Bitcoin’s price, which currently stands at $26,016, remained quiet over the weekend. Ki Young Ju, the CEO of CryptoQuant, recently shared on X (formerly Twitter) that Bitcoin’s velocity has dropped to its lowest point in three years. He indicated that this situation could be interpreted as either a positive sign, suggesting that whales are maintaining their positions, or a negative one, implying that the transition to new investors is stagnant.
The market’s sideways movement continues to puzzle investors in terms of predicting the next potential trend. On this note, JPMorgan analysts provided optimistic insights by suggesting that Bitcoin’s downtrend might be coming to an end. They pointed out that the decreasing open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange indicates the conclusion of long liquidation.
While Bitcoin contemplates its forthcoming trajectory, specific alternative cryptocurrencies (altcoins) are displaying indications of resilience. The fortunes of these altcoins could reverse if Bitcoin’s current trading range tilts downward. Conversely, if Bitcoin experiences an upward surge or maintains its current range, these altcoins might present a promising opportunity for short-term trading.
Now, let’s delve into the charts of the leading five cryptocurrencies anticipated to exhibit near-term upward movement. We will analyze the crucial thresholds that must be surpassed for bullish momentum to assert dominance.
Bitcoin price analysis
On August 26, Bitcoin generated an inside-day candlestick pattern, reflecting a state of uncertainty between the bullish and bearish forces regarding the upcoming price direction.
The downward-sloping 20-day exponential moving average ($27,222) and the relative strength index (RSI) residing within the oversold zone signify the prevailing influence of bears. Nonetheless, the bulls are unlikely to concede without putting up a fight. They will make determined efforts to safeguard the $24,800 level.
A more robust recovery for the BTC/USDT pair could be initiated if buyers successfully push the price beyond the 20-day EMA, possibly opening the pathway for a potential advance toward the 50-day simple moving average ($28,888).
For the bears to reinforce their stance, they would need to drive the price below the $24,800 mark. Achieving this could prompt a downtrend for the pair, potentially targeting the $20,000 level.
The 20-day EMA is displaying a tendency towards stabilization, while the RSI on the four-hour chart hovers around the midpoint. This indicates a equilibrium between the forces of supply and demand. Should the price weaken and descend beneath $25,700, it’s conceivable that the pair might decline to $25,166 initially, followed by a potential drop to $24,800.
Conversely, if the pair manages to sustain itself above the moving averages, it would signify that the bulls have successfully absorbed the selling pressure. A minor resistance level lies at $26,314, and a breach beyond this point could pave the way for the pair to ascend towards $26,610 and, subsequently, to $26,833.
Toncoin price analysis
Toncoin (TON) is currently shaping an inverse head and shoulders pattern, slated to finalize upon achieving a breakout and subsequent closure above the $1.53 threshold.
The 20-day EMA ($1.38), gently inclining, and the RSI situated within the positive territory suggest that the prevailing trajectory leans towards upward movement. Should buyers successfully propel the price beyond $1.53, there is potential for the TON/USDT pair to initiate a fresh uptrend aimed at reaching the pattern’s projected target of $1.91.
Nonetheless, the bears are likely to have alternate strategies. Their objective would involve safeguarding the $1.53 level and exerting pressure to drag the price below the moving averages. Should they succeed in this endeavor, the pair could undergo a descent to $1.25, potentially followed by a decline to $1.15.
On the four-hour chart, the $1.53 level appears to present a formidable obstacle for potential buyers to surmount. Should the price experience a downturn from this level, followed by a rebound off the 20-day EMA, it would indicate that the bulls are strategically purchasing during minor declines. This dynamic could enhance the likelihood of breaching the $1.53 barrier, potentially leading the pair to advance towards $1.70.
Conversely, if the price takes a downward turn and breaches the 20-day EMA, it would serve as a signal that traders are capitalizing on gains around the $1.53 mark. This scenario could prompt the pair to descend to the 50-day SMA and, subsequently, to $1.33.
Monero price analysis
Monero (XMR), currently priced at $145, has demonstrated a notable and vigorous resurgence, rebounding sharply off the uptrend line for the second instance in recent days. This pattern underscores the resolute efforts of the bulls in safeguarding this particular level.
The XMR/USDT pair has the potential to advance towards the 20-day EMA ($148), a significant obstacle that is anticipated. Should the bulls manage to maintain their position around this level without conceding substantial ground, the likelihood of a breakthrough above the 20-day EMA becomes more promising. Subsequently, the pair might ascend to the 50-day SMA ($157), which could attract selling interest from the bearish side.
On the other hand, a sharp downturn from the 20-day EMA would imply the sustained tendency of bears to sell during upward moves. This scenario might prompt the pair to retest the uptrend line. It’s worth noting that repeated testing of a support level often weakens its significance. If this support ultimately falters, the pair could potentially plummet to $125 and subsequently to $115.
The upward momentum led by the bulls propelled the price beyond the moving averages on the four-hour chart, potentially signaling a weakening influence from the bears. Notably, a formidable barrier resides at $150; however, should this threshold be successfully surpassed, the pair might proceed towards the $160 mark. With the ascending 20-day EMA and the RSI situated in positive territory, buyers seem to possess a slight advantage.
The initial indication of vulnerability would materialize through a breach and subsequent close below the moving averages. This action could lead to a decline in price towards the uptrend line. Should this foundational support falter, it could trigger a downward trajectory for the pair, potentially descending to $125.
Mantle price analysis
Since reaching its peak at $0.60 on July 20, Mantle (MNT) has been consistently caught in a robust downtrend. The steep decline in value led the RSI into the oversold zone, suggesting the potential for a relief rally.
The emergence of an outside-day candlestick pattern on August 25 implies the buyers’ endeavors to establish authority. For the MNT/USDT pair, an initial upward trajectory could lead it to the 20-day EMA ($0.45), a pivotal level warranting close observation. Should buyers successfully navigate past this challenge, further ascent to the 38.2% Fibonacci retracement level of $0.48 becomes plausible.
In contrast, a downturn from the 20-day EMA would indicate the continued bearish tendency to sell during minor rallies. This scenario could prompt a revisitation of the $0.41 support. If this support level is breached, the pair might experience a descent to $0.35.
On the four-hour chart, it’s apparent that the bulls have managed to elevate the price above the moving averages; however, their efforts to spark a significant upward surge remain hindered. This indicates that the bears are still in the picture and could present a formidable challenge at higher levels.
Should the price falter and descend beneath the moving averages, it would signify an advantage for the bears. This scenario would heighten the likelihood of a breach below the $0.41 mark.
On the other hand, if the price successfully maintains its position above the 20-day EMA, it would suggest that the bulls are actively buying during minor declines. In this scenario, the pair could potentially make an attempt to rally towards $0.47 and subsequently aim for $0.52.
Quant price analysis
Quant (QNT), currently priced at $103.51, experienced a rebound from the robust support level of $95 on August 17, followed by an ascent above the moving averages on August 26. This pattern highlights significant demand at elevated price levels.
The bulls are anticipated to sustain their current momentum and endeavor to propel the price towards the downtrend line. This juncture is expected to witness a fierce struggle between bullish and bearish forces. In the event that the price undergoes a downturn from this level, but subsequently rebounds off the 20-day EMA ($101), it would signify a shift in sentiment from selling during rallies to purchasing on declines.
This shift could potentially enhance the likelihood of a rally that surpasses the downtrend line. Should such a rally occur, the QNT/USDT pair might initiate an upward surge towards $120. However, this optimistic outlook could be invalidated in the near term if the price reverses course and plummets beneath the moving averages. In such a scenario, the pair could then descend to the support level at $95.
The four-hour chart displays an upward shift in the moving averages, while the RSI resides within the positive territory, signifying a resurgence of bullish activity. The pair could potentially embark on a rally towards the downtrend line, where a robust challenge from the bears might once again be encountered.
Conversely, the moving averages are anticipated to provide robust support in the downward scenario. However, if there is a breach followed by a closure beneath the 50-day SMA, this could indicate the potential conclusion of the recovery phase. In such a case, the pair could potentially decline to $98.
