According to veteran crypto analyst Rakesh Upadhyay, Bitcoin’s range-bound price action may cause investors to focus on these 4 altcoin projects. Will Bitcoin and altcoins stay above their support levels and start a relief rally? The analyst evaluates the technical picture of BTC and these 4 altcoins.
Bitcoin (BTC) price analysis
Bitcoin has been hovering between $59,600 and $73,777 for several days. This shows that there is indecision between the bulls and the bears regarding the next directional move. Generally, in a range, traders buy near support and sell near resistance. The bulls will try to protect the $59,600 level aggressively. Because falling below this level would deepen the correction to $54,298. Such a move will delay the start of the next leg of the bull trend.
Conversely, if the price turns up from the current level or the $59,600 support, it would indicate that the bulls remain active lower. It is possible for BTC to bounce towards $67,250 and then to the overhead resistance at $73,777. A breakout and close above this level would signal the start of the next leg of the uptrend towards $84,000.
Near Protocol (NEAR): $9 is on the table for Altcoin!
NEAR closed above the descending channel formation on April 25, indicating the end of the bear trend. However, the bears did not give up and they are selling near the nearest resistance at $7.70. If the price moves back into the channel, it will indicate that the breakout may be a bull trap. This is likely to drop the altcoin price to $5.90. Instead, if the price rises above $7.70, it will indicate that the bulls are leading the charge. It is possible that NEAR may try to rise to $9 later. However, the bears will likely mount a strong defense.
Arweave (AR): It is possible for the altcoin price to rise to $47.52!
Arweave (AR) broke above both moving averages on April 25. Thus, it signaled that the bulls were attempting a comeback. The bears tried to pull the price back. However, the bulls bought the dip to the 20-day EMA ($32.19) on April 27. This indicates a shift in sentiment from selling on rallies to buying on dips. There is a minor resistance at $40. However, if it breaks this resistance, it is possible for the altcoin price to rise to the hard overhead resistance of $47.52. If the bears want to prevent the rally, they will need to quickly pull the price below the 20-day EMA. If they do this, the altcoin price is likely to drop to $22.
Core (CORE): Returning to the driver’s seat of the bulls!
CORE has received support from the 20-day EMA ($2.23) twice in the last few days. Thus, it indicated a positive atmosphere. If the price bounces from the current level and rises above $2.91, it will indicate that the bulls are back in the driver’s seat. Contrary to this assumption, if the price drops and breaks below the 20-day EMA, it will indicate that the bears are not willing to give up. This is likely to open the doors for a decline to the 50-day SMA ($1.72).
Bonk (BONK): Will the altcoin complete the reverse H&S formation?
cryptokoin.comAs you follow from , BONK rose above the moving averages on April 23. Thus, it signaled that the correction phase may be coming to an end. The bears tried to pull the price below the moving averages. However, the bulls held their ground. This shows that the bulls are trying to turn the moving averages into support. If the altcoin price bounces from the current level and rises above $0.000030, BONK will complete the reverse H&S formation. The target of this bullish formation is $0.000048. However, the bears are likely to have other plans. The bears will try to push the altcoin price below the moving averages and gain the upper hand. If they are successful, BONK is likely to drop to $0.000019 and then to $0.000015.
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