Bitcoin price is exploring the $38,000 to $49,000 range. According to crypto analyst Rakesh Upadhyay, this opens the door for the price of these 4 altcoins to possibly rise further. The analyst looks at the charts of Bitcoin and 4 altcoins that have the potential to outperform in the near term.
BTC price analysis: Indicators point to range trade
cryptokoin.comAs you follow from , Bitcoin (BTC) rose above $41,959 on January 27. That is, it has crossed the 20-day exponential moving average. Thus, he pointed out that the selling pressure had decreased. Both moving averages have flattened out and the relative strength index (RSI) is near the midpoint. This shows that there is a balance between supply and demand. BTC may oscillate between $44,700 and $37,980 for a while.
A breakout and a close above $44,700 would be the first indication that buyers are back in the driver’s seat. It is possible that this could push the Bitcoin price to a local high of $48,970. On the downside, a break below $37,980 could start a deeper correction towards $34,800.
SOL price analysis: These levels are possible for the altcoin
Solana (SOL) broke above the moving averages on January 27. Now it is trying to stay above the bear trend line. The 20-day EMA ($93) has flattened out and the RSI is just above the midpoint. This shows the balance between buyers and sellers. If the altcoin price stays above the downtrend line, it is possible that SOL may attempt to rise to $107 and then to $117.
If the bears want to prevent upside, they will have to quickly pull the price below the moving averages. This situation is likely to trap the aggressive Solana bulls. This is likely to open the doors for it to retest the $79 support.
AVAX price analysis: Rally comes if it breaks resistance
Avalanche (AVAX) has been trading in a descending channel formation for several days. Buyers bought the dip to the support line on January 23. Thus, AVAX pushed its price above the 20-day EMA ($34).
Sellers will try to stop the recovery at the bear trend line. If the altcoin price turns down from overhead resistance, it will indicate that the bears remain active at higher levels. It is possible that AVAX will spend some more time within the channel later on. Instead, if the price breaks above the overhead resistance, it will signal aggressive buying by the bulls. It is possible for AVAX to gain momentum and rise to $44 and then to the psychologically important $50 level.
RNDR price analysis: There is a balance between bulls and bears, but…
After the initial pullback, Render (RNDR) has been consolidating between $3.56 and $4.40 over the last few days. Both moving averages have flattened out and the RSI is just above the midpoint. This shows that there is a balance between bulls and bears.
If the price turns down from $4.40 and breaks below the 20-day EMA ($4), it could extend the RNDR’s range-bound move for a few more days. Conversely, if the altcoin price rises above $4.40, it will indicate that buyers are outstripping sellers. It is possible that RNDR may subsequently rise to $5.07 and eventually to $5.28. A break above this level will indicate the resumption of the uptrend.
SUI price analysis: Rally target for altcoin is beyond $2
Sui (SUI) has been in an uptrend for the last few days. However, the bears are trying to stop the rally at $1.50. SUI has formed a rolling bottom pattern that will complete with a breakout and close above $1.50. If this happens, it is possible that bullish momentum will increase. Thus, the altcoin price is likely to rally towards $2. The formation target of the positive setup is $2.64.
However, the bears are likely to have other plans. They will strongly defend the $1.50 level. They will also try to pull the altcoin price down to the 20-day EMA ($1.18). If SUI price recovers strongly from the 20-day EMA, the chances of a rally above $1.50 increase. On the other hand, a break below the 20-day EMA would likely open the doors for a decline to the 50-day SMA ($0.92).
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