may start selling off their altcoins in large quantities to make a profit, potentially causing a significant decrease in value.
Do you think that other cryptocurrencies will continue to perform better than Bitcoin in the short term if Bitcoin stabilizes? Let's analyze the top 5 cryptocurrencies that have a solid chart pattern.
Analysis of Bitcoin's Price
Bitcoin is encountering obstacles around the significant milestone of $100,000, however, the buyers are not hastily selling their positions.
Daily chart of Bitcoin against USDT. Image source from Cointelegraph/TradingView.
When the price of Bitcoin remains stable around $100,000, it increases the chances of a significant increase in value. If buyers successfully push the price above $104,088, there could be a strong upward trend, potentially leading the BTC/USDT pair to reach $113,331 and then $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 short term. If this level is breached, it could indicate that buyers are rushing to take profits. The price could then drop to $90,000 and potentially even lower to the 50-day simple moving average at $84,110.
A 4-hour chart showing the price movement of BTC/USDT. Source: Information from Cointelegraph displayed on TradingView.
The pair's trading price has been higher than the moving averages, suggesting a small advantage for buyers. It is anticipated that the upward movement will encounter strong resistance between $101,900 and $104,088. If the pair manages to surpass this range, it could potentially reach $113,331.
However, if the moving averages are broken and closed below, short-term investors may be inclined to sell and take their profits. 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 period of stability. During this time, the pair could potentially trade within the range of $90,000 to $104,088.
Analysis of Dogecoin Price
Dogecoin (DOGE) has been experiencing an increase in value within a pattern of ascending channels, suggesting that buyers are currently in control of the market.
Chart for the daily trading of DOGE against USDT. Data source is from Cointelegraph/TradingView.
The bulls attempted to increase the price above the resistance level at $0.48, but the bears stood firm. If the price rises from its current point or the 20-day EMA ($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 protect the resistance line as a breach could send the pair soaring to $0.60.
In order to stop the price from rising, bears will need to bring it down below the support line of the channel. This could cause the pair to drop to the 50-day Simple Moving Average, which is currently at $0.30.
The chart for DOGE/USDT over a 4-hour period can be seen on Cointelegraph/TradingView.
The pair is receiving assistance from the 20-day exponential moving average (EMA), which suggests that there is a positive outlook. The buyers will make another attempt to surpass the barrier at $0.48. If they are successful, the pair could see an increase towards the upper limit of the trading channel. However, if the price sharply declines after reaching the resistance line and falls below the 20-EMA, it indicates that the pair may continue to trade within the channel for a while longer.
On the other hand, if the price breaks above the resistance line and closes above it, this will indicate the beginning of the next upward movement towards $0.60.
Analysis of Sui's price
Sui (SUI) is encountering a barrier 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, sourced from Cointelegraph/TradingView.
The SUI/USDT trading pair may decrease to $3.94 and then to the 20-day Exponential Moving Average (EMA) at $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 potentially continue its upward trend towards $5.31.
One thing to keep an eye on is the emerging negative divergence seen on the RSI indicator. If the price drops below the 20-day Exponential Moving Average, it could indicate that buyers are starting to sell off their positions. This could potentially cause the pair to decline to the 50-day Simple Moving Average, which is currently at $2.93.
The 4-hour chart for the SUI/USDT pair can be found on Cointelegraph/TradingView.
If the bulls are unable to push the price above $4.50, there may be a decrease in price 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 could indicate that sellers are gaining control. This could lead to a further decline towards the 50-SMA. If the price falls below this support level, it may drop to $3.
Connected: Here is a summary of what took place in the world of cryptocurrency today
Analysis of Pepe's price
The value of Pepe (PEPE) has reached a point of resistance at $0.000027, leading to a potential struggle between buyers and sellers for control.
The daily chart for the PEPE/USDT trading pair is shown, sourced from Cointelegraph/TradingView.
The 20-day Exponential Moving Average (EMA) is showing an upward trend at $0.000021, and the Relative Strength Index (RSI) is indicating that buyers have an advantage as it is in the overbought zone. If the bulls can keep the price above $0.000027, the PEPE/USDT pair may see a potential increase to $0.000035 and possibly up to $0.000044.
Despite what people may think, if the price decreases from $0.000027, it indicates that sellers are strongly protecting that price level. This could lead to a drop in price to the 20-day Exponential Moving Average (EMA). In order for sellers to take control, they will need to push the price below the 20-day EMA.
The 4-hour chart for the cryptocurrency pair PEPE/USDT. Image source is 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 once again attempting to push the price above $0.000027. If successful, the pair could potentially rise to $0.000035.
The bears are running out of time to stage a comeback. To do so, they need to quickly bring the price below the moving averages. This could result in the pair dropping to a significant support level around $0.000017.
Analysis of Fantom's price movement shows that on December 2, it successfully surpassed the resistance level of $1.23. Despite attempts by sellers to push the price back down, buyers were able to keep it above the breakout level, indicating strong buying interest during price declines.
The daily chart for the FTM/USDT trading pair, sourced from Cointelegraph/TradingView.
The current upward trend in the 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 buyers will likely aim to increase the price to $1.68, but this level may present strong resistance. If buyers manage to surpass $1.68, the price could continue to rise towards $2.
One key level to keep an eye on for potential downside movement is $1.23. If the price breaks below this level and stays below it, it could indicate a weakening in the bullish trend. In that scenario, the FTM/USDT pair might drop towards the 20-day Exponential Moving Average (EMA).
Chart showing the FTM/USDT pair over a 4-hour period. Data sourced from Cointelegraph and TradingView.
The duo has rebounded from the 20-day Exponential Moving Average (EMA), showing strong purchasing activity during small declines. If buyers push the price above $1.39, the pair may continue its upward trend towards the next target of $1.68.
If the price falls quickly from $1.39 and drops below the 20-day exponential moving average, it indicates that sellers are dominating at higher price levels. This could lead to a decline in the pair's value to the 50-day simple moving average. If the price breaks below the 50-day simple moving average, it may give an advantage to the sellers in the short term.
This article does not provide advice or recommendations on investing. Every decision to invest or trade comes with its own risks, so readers should do their own research before making any decisions.