Could Bitcoin’s relief rally push some cryptocurrency markets higher? Veteran technical analyst Rakesh Upadhyay predicts strong rallies for four altcoins if Bitcoin surpasses $68,000. The analyst evaluates the technical pictures of BTC and these 4 altcoins that look strong on the charts.
BTC price analysis: Bears have the advantage, but…
Bitcoin fell below the 50-day simple moving average ($66,147) on June 14. However, the bulls failed to sustain lower levels. This shows that buyers are trying to defend the 50-day SMA. The 20-day exponential moving average ($67,863) has started to turn downwards and the relative strength index (RSI) is in the negative territory. This signals that the bears have an advantage. If BTC turns down from the current level or the 20-day EMA and breaks below the 50-day SMA, it would indicate the beginning of a deeper correction towards $60,000. If buyers want to make a comeback, they will need to quickly push the price above the 20-day EMA. This would pave the way for a possible rally to $72,000, where the bears could pose a strong challenge again.
ETH price analysis: What are the options for the leading altcoin?
Ethereum (ETH) rebounded sharply from the 50-day SMA (3.415) on June 14. This shows that lower levels are attracting buyers. The 20-day EMA ($3,612) is the critical level to watch out for. If buyers push the price above the 20-day EMA, this will indicate that the correction may have ended. ETH will then try to rise to $3,730 and then to $3,977. This optimistic view will be invalidated in the near term if the price turns down from the 20-day EMA and breaks below the 50-day SMA. This could start a decline towards the critical $2,850 support.
TON price analysis: $10 is the target for the altcoin!
cryptokoin.comAs you follow from , Toncoin (TON) exceeded $7.67 on June 13. Thus, the ascending triangle formation was completed. The price dropped from $8.29 on June 15 to retest the breakout level of $7.67, which is likely to witness a tough battle between bulls and bears. If the price bounces back from $7.67, it will indicate that the bulls have turned this level into support. Buyers will then try to push the price above $8.29. If they are successful, the altcoin could begin its journey towards $10. Instead, if the price declines below $7.67, it will indicate that markets are rejecting the breakout. TON may slide to the uptrend line, which is an important level for the bulls to defend. If the price turns up from the uptrend line, the bulls will try to continue the uptrend again. However, if the level is broken, selling may intensify and the TON price may drop to $6.
UNI price analysis: The path of least resistance is up!
Uniswap (UNI) turned up from the 50-day SMA ($9) on June 12 and reached the overhead resistance of $12 on June 15. The bears are expected to fiercely defend the $12 level as it acted as a formidable resistance on May 26 and June 4. However, the 20-day EMA ($10.24) has started to rise and the RSI is in positive territory. This signals that the path of least resistance is upward. If buyers push the altcoin price above $12, UNI could rise to $13.34 and then to $15. If the bears want to block the upside, they will have to push the price below the 20-day EMA. This could reduce UNI to the 50-day SMA.
XMR price analysis: Bulls are trying to push it above $180!
Monero (XMR) had been rising for a few days, but buying accelerated after the price broke above the $153 resistance. The bears are trying to stop the rally at $180. However, the bulls did not allow the price to fall below the 20-day EMA ($163). This suggests that the bulls are buying on minor dips and increasing the possibility of a rally above $180. If this happens, XMR could rally towards the stiff overhead resistance of $190. This bullish view will be negatively impacted in the near term if the price drops sharply and breaks below the 20-day EMA. The altcoin price may then continue its decline before finding support at $153.
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