Investors are monitoring the performance of DOGE, SUI, PEPE, and FTM as Bitcoin continues to trade around the $100,000 mark. The stable price of Bitcoin is allowing traders to examine these alternative cryptocurrencies more closely.
The price of Bitcoin (BTC) is facing 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 possible period of consolidation ahead.
Despite the current uncertainty and fluctuating prices, analysts remain optimistic about the long-term future of Bitcoin. WeRate co-founder Quinten François believes that Bitcoin is in a stage of excitement, which could lead to a continued rise in value for up to a year before reaching a peak.
Daily overview of cryptocurrency market data. Data source: Coin360.
After Donald Trump won the United States presidential election, the prices of various alternative cryptocurrencies, known as altcoins, saw an increase. Felix Hartmann, who is a managing partner at Hartmann Capital, warned in a post on X that venture capitalists and teams might start selling their altcoins at a high rate to make a profit, potentially causing a significant drop in prices.
Can alternative cryptocurrencies continue to perform better than Bitcoin in the short term if Bitcoin stabilizes? Let's examine the top 5 cryptocurrencies with 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 off their holdings.
The daily chart for the BTC/USDT pair can be found on Cointelegraph's TradingView platform.
When the price of Bitcoin hovers around $100,000 without much movement, it increases the chances of a significant increase in value. If buyers are able to push the price above $104,088, this could lead to a strong upward trend, resulting in the BTC/USDT pair potentially reaching $113,331 and 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 breached, it could indicate that buyers are rushing to take profits. The price may then drop to $90,000 and potentially down to the 50-day simple moving average at $84,110.
The 4-hour chart for BTC/USDT, sourced from Cointelegraph/TradingView.
The duo has been trading higher than the averages that are constantly changing, suggesting a small advantage for the buyers. The upward movement is projected to encounter strong opposition in the range between $101,900 and $104,088. If the range is surpassed, it could propel the pair towards $113,331.
Conversely, if there is a drop below the moving averages, it may encourage short-term investors to sell and take their profits. This could cause the price to decrease 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 trading within a certain range. During this time, the price may fluctuate between $90,000 and $104,088.
Analysis of the price of Dogecoin
The price of Dogecoin (DOGE) has been increasing within a pattern of an ascending channel, suggesting that buyers are in control.
The daily chart for the DOGE/USDT pair can be found on Cointelegraph/TradingView.
Bulls attempted to increase the price above the resistance level of $0.48, but were met with resistance from the bears. If the price rises from its current level or the 20-day EMA of $0.41, the bulls will once again aim to push the DOGE/USDT pair towards the resistance line of the channel. The bears are likely to strongly defend this line as a breakthrough could send the pair soaring 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 drop down to the 50-day Simple Moving Average, which is at $0.30.
Chart depicting the price movement of DOGE compared to USDT over a period of 4 hours. The source of this chart is Cointelegraph/
The pair is receiving assistance from the 20-day Exponential Moving Average (EMA), suggesting a favorable outlook. The buyers will attempt to surpass the obstacle at $0.48 once again. If they are successful, the pair could climb towards the resistance line of the channel. However, if the price sharply declines after reaching the resistance line and falls below the 20-EMA, it indicates 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 higher, it indicates the beginning of a new upward movement towards $0.60.
Analysis of Sui's price movement indicates that it is currently encountering resistance around the $4.50 mark. However, despite this resistance, the buyers are holding their ground well against the sellers, indicating that they are expecting the upward trend to persist.
Daily chart for the SUI/USDT trading pair. Image source is Cointelegraph/TradingView.
The SUI/USDT pair may decrease to $3.94 and then to the 20-day 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.
There is a slight issue with a negative divergence forming on the RSI indicator. If the price drops below the 20-day Exponential Moving Average, it could indicate that investors who have been buying are now selling to lock in profits. This could potentially cause the pair to decrease in value and reach the 50-day Simple Moving Average at $2.93.
Chart depicting the price movement of the cryptocurrency pair SUI/USDT over a 4-hour period. Source of the chart is 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 closely, as a significant rebound from it could lead to a potential surge in price above $4.50.
On the other hand, if the price drops below $4 and stays below that level, it could indicate that sellers are gaining control of the market. In this scenario, the price may decrease further to the 50-SMA line. If this level of support is broken, the price could potentially drop to $3.
Related: This is a summary of the events that took place in the cryptocurrency world
Analysis of Pepe's price
The cryptocurrency Pepe (PEPE) has reached a point of resistance at $0.000027, where buyers and sellers may engage in a struggle for dominance.
Daily chart for the PEPE/USDT trading pair, 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 in the overbought region, suggesting an advantage for buyers. If the bulls can keep the price above $0.000027, there is a possibility for the PEPE/USDT pair to increase to $0.000035 and then potentially to $0.000044.
Going against what was previously thought, if the price decreases from $0.000027, it will indicate that the sellers are strongly protecting that price level. This could lead to a drop in the pair's value to the 20-day Exponential Moving Average (EMA). In order to gain an advantage, sellers will need to lower the price below the 20-day EMA.
Chart showing the performance of PEPE/USDT over a 4-hour period. The source of the chart is Cointelegraph/TradingView.
After the bears caused the price to drop below $0.000024, the bulls stepped in to buy at the 20-EMA level. The bulls are currently attempting to increase the price above $0.000027. If successful, the price could potentially rise to $0.000035.
The bears are running out of time to turn things around. In order to make a comeback, they will need to quickly lower the price below the moving averages. This could cause the pair to drop towards a solid support level around $0.000017.
Analysis of Fantom's price
On December 2nd, Fantom (FTM) surpassed the resistance level of $1.23, and buyers successfully prevented the price from dropping back below this level despite efforts from sellers. This indicates strong purchasing activity during price declines.
Daily chart for FTM/USDT, sourced from Cointelegraph/TradingView.
The upward trend of the 20-day Exponential Moving Average at $1.09 and the Relative Strength Index in the overbought zone suggest that buyers are in control of the market. Buyers will aim to increase the price towards $1.68, but this level may present strong resistance. If buyers are able to surpass $1.68, the upward movement could continue towards $2.
One important level to keep an eye on for potential downward movement is $1.23. If the price breaks below and closes under this level, it could indicate that the upward momentum is losing strength. In that scenario, the FTM/USDT pair might drop towards the 20-day Exponential Moving Average (EMA).
4-hour chart of the FTM/USDT pair. Image sourced from Cointelegraph/TradingView.
The duo has shown strong purchasing activity whenever the price drops slightly, bouncing back from the 20-EMA. If buyers are able to push the price above $1.39, it is likely that the pair will 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 sellers are influencing the market at higher prices. This could lead to a decrease in value of the pair to the 50-day Simple Moving Average (SMA). If the price breaks below the 50-SMA, it may shift the short-term advantage in favor of the sellers.
This article does not provide advice or recommendations for investments. Any decision to invest or trade carries risks, so readers should do their own research before making a choice.