Investors are keeping an eye on DOGE, SUI, PEPE, and FTM as Bitcoin remains stable around $100,000. This stability in Bitcoin's price range is allowing traders to focus on these specific altcoins.
The price of Bitcoin (BTC) is facing resistance at the $100,000 level as buyers and sellers struggle to gain control. According to analysis by CryptoQuant contributor Percival on December 6, Bitcoin's momentum for the week is weakening, indicating a period of consolidation ahead.
Despite the current uncertainty and fluctuating prices, analysts remain optimistic about the long-term prospects of Bitcoin. WeRate co-founder Quinten François believes that Bitcoin is reaching a euphoric stage, which could lead to a continued rally for up to a year before reaching a peak.
Daily overview of cryptocurrency market data. Obtained from Coin360.
Following Donald Trump's win in the United States presidential election, the prices of various alternative cryptocurrencies have experienced an increase, alongside Bitcoin. However, Felix Hartmann, a managing partner at Hartmann Capital, expressed concerns in a post on X that venture capitalists and teams may start selling off their altcoins aggressively to secure profits, potentially leading to a significant decrease in prices.
Can other cryptocurrencies continue to perform better than Bitcoin in the short term if Bitcoin stops growing for a while? Let's examine the top 5 cryptocurrencies that have a solid chart setup.
Analysis of Bitcoin's price
Bitcoin is encountering obstacles as it nears the significant milestone of $100,000, however, the buyers are not hastily selling off their positions.
Daily chart of the BTC/USDT pair, sourced from Cointelegraph/TradingView.
When the price of Bitcoin consolidates around $100,000, it creates a strong possibility for a price increase. If buyers are able to push the price above $104,088, it could lead to a rise in bullish momentum. This could result in the BTC/USDT pair surging to $113,331 and potentially reaching $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 investors are quickly selling to lock in profits. In this scenario, the price could drop to $90,000 and then potentially to the 50-day simple moving average at $84,110.
A chart showing the price of Bitcoin against the US Dollar over a 4-hour period. Source: Cointelegraph/TradingView.
The duo has been trading at a level higher than the average trend lines, suggesting a small advantage for buyers. The upward movement is likely to encounter strong opposition in the range of $101,900 to $104,088. If the pair manages to break through this range, it could potentially rise towards $113,331.
However, if the moving averages are broken and closed below, it may entice short-term buyers to sell their positions and take profit. This could cause the price to drop to $90,000, which could attract new buyers. If the price bounces back from $90,000 and surpasses the moving averages, it could indicate a consolidation phase. During this period, the price may fluctuate between $90,000 and $104,088.
Analysis of Dogecoin's price trend indicates that it has been increasing within a pattern known as an ascending channel, suggesting that buyers are in control of the market.
The daily chart for the DOGE/USDT pair can be found on Cointelegraph/TradingView.
Bulls attempted to increase the price past the resistance level of $0.48, but were met with opposition from the bears who stood their ground. If the price rises from its current level or the 20-day Exponential Moving Average of $0.41, the bulls will once again attempt to push the DOGE/USDT pair towards the resistance line of the channel. The bears are likely to strongly defend the resistance line as a breakthrough could lead to a significant increase in the pair's value, potentially reaching $0.60.
If bears want to stop the price from rising, they will need to push it below the support line of the channel. After that, the pair could fall to the 50-day Simple Moving Average at $0.30.
Chart showing the 4-hour performance of DOGE/USDT. Image source: Cointelegraph/TradingView.
The duo is receiving assistance from the 20-day Exponential Moving Average (EMA), suggesting a favorable outlook. The buyers will make another attempt to surpass the obstacle at $0.48. If they are successful, the duo could climb towards 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 duo may 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 level.
Analysis of Sui's price
Sui (SUI) is encountering obstacles around the $4.50 mark, but the buyers are holding their ground against the sellers. This indicates that the buyers are expecting the upward momentum to persist.
Daily chart depicting the trading pair of Swiss Franc and US Dollar. Image sourced from Cointelegraph/TradingView.
The pairing of SUI and USDT 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 continue its upward trend towards $5.31.
One small issue to watch out for is the negative divergence that is forming on the RSI indicator. If the price drops below the 20-day Exponential Moving Average (EMA), it could indicate that investors are selling off and taking their profits. This could potentially cause the pair's price to fall towards the 50-day Simple Moving Average (SMA) at $2.93.
The 4-hour chart for the SUI/USDT pair is shown in the image from Cointelegraph/TradingView.
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 level of support, 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 there, it indicates that the sellers are gaining control. This could lead to a further decrease in price to the 50-SMA level. If this level is broken, the price may drop to $3.
Connected: Here is a summary of what occurred in the cryptocurrency world today.
Analysis of Pepe's price
The cryptocurrency Pepe (PEPE) has reached a point where the price has met a resistance level of $0.000027. This means that there is expected to be a struggle between buyers (bulls) and sellers (bears) to determine
Daily chart for the PEPE/USDT trading pair, sourced from Cointelegraph/TradingView.
The 20-day Exponential Moving Average is increasing, and the Relative Strength Index is in the overbought territory, suggesting a favorable situation for buyers. If the buyers can keep the price above $0.000027, the PEPE/USDT pair may increase 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 guarding 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 take control, sellers will need to push the price below the 20-day EMA.
The chart for PEPE/USDT on a 4-hour timeframe can be seen in the image provided by Cointelegraph/TradingView.
The price of the asset dropped below $0.000024 due to selling pressure from bears, but buyers stepped in to support it near the 20-period Exponential Moving Average (EMA). Buyers are now attempting to push the price back above $0.000027. If successful, the price could potentially rise to $0.000035.
The bears are running out of time to recover. In order to bounce back, they will need to quickly decrease the price below the moving averages. This could lead to a drop to the solid support level around $0.000017.
Analysis of Fantom's price movement
Fantom's price rose above the $1.23 resistance level on December 2nd, and buyers successfully prevented the price from dropping back below that level despite bearish pressure. This indicates strong buying interest during price declines.
Daily chart for the FTM/USDT trading pair, sourced from Cointelegraph/TradingView.
The increasing 20-day EMA ($1.09) and the RSI showing overbought conditions suggest that buyers are in control. The bulls will aim to increase the price to $1.68, which may prove to be a strong resistance level. If buyers manage to surpass $1.68, the rally 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 closes lower, it could indicate a loss of bullish momentum. In that case, the FTM/USDT pair might fall towards the 20-day Exponential Moving Average.
The 4-hour chart of FTM/USDT, sourced from Cointelegraph/TradingView.
The couple has consistently rebounded from the 20-day Exponential Moving Average, showing strong purchasing interest whenever there is a slight decrease in price. If buyers are able to push the price above $1.39, the couple 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 influencing the market at higher prices. This could lead to a decrease in value to the 50-day Simple Moving Average (SMA). If the price breaks below the 50-day SMA, it may shift the temporary advantage towards the sellers.
This article does not provide specific investment advice or suggestions. All investments and trades come with a certain level of risk, so readers should thoroughly research and analyze before making any decisions.