The S&P 500 surged 5.85% last week, the best Performance since November 2022. Much of the gains were driven by expectations that the Fed would no longer raise interest rates.
In comparison, Bitcoin (BTC) had a more muted performance, rising around 2%. However, a positive sign for cryptocurrency investors is that sentiment risk may be working in favor of the cryptocurrency space.
Bitcoin’s rise has attracted investment in several battered altcoins that are recovering from their long slumber. If Bitcoin doesn’t collapse, the recovery could spread to coins that haven’t yet participated in the rally.
Even as Bitcoin moves into a range, certain altcoins are showing signs of rising higher. Let’s take a look at the charts of the top 5 cryptocurrencies that are likely to extend their rally in the coming days.
Bitcoin Price Analysis
Bitcoin continues to trade near the $35,000 resistance and the price action over the past few days has formed an ascending channel pattern. A narrow ascending channel after a sharp rebound is generally considered a negative sign.
If the price declines and breaks below the channel, it may attract some aggressive traders to take profits. This could pull the price towards the 20-day exponential moving average ($33,033). A strong rebound from this level would indicate that bulls remain in control. They will then try again to push the price above $36,000 and resume the uptrend.
Conversely, if the price declines and breaks below the 20-day EMA, the BTC/USDT pair may fall towards the strong support zone between $32,400 and $31,000. Bulls are expected to fight tooth and nail to defend this area, as a break below it will tilt the advantage in favor of the bears.
The pair is gradually rising within an ascending channel pattern, but negative divergence on the Relative Strength Index (RSI) suggests bullish momentum may be waning. If the bulls want to maintain control, they will have to push the price above the channel. If they succeed in doing this, the pair could rise to $40,000.
Meanwhile, bears may have other plans. They will try to push the price below the channel and gain the upper hand. If they succeed, the pair could drop to $32,400.
cosmic price analysis
Cosmos (ATOM) rose above the $7.60 resistance level on October 30, completing a double bottom pattern. Between November 1st and 3rd, bulls managed to hold the breakout levels.
On November 5, buyers pushed the price above $8.25, indicating that the uptrend had resumed. The pattern target for a breakout of the bullish setting is $8.91. This level may act as a barrier, but if broken, the ATOM/USDT pair could rise towards $10.
An important support level to watch on the downside is $7.60. If the bears pull the price below this level, it would indicate aggressive selling at higher levels. The pair may then drop towards the 50-day moving average ($7.07).
The 4-hour chart shows that the price rose above resistance near $8.20, which suggests buyers have a slight advantage. If the bulls sustain the price above $8.20, the pair may start the next leg higher towards $8.91.
On the contrary, if the price declines and falls below the 20 EMA, it means that the market has rejected higher levels. This could lead to bull liquidation and pull the price towards strong support at $7.60.
Uniswap Price Analysis
Uniswap (UNI) hit overhead resistance at $5 on November 2, but the bulls were unable to overcome the hurdle.
A small positive in favor of the bulls is that they are not giving ground to the bears. The moving averages have completed a bullish crossover and the RSI is in positive territory, indicating that bulls have the upper hand. If buyers push the price above $5, the UNI/USDT pair could rise to $6 and then to $6.40.
Contrary to this assumption, if the price declines from $5, it would indicate that the bears continue to defend this level vigorously. This could push the price down to the 20-day EMA ($4.36), which remains a key defensive level if bulls want to maintain the upper hand.
Buyers kept the price above the 20 EMA but were unable to overcome the $5 hurdle. This shows that the bears are not giving up and trying to get back in the game. A breakout and close below the 20 EMA would further strengthen the bears. The pair may then drop to $4.50.
On the other hand, if the price reverses strongly from the 20 EMA, it would indicate that bulls continue to buy the dip. This increases the possibility of a break above the resistance above $5. If this happens, the pair could climb towards $5.50.
related: Why is Cardano price rising today?
Near agreement price analysis
Near Agreement (NEAR) has surged higher over the past few days, showing that bulls are trying to mount a comeback.
The bears have created strong resistance at $1.63, but an encouraging sign is that the bulls are not allowing the price to fall below $1.43. This suggests buyers are in no rush to take profits as they expect the rally to continue.
If buyers sustain the price above $1.63, the NEAR/USDT pair may climb towards $2. The risk to the upside is the RSI’s overbought levels. This indicates a possible consolidation or correction in the short term. If the price falls below $1.63, the bears will once again try to push the pair below $1.43.
After consolidating in a tight range between $1.43 and $1.59 for some time, bulls established their supremacy and pushed the price higher. The pair may first reach $1.78 and then try to rebound to $2.
Rising moving averages suggest buyers have the advantage, but overbought levels on the RSI suggest a consolidation or correction is likely in the near term. A break below the 20 EMA would be the first sign that bulls are losing control. The pair may then drop towards the 50 moving average.
Axie Infinity Price Analysis
Axie Infinity (AXS) has been in a strong recovery phase over the past few days, but bears have not given up and is currently selling near $6.
The bears attempted to pull the price towards the 20-day EMA ($5.11), but the bulls bought the dip below $5.40, as evidenced by the long tail on the candlestick. Buyers attempted to resume the uptrend by pushing the price above $6. If they are successful, the AXS/USDT pair could start heading north towards $6.55 and then $7.
If bulls want to halt the uptrend, they will have to pull the price below the 20-day EMA. A further pullback to $4.65 is likely to follow.
The price broke out of a symmetrical triangle pattern on the 4-hour chart, indicating the resumption of the upward trend. The pair is likely to move towards $6 and bears may once again mount a strong defense.
If the price declines from this level, the pair may drop to the 20 EMA. A strong rebound from this support would improve prospects for a rebound above $6. The pair may then jump to $6.40. If the bears sink the price below $5.17, they will regain dominance.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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