Bitcoin (BTC) is expected to end the week up around 6%, showing continued demand from bulls. MicroStrategy co-founder Michael Saylor said in a speech at the 2023 Australian Cryptocurrency Conference on November 10 that the monthly demand for Bitcoin may surge by 2 to 10 times by the end of 2024. Additionally, the halving will reduce the supply by half. Thaler expects both events to lead to “increased” prices.
Bitcoin prices are almost universally expected to move higher in 2024, and analysts are busy predicting just how high Bitcoin’s rally can go. Philip Swift, founder of Look Into Bitcoin, said using his terminal price on-chain indicator that Bitcoin could reach at least $110,000 in the next bull cycle.
While Bitcoin continues to be in the spotlight, several major altcoins have been rising in price. The broad rally in cryptocurrencies has increased hopes that altcoin season is around the corner.
If bullish sentiment persists, altcoins may see a rotation in which leaders face some profit booking while laggards start moving higher. Let’s take a look at a chart of the top 5 cryptocurrencies that are likely to outperform in the near future.
Bitcoin Price Analysis
Bitcoin has remained above an ascending channel pattern for the past three days, indicating that bulls are defending breakout levels.
The bulls will try to push the price above $38,000 and start a march towards $40,000. While the upward sloping moving averages suggest bulls are in control, the RSI’s overbought levels warn of a possible correction.
If price slides back into the channel, it means the market has rejected higher levels. This could open the door for a drop to the channel support line, which is near the 20-day exponential moving average ($34,784).
The bears must push the price below the channel to signal the beginning of a solid correction. Subsequently, the BTC/USDT pair may fall towards the $32,400 to $31,000 support zone.
Bulls bought dips at the 20-day EMA on the 4-hour chart, but failed to resume the uptrend. This indicates a lack of higher level demand. The bears will try to take advantage of this opportunity and drag the price below the 20 EMA. If they do, the pair could drop to the 50 moving average.
On the contrary, if the price rises from current levels, it indicates that the bulls have converted the breakout level from a channel to a support level. This would enhance prospects for a rebound above $38,000.
VeChain Price Analysis
VeChain (VET) completed a double bottom pattern on November 6 after bulls pushed the price above resistance at $0.021.
The bulls managed to thwart the bears’ attempts to pull the price back below $0.021. This suggests that buyers are trying to turn the $0.021 level into support. The bulls will next try to push the price above $0.023 and resume the upward trend. If they do, the VET/USDT pair could rally towards the $0.028 pattern target.
Conversely, if the price fails to break the $0.023 resistance, the chances of a drop to the 20-day EMA ($0.020) increase. A breakout and close below this support would signal that the bears are back in the game. The pair may then drop towards the 50-day moving average ($0.018).
The pair has been consolidating above the $0.021 breakout level for some time. The 20 EMA is flattened and the RSI is near the midpoint, showing a balance between supply and demand.
If buyers increase the price above $0.023, the balance will tip in favor of buyers. This could start the next phase of the uptrend. On the contrary, if the price declines and falls below $0.021, it would mean that the market has rejected higher levels. This could start a decline towards $0.020.
constant price analysis
Immutable (IMX) has surged higher over the past few days, showing that bulls are attempting a comeback.
The recovery is expected to face strong resistance at $1.30. If the price does not retrace too much from this level, the chances of a break above the overhead resistance will increase. The IMX/USDT pair may then start to rebound towards $1.59.
The RSI’s overbought levels warn of a possible correction or consolidation in the near future. A sharp decline in price from current levels ($1.30) would indicate that bulls are rushing to exit. This could push the price down to the 20-day EMA ($0.84).
The pair is gradually moving towards the overhead resistance at $1.30. The upward sloping moving averages suggest bulls remain in control, but the negative RSI divergence suggests bullish momentum is waning.
Sellers are likely to be aggressively defensive at $1.30, but if the price remains above the moving averages during the retracement, it will improve the prospects of a rebound above the overhead barrier. Alternatively, if the price declines sharply and breaks below the 50 moving average, it would signal the beginning of a correction towards $0.80.
related: FTX files multi-billion dollar lawsuit against ByBit over asset withdrawal
Chart Price Analysis
The chart (GRT) has corrected after a sharp move higher, but a positive sign is that bulls have managed to keep the price above the 20-day EMA ($0.12).
The GRT/USDT pair has been trying to resume its upward trend, but bears posed a strong challenge at $0.14. The upward sloping moving averages and the RSI in positive territory show that the path of least resistance is to the upside.
If the bulls overcome the $0.16 hurdle, the pair may resume its uptrend. The pair is likely to rise to $0.21 thereafter. Contrary to this assumption, if the price declines and falls below the 20-day EMA, it indicates that the uptrend has ended.
The pair found support at the 50 EMA on the 4-hours chart, but bears are trying to halt its recovery near $0.14. If buyers break this resistance, the pair may retest the $0.16 resistance. This level may once again witness a tough battle between bulls and bears.
On the downside, the 50-day moving average is still a key level worthy of attention. If this level fails, the pair may fall towards the strong support at $0.12. This level may attract bulls to buy.
Algorand Price Analysis
Algorand (ALGO) is forming a round bottom pattern that will be completed upon breakout with a close above overhead resistance at $0.14.
The upward sloping moving averages and the RSI in overbought territory suggest that bulls are in the upper hand. If buyers sustain the price above $0.14, it will mark the beginning of a new leg higher. The pattern target set for the reversal is $0.20. If this level is exceeded, gains could reach $0.24.
Alternatively, if the price declines significantly from $0.14, it would indicate that the bears continue to defend this level vigorously. The ALGO/USDT pair may then drop to the 20-day EMA ($0.12).
Bulls are buying dips in the moving averages, showing that market sentiment is turning positive. The real test for the bulls will be $0.14. If they push the price higher and sustain it above this level, the pair may accelerate its upward momentum.
On the downside, the moving average is still a key level worthy of attention. A break below the 20 EMA could pull the price towards the 50 EMA. If this level breaks, the pair may start a correction towards $0.10.
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.
Svlook
