![Bitcoin’s sideways price action leads traders to focus on SHIB, UNI, MKR and XDC Bitcoin’s sideways price action leads traders to focus on SHIB, UNI, MKR and XDC](https://i0.wp.com/images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDgvODU3ZDIzMmEtZDdhOC00NmQwLThkMTEtZmJhZWVjMGI5NWU2LmpwZw==.jpg?fit=%2C&ssl=1)
Bitcoin (BTC) is on track to form two consecutive doji candlestick patterns on the weekly chart, but a positive sign is the price sustaining above the 20-week exponential moving average ($28,072). This shows that the bulls have not yet lost control.
Popular trader TechDev used a three-week time frame to show that Bitcoin’s compression above the 20-period moving average is approaching a value that has only been seen four times since Bitcoin’s creation. Interestingly, in all three previous expansions, the expansion has been upward, suggesting that history has favored the bulls.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/740dea66-5075-41a5-842e-c6fa51a946d4.png?w=640&ssl=1)
In the short term, however, a lack of volatility has pulled bitcoin futures volumes to their lowest levels since December 2022. Cointelegraph contributor Marcel Pechman believes this is a sign that traders may have turned to other markets, or may be avoiding action at current levels.
While some altcoins are looking to Bitcoin for direction, some of them have outperformed in the short-term. Let’s examine the charts of the top 5 cryptocurrencies with positive performance in the coming days.
Bitcoin Price Analysis
Bitcoin has been trading near the 20-day EMA ($29,447) for the past two days, indicating indecision between bulls and bears.
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The flat moving averages and relative strength index (RSI) near the midpoint do not give the bulls or bears a clear advantage. This could keep the BTC/USDT pair in the $28,585-$30,150 range for now.
The next trend move may start after the price breaks out of this range. If the price breaks below $28,585, the selling could pick up momentum and the pair could drop to $26,000.
On the upside, a break and close above $30,150 could attract buyers. The pair could then surge towards the $31,804 to $32,400 resistance zone.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/42a91cc1-7a36-4599-9545-bb14017bf46a.png?w=640&ssl=1)
The 4-hour chart shows that the price is stuck between the moving averages, indicating uncertainty about the next trend move. If the price closes below the 50 simple moving average, the short-term advantage will tilt in favor of the bears. This could pull the price towards $29,000 and then to $28,585.
If the price rises and breaks above the 20 SMA, it will indicate that the bulls are attempting to take control. The pair may first rise to $29,738, and if this hurdle is cleared, the rally could touch overhead resistance at $30,350.
Shiba Inu price analysis
Shiba Inu (SHIB) is in the midst of a strong recovery, but buyers are facing resistance near the overhead resistance at $0.000012.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/e3227a62-377d-4829-9a22-45809f1f9f79.png?w=640&ssl=1)
The rising 20-day EMA ($0.000009) and the RSI near the overbought zone suggest that the bulls are in command. If buyers do not give up too much ground at the overhead resistance, it will enhance the prospects for a rally above $0.000012. If this happens, the SHIB/USDT pair could surge to $0.000014 and then to $0.000016.
Conversely, if the price breaks below $0.000010, the pair could correct back towards the 20-day EMA. That remains a key level to watch, as a break below it could signal that the recovery may be over.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/2bf6f974-549c-44a3-a236-56f35ea2f9a2.png?w=640&ssl=1)
The 4-hour chart shows that the price has corrected to the 20-day moving average. The bulls are expected to defend this level aggressively. If they do, the pair could make another attempt to break and sustain above the overhead resistance at $0.000011.
If the price slides down and sustains below the 20 SMA, it will indicate that the bulls are losing control. The pair could then drop to the next major support at the 50 SMA. This level is likely to witness aggressive buying by the bulls.
Uniswap Price Analysis
Uniswap (UNI) bounced off its 50-day SMA ($5.79) on Aug. 7 and rose above its 20-dma ($6.09) on Aug. 8. This suggests that buyers are active at lower levels.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/f89bf3c7-6883-4bf1-968e-beb334d00307.png?w=640&ssl=1)
The UNI/USDT pair is fighting an uphill battle near the 20-day EMA, which suggests that the bears have not given up yet. If the price sustains below the 20-day SMA, selling could intensify and the pair could drop to the 50-day SMA.
Conversely, if the price bounces off the 20-day EMA, it will indicate that the bulls are attempting to turn this level into support. If they succeed in doing so, the pair could break the immediate resistance at $6.35 and reach $6.70.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/3149870a-7daa-46da-8ee6-1fcd4ce1ca52.png?w=640&ssl=1)
Both moving averages on the 4-hour chart have flattened out. This indicates a balance between supply and demand. If the price breaks below the 50 SMA, the advantage will tilt in favor of the bears. The pair could then plunge to $5.80.
Alternatively, if the price bounces off the 50 SMA and rises above the 20 SMA, it is advisable to buy on dips. The pair could then rise to $6.35. Buyers must overcome this resistance in order to come out on top. The pair could then surge to $6.70.
related: Voyager’s token transfer to Coinbase sparks sell-off skepticism
Manufacturer price analysis
Maker (MKR) has been trading above the $1,200 breakout level for the past few days, suggesting that the bulls are attempting to turn the level into support.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/4f41ecd8-ca31-4660-991b-3eeca2aab207.png?w=640&ssl=1)
The 20-day EMA ($1,204) is gradually sloping up and the RSI is in positive territory, suggesting that bulls have the upper hand. Buyers will attempt to push the price above the immediate resistance at $1,284 and challenge the local high at $1,370. A breakout and close above this level could signal the start of a new uptrend.
If the bears want to arrest the uptrend, they will have to quickly pull the price back below the $1,200 breakout level. This could open the door for a drop to the 50-day moving average ($1,041).
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/aa730767-9222-433c-bc2b-25e40b175e1c.png?w=640&ssl=1)
The 20 EMA on the 4-hour chart has flattened out and the RSI is just above the midpoint. Price action has formed a symmetrical triangle pattern, indicating indecision between bulls and bears.
If the buyers push the price above the triangle, the MKR/USDT pair could start rising towards the $1,463 target of the pattern. On the other hand, a break below the triangle could indicate that the bears are back in the game. The downside pattern targets $986.
XDC network price analysis
XDC Network (XDC) has pulled back to the 20-day EMA ($0.062), which is an important support level to watch.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/b332bff8-12b4-4a8d-8464-1061077c3cbd.png?w=640&ssl=1)
The 20-day EMA is flattening and the RSI is just above the midpoint, suggesting that bullish momentum may be fading. If the buyers want to gain control, they will have to push the price above the overhead resistance at $0.073. This could start a move up to $0.082.
Conversely, a break and close below the 20-day EMA could lead the pair down to the 61.8% Fibonacci retracement level at $0.056. Such a move could delay the start of the next phase of the uptrend.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/71409c86-1cd7-4e6c-9e76-d990012f39e8.png?w=640&ssl=1)
The 4-hour chart shows a descending triangle pattern that will complete on a breakout and close below $0.061. If this happens, the pair could start a decline to $0.054 and then to the pattern target of $0.040.
Contrary to this assumption, if the price continues higher from current levels and breaks the downtrend line, the bearish setup will be invalidated. The failure of a negative setup is a positive sign. This could open the doors for the price to rise towards $0.082.
This article does not contain investment advice or advice. Every investment and transaction involves risk, and readers should do their own research when making a decision.
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