As Bitcoin struggles to break $38k to support, UNI, IMX, VET and ALGO look to make a big push.

Bitcoin (BTC) rose above $38,000 on November 24, but the bulls failed to build on this strength. This shows a reluctance to buy at high levels. Bitcoin is on track to form a doji candlestick pattern on the weekly chart for the second week in a row. This shows indecision between the bulls and bears about the next directional move.

As Bitcoin hovers near an 18-month high, BitMEX co-founder Arthur Hayes maintains his bullish stance. In an X (formerly Twitter) post, Hayes said the US dollar is rising, which could push bitcoin higher.

Another bullish forecast from PlanB, the creator of the stock-to-flow family of BTC price models, said in a post on X that Bitcoin cannot stay at its current level for long. PlanB expects Bitcoin to maintain an average price of at least $100,000 between 2024 and 2028.

Analysts have been increasingly bullish over the past few days, but traders should be cautious because every change is likely to lead to corrections.

Could Bitcoin rise above $38,000 or start a correction phase? Let's take a look at the top 5 cryptocurrency charts that are likely to outperform in the near future.

Bitcoin price analysis

Bitcoin's move higher has hit a wall around $37,980, but the bulls are in no rush to close their positions. This shows that traders expect more growth.

Immediate support is the 20-day exponential moving average ($36,546). If the price drops back from this support, it shows that every small pot is being bought. That adds up to more than $37,980 in vacation time.

If that happens, the BTC/USDT pair could rally to $40,000. This level will provide a strong barrier for the bulls, but if buyers break the $38,000 level to the support, the rally could extend to $48,000.

Conversely, if the price falls below the 20-day EMA, it indicates that traders are taking profits. The pair can be thrown around $34,800.

The bulls are trying to keep the price above the moving average, but it is difficult to overcome the barrier at $37,980. The Relative Strength Index (RSI) is just above the midpoint, indicating that momentum is weakening.

If the price slips below the 50-simple moving average, the pair may enter the upper line. The bulls are expected to defend this level effectively. On the upside, a break and close above $38,500 shows bulls are in the driver's seat.

Uniswap price analysis

Uniswap (UNI) fell below the 20-day EMA ($5.44) on November 21, but the lower levels attracted bulls' aggressive buying. That started a rally on November 22nd that pushed the price to $6.60 on November 24th.

The advance is trading near the $6.70 resistance. The UNI/USDT pair has returned to the 38.2% Fibonacci retracement level at $5.92, and the next stop could be the 50% retracement level at $5.71.

A strong breakout above this zone suggests that traders view dips as a buying opportunity. That could boost hopes of a break above $6.70. Such a move would complete a double bottom pattern with a target of $9.60. The momentum may weaken below the 61.8% Fibonacci retracement level below $5.50.

The bulls tried to protect the 20-EMA, but the bears had other plans. They have pulled the price below the 20-EMA and started a deeper correction. If the price stays below the 20-EMA, the pair may fall towards the 50-SMA.

If the price breaks above the current level or falls below the 50-SMA, it indicates that lower levels are being bought. The bulls will again try to push the price towards the $6.70 resistance. If this resistance is exposed, the pair could rise to $7.80.

Fixed price analysis

Immutable (IMX) has been holding above the $1.30 breakout level for the past several days, suggesting bulls have an edge.

The price may return to the zone between $1.30 and the 20-day EMA ($1.20). This zone can see a fierce battle between bulls and bears, but if the buyers win, the IMX / USDT pair can go up to $1.86.

Instead, if sellers push the price below the support zone, it may trigger short-term traders to stop. That will accelerate the selloff and lead to a further correction to the $1 psychological level.

The 20-EMA on the 4-hour chart has flattened out, and the RSI is below the midpoint, indicating potential consolidation in the near term. The first support on the downside is $1.30. If buyers put the price above this level, $1.30 is acting as a new floor.

On the downside, a break above $1.50 would signal a resumption of the move. The pair could move to $1.59 and then to $1.63. Contrary to this assumption, a drop below $1.20 could favor short-term gains for the bears.

Related: XRP Price Bull Flag Hints at 20% New Year's Rally

VeChain price analysis

Buyers lifted VeChain (VET) above $0.023 on November 26 but are struggling to sustain higher levels as seen from the long wick on the candlestick.

Sellers will try to trap aggressive bulls and pull the price towards the 20-day EMA ($0.021). If the price returns from this level, it indicates a positive sentiment. The bulls will try to win again with a barrier of $0.023. If they can pull through, the VET/USDT pair could rise to $0.027 and then try to reach the $0.031 pattern target.

On the contrary, if the bears price below the 20-day EMA, it indicates that the pair may remain stuck in the larger range between $0.014 and $0.023 for some time.

The pair slipped back below the $0.023 loss level, indicating that the bears have not given up and are selling at higher levels. The pair may next reach the 20-EMA, which is an important level to watch out for.

If the price recovers from the 20-EMA, the bulls will make another attempt to drive the price above $0.023 and start the next leg of the rally towards $0.027. On the other hand, a break below the 20-EMA could initiate a deep correction towards $0.020.

Algorithm value analysis

Algorand (ALGO) reached above resistance at $0.14 on November 25, where bears are expected to mount strong resistance.

If the bulls do not give more space than the current level, it indicates that traders are holding their positions in anticipation of higher movement. That adds to the possibility of a rally above the $0.14-$0.15 resistance zone. If that happens, the ALGO/USDT pair will complete a cubby and handle pattern. This reversal setup has a pattern target of $0.20.

Bears need to pull the price below the critical support of $0.12 if they want to prevent the upward movement. If this level gives way, the pair could fall to $0.11 and then to $0.09.

The 4-hour chart shows that the pair has been hovering in the $0.12 to $0.15 range for some time. In a range, traders usually buy near the support and sell towards the resistance. It is difficult to predict the direction of the break with certainty; Therefore, traders may consider waiting the gap before taking big bets.

If the price breaks above $0.15, the pair may start the next leg of the movement. The pair may rise first to $0.18 and then to $0.20. If the price declines and falls below $0.12, this positive view will be rejected.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.