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Bitcoin (
$76,055.00 ) (BTC) rose above $38,000 on Nov. 24, but the bulls could not build upon this strength. This suggests hesitation to buy at higher levels. Bitcoin ( $76,055.00 ) is on track to form a Doji candlestick pattern on the weekly chart for the second consecutive week. This signals indecision among the bulls and the bears about the next directional move.
With Bitcoin ( $76,055.00 ) maintaining near its 18-month high, BitMEX co-founder Arthur Hayes retained his bullish stance. In a X (formerly Twitter) post, Hayes said that the United States dollar liquidity was increasing, which is likely to push Bitcoin ( $76,055.00 ) higher.
Crypto market data daily view. Source: Coin360
Another bullish projection came from PlanB, creator of the stock-to-flow family of BTC price models, who said in a post on X that Bitcoin ( $76,055.00 ) may not stay at the current levels for long. PlanB expects Bitcoin ( $76,055.00 ) to maintain an average price of at least $100,000 between 2024 and 2028.
Analysts have turned increasingly bullish in the past few days, but traders should exercise caution because every uptrend is bound to have corrections.
Could Bitcoin ( $76,055.00 ) soar above $38,000 or start a corrective phase? Let’s look at the charts of the top 5 cryptocurrencies that may outperform in the near term.
Bitcoin ( $76,055.00 ) price analysis
Bitcoin ( $76,055.00 ) ’s march higher has hit a wall near $37,980 but the bulls are not hurrying to close their positions. This shows that traders expect the uptrend to progress further.
BTC/USDT daily chart. Source: TradingView
The immediate support on the downside is the 20-day exponential moving average ($36,546). If the price snaps back from this support, it will signal that every minor dip is being purchased. That will increase the possibility of a break above $37,980.
If that happens, the BTC/USDT pair could rally to $40,000. This level may pose a strong hurdle to the bulls, but if buyers flip the $38,000 level into support on the downside, the rally could stretch to $48,000.
Conversely, if the price plummets below the 20-day EMA, it will indicate that traders are booking profits. The pair may then dump to $34,800.
BTC/USDT 4-hour chart. Source: TradingView
The bulls are trying to maintain the price above the moving averages but are finding it difficult to overcome the obstacle at $37,980. The relative strength index (RSI) is just above the midpoint, indicating that the bullish momentum is weakening.
If the price slips below the 50-simple moving average, the pair may plunge to the uptrend line. The bulls are expected to defend this level with vigor. On the upside, a break and close above $38,500 will indicate that bulls are in the driver’s seat.
Uniswap (
$0.00 ) price analysis
Uniswap ( $0.00 ) (UNI) fell below the 20-day EMA ($5.44) on Nov. 21, but the lower levels attracted aggressive buying by the bulls. That started a sharp rally on Nov. 22, which pushed the price to $6.60 on Nov. 24.
UNI/USDT daily chart. Source: TradingView
The up-move is facing selling near the overhead resistance of $6.70. The UNI/USDT pair has pulled back to the 38.2% Fibonacci retracement level of $5.92, and the next stop could be the 50% retracement level of $5.71.
A strong bounce off this zone will suggest that traders view the dips as a buying opportunity. That may enhance the prospects of a breakout above $6.70. Such a move will complete a double bottom pattern, which has a target objective of $9.60. The bullish momentum is likely to weaken below the 61.8% Fibonacci retracement level of $5.50.
UNI/USDT 4-hour chart. Source: TradingView
The bulls tried to protect the 20-EMA, but the bears had other plans. They pulled the price below the 20-EMA, starting a deeper correction. If the price sustains below the 20-EMA, the pair may tumble to the 50-SMA.
If the price turns up from the current level or bounces off the 50-SMA, it will suggest that lower levels are being bought. The bulls will then again try to propel the price to the overhead resistance of $6.70. If this resistance is surmounted, the pair may skyrocket to $7.80.
Immutable price analysis
Immutable (IMX) has been sustaining above the breakout level of $1.30 for the past several days, suggesting that bulls have the edge.
IMX/USDT daily chart. Source: TradingView
The price may pull back to the zone between $1.30 and the 20-day EMA ($1.20). This zone is likely to witness a tough battle between the bulls and the bears, but If the buyers prevail, the IMX/USDT pair could climb to $1.86.
Instead, if sellers tug the price below the support zone, it may trigger stops of short-term traders. That could accelerate selling and result in a sharper correction to the psychological level of $1.
IMX/USDT 4-hour chart. Source: TradingView
The 20-EMA on the 4-hour chart has flattened out, and the RSI is just below the midpoint, indicating a possible consolidation in the near term. The first support on the downside is $1.30. If buyers maintain the price above this level, it will suggest that the $1.30 is acting as a new floor.
On the upside, a break above $1.50 will signal the resumption of the up-move. The pair may travel to $1.59 and then to $1.63. Contrary to this assumption, a fall below $1.20 could tilt the short-term advantage in favor of the bears.
Related: XRP (
$1.44 ) price bull flag hints at 20% rally by New Year’s
VeChain price analysis
Buyers propelled VeChain (VET) above the overhead resistance of $0.023 on Nov. 26 but are struggling to sustain the higher levels as seen from the long wick on the candlestick.
VET/USDT daily chart. Source: TradingView
Sellers will try to trap the aggressive bulls and pull the price to the 20-day EMA ($0.021). If the price rebounds off this level, it will suggest a positive sentiment. The bulls will then again attempt to overcome the obstacle at $0.023. If they can pull it off, the VET/USDT pair could rise to $0.027 and thereafter try to reach the pattern target of $0.031.
On the contrary, if bears sink the price below the 20-day EMA, it will indicate that the pair may remain stuck inside a large range between $0.014 and $0.023 for a while longer.
VET/USDT 4-hour chart. Source: TradingView
The pair has slipped back below the breakout level of $0.023, indicating that the bears have not given up and are selling at higher levels. The pair could next reach the 20-EMA, which is an important level to watch out for.
If the price rebounds off the 20-EMA, the bulls will make another attempt to drive the price above $0.023 and start the next leg of the rally to $0.027. On the other hand, a break below the 20-EMA may start a deeper correction to $0.020.
Algorand price analysis
Algorand (ALGO) reached the overhead resistance of $0.14 on Nov. 25, where the bears are expected to mount a strong defense.
ALGO/USDT daily chart. Source: TradingView
If the bulls do not give up much ground from the current level, it will suggest that traders are holding on to their positions, expecting a move higher. That increases the likelihood of a rally above the $0.14-$0.15 resistance zone. If that happens, the ALGO/USDT pair will complete a cup-and-handle pattern. This reversal setup has a pattern target of $0.20.
If bears want to prevent the up-move, they will have to drag the price below the critical support at $0.12. If this level gives way, the pair may tumble to $0.11 and then to $0.09.
ALGO/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the pair is oscillating inside the $0.12 to $0.15 range for some time. In a range, traders usually buy near the support and sell close to the resistance. It is difficult to predict the direction of the breakout with certainty; hence, traders may consider waiting for the breakout before taking large bets.
If the price breaks above $0.15, the pair is likely to start the next leg of the up-move. The pair may first rise to $0.18 and then to $0.20. This positive view will be invalidated if the price turns down and falls below $0.12.
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.
$2,322.12 ) in the UK
