Investors are keeping an eye on DOGE, SUI, PEPE, and FTM as Bitcoin remains steady around the $100,000 mark. This stability in Bitcoin's price range is allowing traders to focus on these alternative cryptocurrencies.
The price of Bitcoin (BTC) is facing resistance at the $100,000 level as buyers and sellers struggle for control. According to analysis by CryptoQuant contributor Percival on Dec. 6, Bitcoin's momentum has weakened, leading to a potential period of consolidation in the market.
Despite the current uncertainty and fluctuating prices, analysts remain optimistic about the long-term outlook for Bitcoin. Quinten François, co-founder of WeRate, mentioned in a post on X that Bitcoin is in a phase of excitement that could lead to a continued rally for up to 12 months before reaching a peak.
Daily overview of cryptocurrency market data. Data sourced from Coin360.
After Donald Trump won the United States presidential election, the prices of various alternative cryptocurrencies, known as altcoins, increased. However, Felix Hartmann, a managing partner at Hartmann Capital, warned that venture capitalists and teams may start selling off their altcoins to make a significant profit, potentially causing a sharp decline in prices.
Can alternative cryptocurrencies continue to perform better than Bitcoin in the short term if Bitcoin goes through a period of stabilization? Let's examine the top 5 cryptocurrencies that have a solid chart pattern.
Analysis of Bitcoin's price
Bitcoin is encountering obstacles at the significant psychological threshold 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/TradingView.
When the price of Bitcoin consolidates near $100,000, it suggests a potential increase in value. If buyers are able to push the price above $104,088, it could lead to a strong upward movement in price. This may result in the BTC/USDT pair rising to $113,331 and potentially reaching $125,000.
It is important to keep an eye on the 20-day exponential moving average ($95,285) as a key support level in the near future. If this level is breached, it could indicate that buyers are quickly selling to secure profits. This could lead to a drop in price to $90,000 and then potentially to the 50-day simple moving average ($84,110).
A chart showing the price movement of Bitcoin against the US Dollar over a 4-hour period. The source of the chart is Cointele
The couple has been trading higher than the moving averages, showing a small advantage to the buyers. It is anticipated that the upward movement will encounter strong resistance in the range of $101,900 to $104,088. If the zone is surpassed, it could propel the couple towards $113,331.
Alternatively, if the moving averages are broken and closed below, short-term investors may be inclined to sell to secure their gains. This could cause the price to drop to $90,000, enticing new buyers to enter the market. If the price bounces back from $90,000 and surpasses the moving averages, it could indicate a period of consolidation. During this time, the price may fluctuate between $90,000 and $104,088.
Analysis of Dogecoin's Price Movement
The price of Dogecoin has been steadily increasing in a pattern that resembles an ascending channel, suggesting that buyers are in control of the market.
Daily chart showing the DOGE/USDT trading pair. Image source is Cointelegraph/TradingView.
The bulls attempted to increase the price above the barrier at $0.48, but the bears were able to maintain their position. If the price rises from its current level or from the 20-day EMA ($0.41), the bulls will once again try to push the DOGE/USDT pair towards the upper boundary of the channel. The bears are likely to strongly protect this boundary, as a breach could lead to the pair reaching $0.60.
In order for bears to stop the price from increasing, they will need to push it down below the support line of the channel. If this happens, the pair could drop to the 50-day SMA, which is at $0.30.
Chart of DOGE/USDT on a 4-hour timeframe. Image source: Cointelegraph/TradingView.
The duo is receiving assistance at the 20-day Exponential Moving Average, suggesting a favorable outlook. The buyers will attempt to surpass the barrier at $0.48 once more. If they are successful, the pair could climb towards the resistance line of the channel. However, if the price sharply declines from the resistance line and falls below the 20-EMA, it indicates that the pair might stay 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 the next upward movement towards $0.60.
Analysis of Sui's price
Sui (SUI) is currently encountering resistance around the $4.50 mark, however, the buyers are holding their ground against the sellers. This indicates that 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 might decrease to $3.94 and then to the 20-day EMA, which is at $3.66. If 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 movement towards $5.31.
One issue to consider is the negative divergence seen on the RSI indicator. If the price drops below the 20-day Exponential Moving Average (EMA), it could indicate that investors who have been buying are now selling to take their profits. This could cause the pair to fall towards the 50-day Simple Moving Average (SMA) at $2.93.
This image shows the 4-hour chart for the trading pair SUI/USDT. The source of this chart is Cointelegraph via Trading
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 pay attention to 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 below that level, it indicates that sellers are gaining control. In that case, the currency pair might fall to the 50-day simple moving average. If this level is broken, the pair could drop even further to $3.
Similar: Here is a summary of the events that took place in the cryptocurrency world
Analysis of Pepe's price
The price of Pepe (PEPE) has reached a level of resistance at $0.000027, causing a potential conflict between buyers and sellers to determine control.
The daily chart for the PEPE/USDT trading pair can be found on Cointelegraph/TradingView.
The exponential moving average over 20 days is increasing at a rate of $0.000021, and the relative strength index shows that the market is overbought, giving an advantage to buyers. If the buyers are able to keep the price above $0.000027, the PEPE/USDT trading pair could potentially rise to $0.000035 and then to $0.000044.
Despite what was expected, if the price decreases from $0.000027, it will indicate that sellers are strongly protecting that level. This could lead to a drop in the pair's value to the 20-day Exponential Moving Average (EMA). In order to take control of the market, sellers will need to push the price below the 20-day EMA.
Chart for the PEPE/USDT pair on a 4-hour timeframe. The source of the chart is Cointelegraph/TradingView.
The bears caused the price to drop below $0.000024, but the bulls stepped in to buy at the 20-EMA level. The bulls are now attempting to increase the price above $0.000027. If successful, 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 must quickly push 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
Fantom (FTM) successfully surpassed the resistance level of $1.23 on December 2nd, and buyers were able to prevent the price from dropping back below that level despite efforts from sellers. This indicates strong buying interest during price declines.
Daily chart for the FTM/USDT trading pair, sourced from Cointelegraph and TradingView.
The increasing 20-day Exponential Moving Average (EMA) at $1.09 and the Relative Strength Index (RSI) in the overbought region suggest that buyers are in control. The bullish investors will aim to increase the price to $1.68, which may present a strong resistance. Yet, 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 support and stays below it, it indicates that the upward momentum is losing strength. In that case, the FTM/USDT pair could potentially drop to the 20-day Exponential Moving Average.
A 4-hour chart showing the FTM/USDT trading pair. The source of this chart is Cointelegraph/TradingView.
The pair has consistently rebounded from the 20-day Exponential Moving Average (EMA), showing strong buying activity whenever there is a small decrease in price. If buyers push the price above $1.39, the pair may continue its upward trend towards the next target price 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 suggests that sellers are dominating at higher price points. This could lead to a potential decline in the pair's value to the 50-day Simple Moving Average (SMA). If the price breaks below the 50-SMA, it may indicate a shift in momentum towards the sellers in the short term.
This article does not provide any investment advice or recommendations. All investment and trading decisions come with risks, so readers should do their own research before making any choices.