As Bitcoin stays within the $100,000 range, traders are keeping an eye on DOGE, SUI, PEPE, and FTM for potential trading opportunities.
The price of Bitcoin (BTC) is currently facing strong resistance at the $100,000 level as buyers and sellers struggle for control. According to analysis from CryptoQuant contributor Percival on December 6, Bitcoin's weekly momentum is decreasing, indicating a period of stabilization ahead.
Despite the short-term uncertainty and fluctuating prices, analysts remain optimistic about the long-term potential of Bitcoin. WeRate co-founder Quinten François believes that Bitcoin is currently experiencing a stage of excitement, 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. Data source: Coin360.
The price of many alternative cryptocurrencies has increased due to Donald Trump winning the United States presidential election, in addition to Bitcoin. However, Felix Hartmann, a managing partner at Hartmann Capital, warned in a post on X that venture capitalists and teams may sell off altcoins quickly to make a profit, leading to a potential decrease in prices.
Do you think that other cryptocurrencies besides Bitcoin will continue to do well in the near future 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 important threshold of $100,000, but the buyers are not quickly selling off their holdings.
Daily chart of the Bitcoin to US Dollar trading pair. Image source is Cointelegraph/TradingView.
A period of stability around the $100,000 mark increases the chances of a price increase. If buyers are able to push the price above $104,088, there could be a significant increase in positive momentum, leading the BTC/USDT pair to potentially reach $113,331 and then $125,000.
It is important to keep an eye on the 20-day exponential moving average, which stands 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 quickly selling off their positions to lock in profits. This could lead to a drop in price to $90,000 and potentially down to the 50-day simple moving average at $84,110.
The 4-hour chart for the BTC/USDT pair can be found on Cointelegraph/TradingView.
The duo has been trading at levels higher than the moving averages, suggesting a small advantage for the buyers. It is anticipated that the upward movement will encounter strong resistance between $101,900 and $104,088. If the pair manages to break through this zone, it could potentially rise towards $113,331.
However, if the moving averages are broken and closed below, it could lead short-term bulls to take their profits. This could cause the price to drop to $90,000, which may intrigue buyers. If the price bounces back from $90,000 and surpasses the moving averages, it could indicate a trading range has formed. It's possible that the pair will fluctuate between $90,000 and $104,088 for a period of time.
Analysis of Dogecoin's price movement
Dogecoin (DOGE) has been increasing while following a pattern of an ascending channel, suggesting that buyers are in control of the market.
The daily chart for DOGE/USDT, sourced from Cointelegraph/TradingView.
The buyers attempted to increase the price above the barrier at $0.48, but the sellers managed to maintain their position. If the price rises from its current level or the 20-day Exponential Moving Average ($0.41), the buyers will once more attempt to push the DOGE/USDT pair towards the upper boundary of the trading channel. The sellers are likely to strongly resist any breach of this boundary, as it could lead to a significant increase in the pair's value to $0.60.
In order to stop prices from rising, bears will need to push the price 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.
Chart showing the DOGE/USDT trading pair over a 4-hour period. Source is from Cointelegraph/TradingView.
The duo is getting help from the 20-day Exponential Moving Average (EMA), showing a positive outlook. The buyers will make another attempt to surpass the barrier at $0.48. If they manage to do so, the pair could climb towards the upper boundary of the channel. However, if the price quickly drops from the upper boundary and falls below the 20-EMA, it suggests that the pair might stay within the channel for a while longer.
On the other hand, if there is a break and the price closes above the resistance line, it will indicate the beginning of the next upward movement towards $0.60.
Analysis of Sui's price
The price of Sui (SUI) is currently encountering a barrier around $4.50, but there hasn't been significant loss in momentum by the buyers against the sellers. This indicates that the buyers are expecting the upward trend to persist.
Daily chart for the SUI/USDT trading pair sourced from Cointelegraph and displayed on TradingView.
The SUI/USDT pair is currently facing potential downward movement towards $3.94 and then the 20-day EMA at $3.66. In case the price bounces back from the 20-day EMA, the buyers will attempt to surpass the resistance at $4.50. If successful, the pair could continue its upward trend towards $5.31.
There is a small issue with the RSI showing a negative divergence. If the price drops below the 20-day EMA, it could indicate that investors are selling to lock in their gains, potentially causing the pair to drop to the 50-day SMA at $2.93.
The chart for the cryptocurrency pair SUI/USDT over a 4-hour period can be seen in the image provided by Cointelegraph/
If the bulls are unable to push the price above $4.50, there may be a decrease in price back to $4. It is crucial to monitor 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 falls below $4 and stays there, it could indicate that sellers are gaining control. In this scenario, the pair of assets might drop to the 50-day simple moving average. If this level of support is broken, the pair could further decline to $3.
Connected: Here is a summary of what occurred in the cryptocurrency world today.
Analysis of Pepe's price
Pepe (PEPE) has reached a point of resistance at $0.000027, where buyers and sellers are expected to compete to determine control of the market.
The daily chart for the PEPE/USDT pair. Image source is Cointelegraph/TradingView.
The 20-day Exponential Moving Average (EMA) at $0.000021 is increasing, and the Relative Strength Index (RSI) shows that buyers have an advantage as it is in the overbought zone. If the price stays above $0.000027 due to bullish momentum, the PEPE/USDT pair may rise to $0.000035 and potentially reach $0.000044.
Despite what was expected, if the price decreases from $0.000027, it indicates that the sellers are strongly protecting that price level. This could lead to a drop in the pair's price to the 20-day Exponential Moving Average (EMA). In order to take control, sellers will need to push the price below the 20-day EMA.
Chart showing the 4-hour performance of the cryptocurrency PEPE against the US Dollar, sourced from Cointelegraph/TradingView.
After the bears pushed the price down to $0.000024, the bulls stepped in to buy at the 20-EMA level. The bulls are now attempting to increase the price back up to $0.000027. If successful, the price could potentially rise to $0.000035.
The bears are running out of time to recover. To make a comeback, they need to quickly bring the price below the moving averages. This could cause the pair to drop to a strong support level around $0.000017.
Analysis of Fantom's price movement
On December 2nd, Fantom (FTM) successfully surpassed the resistance level of $1.23. Despite efforts from sellers to bring the price back down, buyers showed strong support for the cryptocurrency whenever it dipped. This indicates a strong willingness to buy during price declines.
Daily chart for the FTM/USDT trading pair, sourced from Cointelegraph/TradingView.
The 20-day EMA ($1.09) and the RSI in the overbought zone suggest that buyers are in control. They will likely aim to increase the price to $1.68, which may be a strong resistance level. If buyers manage to surpass $1.68, the price could potentially rise to $2.
It is important to keep an eye on the key support level at $1.23. If the price breaks and closes below this support, it indicates a decrease in bullish momentum. In that case, the FTM/USDT pair could potentially drop to the 20-day Exponential Moving Average (EMA).
4-hour chart of the FTM/USDT trading pair, sourced from Cointelegraph/TradingView.
The duo has consistently rebounded from the 20-EMA, showing strong purchasing activity during any slight decrease in price. If buyers push the price past $1.39, the pair may continue its upward trend towards the next goal 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 taking control at higher prices. This could lead to a decline in the pair's value towards the 50-day simple moving average (SMA). If the price also breaks below the 50-SMA, it may shift the momentum in favor of the sellers in the short term.
The information presented in this article is not intended as financial advice or suggestions for investing. All investment decisions come with a level of risk, and it is recommended that readers thoroughly research and consider their options before making any decisions.