As Bitcoin prices remain above $37000, alternative currencies of all sizes are showing signs of rising. Bitcoin's closing target for this week is about 6% increase, indicating the continued demand for bulls in the market
As Bitcoin prices remain above $37000, alternative currencies of all sizes are showing signs of rising. Bitcoin's closing target for this week is about 6% increase, indicating the continued demand for bulls in the market. Michael Saylor, co-founder of MicroStrategy, pointed out in his speech at the 2023 Australian Cryptocurrency Conference that monthly demand for Bitcoin may increase by 2 to 10 times by the end of 2024.
In addition, halving will result in a halving of supply. Seiler predicts that both events will lead to price adjustments.
Almost everyone agrees that the price of Bitcoin will rise in 2024, and analysts are busy predicting how high the rise in Bitcoin may reach. Philip Swift, founder of LookIntoBitcoin, used his terminal price chain indicators to indicate that Bitcoin may reach at least $110000 in the next bull market cycle.
Although Bitcoin continues to be the focus of widespread attention, the prices of some major alternative currencies have been rising. The general rise of the entire cryptocurrency market has increased people's expectations for the upcoming alternative currency season.
If bullish sentiment persists, the alternative currency market may experience a rotation, leading players may face partial profit taking, while relatively lagging currencies may start to rise. Now let's take a look at a chart of the top 5 cryptocurrencies that may have performed well in the entire market recently.
Bitcoin Price Analysis
Over the past three days, Bitcoin has remained above the upward channel mode, indicating that the bulls are defending breakthrough levels.
Bull forces will attempt to push prices above $38000 and move towards $40000. Although the upward sloping moving average shows that bulls still control the initiative, the warning of RSI overbought levels may indicate a possible correction.
If the price falls back into the channel, it may indicate that the market has rejected a higher level. This may open the door to a downward trend, leading to a channel support line close to the 20-day moving average of the index ($34784).
Short sellers need to lower prices below the channel to show signs of starting a steady adjustment. Afterwards, the BTC/USDT currency pair may fall to the support range of $32400 to $31000.
On the 4-hour chart, bulls chose to buy the 20-day moving average when they encountered a low, but failed to rebuild the upward trend. This indicates a lack of demand for higher levels in the market. Short sellers will try to take advantage of this opportunity to lower prices below the 20 moving average. If successful, the currency pair may fall to the 50 day moving average.
On the contrary, if prices rise from current levels, it indicates that bulls have successfully converted breakthrough levels into support levels. This will enhance the prospect of prices rebounding above $38000.
On chain price analysis
On November 6th, the bulls successfully pushed the price to a resistance level above $0.021, completing a double bottom pattern.
The bulls successfully defeated the bears' attempt to pull the price back below $0.021. This indicates that buyers are working hard to turn the level of $0.021 into a support level. Next, bulls will attempt to push prices above $0.023 to restore the upward trend. If successful, the VET/USDT currency pair may rebound to the target level of $0.028.
On the contrary, if the price fails to break through the resistance level of $0.023, it may fall to the 20-day moving average ($0.020). Breaking through and closing below this support level will indicate that bears have regained control. Subsequently, the currency pair may fall to the 50 day moving average of $0.018.
In the past period, the currency pair has been trading sideways above the breakout level of $0.021. On the 20th, the trend of EMA remained stable, while RSI approached the midpoint, indicating a balance between supply and demand.
If the buyer successfully pushes the price above $0.023, this balance may tilt towards a favorable direction for the buyer. This may mark the beginning of the next upward trend. On the contrary, if the price drops and exceeds $0.021, it indicates that the market has rejected a higher level. This may cause the price to drop to $0.020.
Immutable (IMX) Price Analysis
Immutable (IMX) has risen significantly in the past few days, indicating that bulls are trying to regain market share.
The recovery is expected to face strong resistance of $1.30. If prices can remain relatively stable at this level, the likelihood of breaking through the resistance level above will increase. Next, the IMX/USDT currency pair may begin to rebound to $1.59.
However, RSI's overbought level warning indicates that there may be adjustments or consolidation in the near future. If the price drops rapidly from the current level ($1.30), it may indicate that bulls are eager to exit. This may lower the price to the 20 day moving average ($0.84).
The currency pair is gradually approaching the resistance level of $1.30 above. The upward sloping moving average shows that bulls still dominate, but the negative deviation of RSI indicates that bullish bulls are slowing down.
Sellers may actively defend around $1.30, but if prices remain above the moving average during the pullback period, it will help improve the prospects of rebounding above the obstacles above. On the other hand, if the price drops sharply and exceeds the 50 day moving average, it may indicate the possibility of a pullback to $0.80.
Chart Price Analysis
Despite experiencing a correction after a significant increase, the chart shows a positive sign that bulls have successfully maintained prices above their 20-day moving average ($0.12).
The GRT/USDT currency pair has been striving to restore an upward trend, but short positions at $0.14 have posed a strong challenge. The upward sloping moving average and positive RSI indicate that the direction of least resistance is upward.
If bulls can overcome the obstacle of $0.16, the currency pair may resume an upward trend and subsequently rise to $0.21. However, the opposite situation is that if prices fall and fall below the 20-day moving average, it may indicate that the upward trend has ended.
On the 4-hour chart, the currency pair has found support from the 50 moving average, but bears are working hard to prevent its recovery around $0.14. If the buyer successfully breaks through this resistance level, the currency pair may retest the resistance level of $0.16. This level may once again witness a fierce battle between bulls and bears.
In terms of the downward trend, the 50 moving average is still a key level worth paying attention to. If this level falls short, the currency pair may fall to a strong support level of $0.12. This level may attract bullish buying.
Algorand Price Analysis
Algorand is forming a circular bottom shape and will complete after breaking through, with a closing price above the resistance level of $0.14 above.
The upward sloping moving average and RSI of overbought areas indicate that bulls currently hold an advantage. If the buyer can maintain the price above $0.14, it will mark the beginning of a new round of upward trend. According to the reversal setting, the target is at $0.20. If we successfully break through this level, the increase may reach $0.24.
On the contrary, if the price drops significantly from $0.14, it indicates that bears continue to strongly defend this level. Subsequently, the ALGO/USDT currency pair may fall to the 20-day moving average (0.12 US dollars).
Bulls are buying the moving average on dips, indicating that market sentiment is gradually becoming positive. For bulls, the real test will be around $0.14. If they can push prices up and maintain them above that level, the currency pair may accelerate its rise.
In terms of the downward trend, the moving average is still a key level worth paying attention to. Breaking through the 20 moving average may cause prices to drop to the 50 moving average. If this level ruptures, the currency pair may begin to adjust to $0.10.
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