Bitcoin bulls chased $50,000. While BTC continues to be in the spotlight, certain altcoin projects have also begun to take action. Crypto analyst Rakesh Upadhyay examines the top 5 cryptocurrencies that have the potential to outperform in the near term.
Bitcoin (BTC) price analysis: The target is 52 thousand dollars and above!
Bitcoin’s rally has reached the stiff overhead resistance at $48,970, which is likely to witness a tough battle between bulls and bears. The upward 20-day exponential moving average ($44,164) and the relative strength index (RSI) in the overbought zone suggest that the path of least resistance is to the upside. If the bulls push the price above $48,970, BTC is likely to accelerate towards $52,000. If it breaks this level, the rally has the potential to reach $60,000.
Conversely, if BTC price declines sharply from the current level, it will indicate a possible consolidation between $44,700 and $48,970 for a few days. The short-term trend will weaken once it breaks below the 20-day EMA.
Immutable (IMX) price analysis: Altcoin bulls are gathering strength
IMX broke above the $2.60 resistance on February 10. Thus, it showed that the uptrend had started again. But the bears are unlikely to give up easily. They will attempt to mount a strong challenge at $2.85.
If the altcoin price declines and breaks below $2.60, it would indicate that the bullish momentum is weakening. IMX is likely to drop to the 20-day EMA ($2.24) later. The bears will need to pull the price below the moving averages to signal a reversal. Alternatively, if the bulls do not cede ground to the bears, it will indicate that they are holding their positions in anticipation of a breakout. If it clears the $2.85 resistance, a rally of IMX to $3 and then to $3.50 is possible.
Kaspa (KAS) price analysis: There is buying at low levels
The bulls successfully protected the $0.10 psychological support during the correction in Kaspa (KAS). This indicates that there is buying at lower levels. KAS gained momentum after breaking above the moving averages on February 7. Thus, it reached the hard upper resistance around $0.15. Sellers will try to stop the upward move at this level. The first support on the downside is $0.13. If this level holds, the possibility of the altcoin price rising above $0.15 increases.
The bulls will then try to continue the bull trend. A minor resistance lies at $0.16. However, if it exceeds this level, it is possible for KAS to reach $0.20. On the other hand, a breakout and close below $0.13 is likely to keep KAS between $0.10 and $0.15 for a while.
Celestia (TIA) price analysis: There is a rally possibility for the altcoin!
Celestia (TIA) has been in a bull trend for several days. However, the bulls are facing stiff resistance at $20.40. The upward sloping moving averages and the RSI in the positive zone indicate that buyers remain in control. If the bulls do not give up too much from the current level, it will increase the chances of a rally above $20.40. If this happens, it is possible for the altcoin price to move towards the next target of $25.
Conversely, if TIA price turns down from the current level and breaks below the 20-day EMA ($18.01), it will indicate that the bulls are rushing to the exit. The short-term trend will change in favor of the bears once there is a break below the 50-day SMA ($16.16).
Stacks (STX) price analysis: Bulls are in command
Stacks climbed above the $1.78 resistance after a brief correction. Thus, it pointed to solid demand at lower levels. The 20-day EMA ($1.62) has started to rise. Additionally, the RSI has jumped near the overbought zone. These show that the bulls are in command.
STX is likely to reach the overhead resistance at $2.06, which is likely to act as a formidable barrier. If buyers overcome this, it is possible for the altcoin price to rise to $3. The 20-day EMA is important support to watch out for on the downside. The bulls will most likely defend this level fiercely. However, if the bears prevail, STX is likely to fall to $1.45.
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