Bitcoin price range trades as SOL, LINK, NEAR and THETA play catch up.
Bitcoin (BTC) has been consolidating above $35,000 for several days, but the bulls have failed to resume the uptrend above $38,000. This suggests hesitation to buy at higher levels. BitGo CEO Mike Belshe said in a recent interview with Bloomberg that there is likely to be another round of rejections of the spot Bitcoin exchange-traded fund (ETF) applications before they are finally approved.
Multiple analysts believe Bitcoin will enter a correction in the near term, with the worst outcome projecting a drop to $30,000. However, the fall is unlikely to start a bear phase. Look Into Bitcoin creator Philip Swift said that on-chain data suggests that the Bitcoin bull market is still in its early stages as there is “no FOMO yet.”
As Bitcoin takes a breather, several altcoins have witnessed a pullback, but some show signs of resuming their uptrends. Fidelity and BlackRock’s applications for a spot Ether ETF show strong demand for investment in select altcoins.
Could Bitcoin stay above $35,000 over the next few days? Is it time for altcoins to start the next leg of their up-move? Let’s look at the charts of the top five cryptocurrencies that may rise in the short term.
Bitcoin price analysis
Bitcoin faces stiff resistance near $38,000, but a positive sign is that the bulls have not allowed the price to dip below the 20-day exponential moving average (EMA) at $35,666.
The upsloping moving averages and the relative strength index (RSI) in the positive zone indicate that bulls have the upper hand. If the price rebounds off the 20-day EMA, the bulls will make one more attempt to overcome the roadblock at $38,000.
If they succeed, the BTC/USDT pair may reach $40,000. This level may witness aggressive selling by the bears, but if buyers bulldoze their way through, the rally could eventually touch $48,000.
The first sign of weakness will be a close below the 20-day EMA. That will indicate the possibility of a range-bound action in the near term. The pair may remain stuck between $34,800 and $38,000 for a while. A break below $34,800 could clear the path for a decline to $32,400.
The 4-hour chart shows that the price is swinging between $38,000 and $34,800. Both moving averages have flattened out, and the RSI is near the midpoint, indicating that the range-bound action may continue for some more time.
A tight consolidation near the 52-week high is a positive sign as it shows that the bulls are not closing their positions in a hurry. That increases the likelihood of an upside breakout. If that happens, the pair may resume the uptrend. The short-term trend will favor the bears on a break below $34,800.
Solana price analysis
Solana (SOL) fell below the breakout level of $59 on Nov. 16, but the bears could not capitalize on this advantage. This indicates that selling dries up at lower levels.
The bulls are again trying to propel the price back above $59. If they do that, it will indicate that the markets have rejected the lower levels. The SOL/USDT pair may then climb to $68.20. If this level is scaled, the pair may resume the uptrend. The next target on the upside is $77 and subsequently $95.
This bullish move will be invalidated if the price turns down and plummets below $48. That could start a steeper correction to the 50-day simple moving average (SMA) at $35.47. The deeper the fall, the longer the time it will take for the next leg of the uptrend to begin.
The 20-EMA is flattening out, and the RSI is just above the midpoint, indicating a balance between supply and demand. If buyers shove the price above $64, the pair may challenge the local high at $68.20.
On the other hand, if the price turns down and breaks below $54, it will suggest that the bears are back in the game. The pair may then plunge to $51 and eventually to the strong support at $48. A break below this level will tilt the advantage in favor of the bears.
Chainlink price analysis
Chainlink’s (LINK) pullback is finding support at the 20-day EMA ($13.42), indicating that lower levels continue to attract buyers.
The bulls will next try to push the price to the local high of $16.60. This level may witness a tough battle between the bulls and the bears, but if this barrier is overcome, the LINK/USDT pair could start the next leg of the uptrend to $20.
Instead, if the price turns down from $15.38, it will indicate that bears are selling on rallies. They will then try to sink the price below the 61.8% Fibonacci retracement level of $13.55. If they manage to do that, the pair may tumble to the 50-day SMA ($10.54).
The pair has declined in a descending channel pattern for the past few days. Generally, traders sell near the channel’s resistance line, and that is what they are doing. If the price skids below $13.36, it will open the doors for a fall to the support line.
Contrarily, if buyers kick the price above the channel, it will suggest that the correction may be over. The pair may first rise to $15.38 and subsequently to $16.60. The flattish 20-EMA and the RSI near the midpoint do not give a clear advantage to the bulls or the bears.
Related: One year on: Top 3 gainers after the ‘FTX crash bottom’
Near Protocol price analysis
Near Protocol (NEAR) rose and closed above the formidable resistance of $1.72 on Nov. 17. This move indicates a potential trend change in the short term.
The rising 20-day EMA ($1.58) and the RSI in the positive zone indicate that the bulls are in charge. There is a minor resistance at $2. The NEAR/USDT pair may rise to $2.40 if this obstacle is cleared.
Meanwhile, the bears are likely to have other plans. They will try to pull the price back below the breakout level of $1.72 and trap the aggressive bulls. The pair may then fall to the 20-day EMA. This remains the critical level to watch out for because a drop below it will indicate that the sellers are back in the game.
The pair has been sustaining above the breakout level of $1.72, but the bulls have failed to start a strong up-move. This suggests that the bears have not given up and are trying to pull the price back below $1.72.
If they can pull it off, the price may drop to $1.60. If this level gives way, several stops may get triggered. The pair may then tumble to $1.45 and thereafter to $1.28. Contrarily, if buyers shove the price above $1.95, the pair may start its march toward $2.10.
Theta Network price analysis
Theta Network (THETA) is finding support at the 20-day EMA ($0.88) after going through a correction in the past few days. This indicates that the sentiment remains positive, and traders are viewing the dips as a buying opportunity.
The rebound off the 20-day EMA is likely to face resistance at the psychological level of $1. If this level is conquered, the THETA/USDT pair could pick up momentum and rise to $1.05 and later to $1.20. This level may again act as a strong hurdle, but if cleared, the pair may soar to $1.33.
If bears want to prevent the rally, they will have to quickly pull the price back below the 20-day EMA. That will indicate that the bulls may be rushing to the exit. The pair may then start a deeper correction to the 50-day SMA ($0.72).
The pair has been correcting inside a falling wedge, which usually acts as a bullish setup. Buyers will need to break and sustain the price above the wedge to signal strength. The pair may first rise to $1.05 and thereafter retest the resistance at $1.20.
On the contrary, if the price turns down from the resistance line, it will suggest that the pair may remain stuck inside the wedge for some more time. The sentiment is likely to turn bearish on a slide below the wedge.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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