As UNI, NEAR, OP and INJ project high price action in 2024, Bitcoin price is stagnant

Bitcoin (BTC) has been tied to the range in the recent past, but it recorded an impressive run of more than 155% in 2023. The rally boosted sentiment, with investors expecting the bull run to continue in 2024.

The early trigger from the decision on the spot by the United States regulator will be the applications of funds traded on the Bitcoin exchange. Crypto options trading platform Greeks.live said in a recent tweet that options data indicates that the markets have accepted the value of the Bitcoin ETF. As a result, the company believes that the markets will not witness a sharp movement.

Regardless of the short-term reaction to the ETF decision, the crypto space is in a bullish phase as Bitcoin and several major altcoins have made highs and highs and lows over the past several weeks. In bullish conditions, dips are generally considered a buying opportunity.

Can Bitcoin and altcoins extend their growth in the first week of the new year? Let's take a look at the charts of the top 5 cryptocurrencies that show promise.

Bitcoin price analysis

The bears tried to pull Bitcoin below the support line of the triangle pattern on December 29th and 30th, but the bulls held their ground.

The flat 20-day exponential moving average ($42,484) and the Relative Strength Index (RSI) near the midpoint suggest a balance between buyers and sellers. If the price rises above the 20-day EMA, the bulls will drive the BTC/USDT pair above $44,700 and complete a bullish setup. If successful, the pair could continue the advance towards the $49,178 pattern target.

Conversely, if the price declines and falls below the triangle, it will invalidate the bullish pattern. A breakout of a positive position is a negative signal because it can stop aggressive traders. The pair may first drop to $40,000 and eventually drop to $37,980.

The bulls have pushed the price above the 20-EMA but are struggling to overcome the barrier at the 50-simple moving average. If the price drops significantly from the current level, the bears will try to pull the pair below the triangle, starting to go down to $40,000.

However, the bulls may have other plans. A positive divergence on the RSI indicates that the selling pressure is decreasing. If buyers are bullish and keep the price above the 50-SMA, the pair may rally to $44,000 and later to $44,700.

Uniswap price analysis

Uniswap (UNI) is seeing a fierce battle between bulls and bears near the top resistance at $7.79.

The moving averages and RSI near 66 suggest that the path is up. If buyers clear the barrier at $7.79, the UNI/USDT pair could accelerate to $8.26 and then to $9.65.

Contrary to this assumption, if the price falls below $7.79, it indicates that the bears will defend the level strongly. The pair may drop to critical support at $6.70, which may attract buyers.

The price recovered from the 50-SMA and rose above the 20-EMA, which may end the short-term correction. The price may rise to $7.79, the bears are expected to have a strong defense. If buyers push the price above $7.79, the pair could rise to $8.26.

Alternatively, if the price declines and breaks below the 20-EMA, it would suggest a benefit for the bears. The pair may again slide towards the 50-SMA critical support. If this level gives way, the pair could fall to $6.70.

Near protocol value analysis

The NEAR protocol is trying to find support between the 38.2% Fibonacci retracement level at $3.64 and the 50% retracement level at $3.34.

A slightly uptrending 20-day EMA ($3.30) and an RSI in the positive zone indicate that buyers have a slight edge. The bulls will try to push the price towards the December 26 high of $4.62. If this level is broken, the NEAR/USDT pair could rise to $6.

Meanwhile, the bears may have other plans. They try to sell the rallies and lower the price below the 20-day EMA. If they do that, the decline could extend to the 61.8% Fibonacci retracement level at $3.04 and then to the 50-day SMA ($2.43).

The pair has been trading below the 20-EMA, indicating that bears are dominant in the short term. If the price declines and slips below $3.52, the next stop could be $3.20. The deeper the fall, the longer it takes to start the next leg up.

The first sign of strength will be a rise above the bottom line. That opens the door to $4.32 and eventually $4.62.

Related: BTC Price Targets Near $42K 2023 As Bitcoin OG ETF Says

Optimistic price analysis

Optimism (OP) has been strengthening significantly over the past few days, indicating that the bulls are not rushing to the exit as they expect another leg up.

An upward trending 20-day EMA ($3.07) and an RSI in positive territory indicate that bulls are in command. Buyers are expected to strongly defend the $3.40 to $3.22 support zone. A strong rebound from this support zone suggests that lower levels will continue to attract buyers. The OP/USDT pair may rise to $4.18 and later to $5.

If the bears want to avoid a bullish move, the price will need to sink below $3.22. Then the pair could drop to $2.75.

The bulls managed to keep the pair above the 50-SMA, but could not continue the upward movement. This shows that the bears are not giving up and are selling the rallies. The flat 20-EMA and the RSI near the midpoint indicate a balance between supply and demand.

The first signal of strength breaks and closes above $3.95. That could open the doors to a rally to $4.18. On the other hand, a slide below the 50-SMA supports short-term gains for bears. The pair could drop to $3.22.

Injection price analysis

Injectable (INJ)'s return took support at the 20-day EMA ($34.73) on December 30, indicating that sentiment remains positive and traders are buying dips.

The breakout of the 20-day EMA may face resistance at $40, but if the bulls overcome this barrier, the INJ/USDT pair can retest the resistance at $44.86. A break above this level could initiate the next leg of the uptrend towards $51.

This bullish outlook will be canceled if the price breaks above the overhead resistance and breaks below the 20-day EMA in the near term. That could start to decline sharply towards the 50-day SMA ($24.69).

The pair is back above the 20-EMA, but the bulls are struggling to break the price above the 50-SMA. This indicates that the bears are not disappointed and are moving at a higher level. If the price falls below the 20-EMA, the pair may drop to $34. This is an important level to watch because a break below it could extend the correction to $28.

The bulls need to step on the price above the 50-SMA to gain control. The pair can be assembled into a sturdy headrest for $44.86.

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.