Bitcoin bulls chase after $50K, opens door for IMX, KAS, TIA and STX to rise

Dangerous assets are on roll for several days. The S&P 500 index posted its fifth straight week of gains, and Bitcoin (BTC) is up more than 13 percent this week, reflecting aggressive buying by bulls.

Data from BitMEX showed that on February 9, inflows into nine Bitcoin exchange-traded funds (ETFs) totaled $2.7 billion, while outflows from the Grayscale Bitcoin Trust (GBTC) fell to $51.8 million. Total assets under management of ETFs have grown to $10 billion.

Bitcoin's surge boosted positive sentiment, but Material Indicators CEO and founder Keith Allan warned in a post on X (formerly Twitter) that Bitcoin could face strong resistance between current levels and $50,000.

While Bitcoin continues to get all the limelight, altcoins are starting to make their move. 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 rally topped $48,970, which could spark a fierce battle between bulls and bears.

The rising 20-day EMA ($44,164) and the Relative Strength Index (RSI) indicate that the path of minor resistance is up in the overbought zone. If the bulls lift the price above $48,970, the BTC/USDT pair could accelerate towards $52,000. If this level is improved, the rally could reach $60,000.

On the other hand, if the price declines significantly from current levels, it would indicate a possible consolidation between $44,700 and $48,970 for a few days. The short-term trend weakens on a break below the 20-day EMA.

The sharp upward move pushed the RSI into the overbought zone on the 4-hour chart, indicating the possibility of a near-term correction. The bears need to drag the price below the 20-EMA to signal the start of a deep retracement to the 50-easy moving average.

Conversely, if the price breaks above the current level or retraces the 20-EMA, it suggests aggressive buying on dips. The pair may break above $48,970 and move to the next highest resistance at $52,000.

Fixed price analysis

Immutable (IMX) broke above the $2.60 resistance on February 10, signaling a resumption of the upside.

However, the bears are not easily discouraged. They will attempt to make a strong challenge at the $2.85 level. If the price declines and breaks below $2.60, it indicates that the momentum of the bull is weakening. The IMX/USDT pair may drop to the 20-day EMA ($2.24). The bears need to dip below the moving average to signal a comeback.

Alternatively, if the bulls do not fall to the ground, it indicates that they are holding their position in anticipation of a breakout. If the $2.85 resistance is crossed, the pair could climb to $3 and then to $3.50.

The price dropped from $2.85, indicating that short-term traders are taking profits near the resistance. Immediate support is at the 20-EMA. If the price bounces back from the 20-EMA, it suggests that sentiment remains bearish and traders are viewing the dips as a buying opportunity.

A break and close above $2.85 indicates that the bulls have asserted their dominance. The pair may then rise to $3. If the price is below the 20-EMA, this optimism will be rejected in the short term. That could initiate a drop towards the 50-SMA.

Caspian price analysis

The bulls successfully defended the psychological support of $0.10 during the Kaspa (KAS) correction, indicating buying lows.

After breaking above the moving averages on February 7, the KAS/USDT pair gained momentum and reached the strong overhead resistance around $0.15. Sellers try to stop the uptrend at this level.

The first support on the downside is $0.13. If this level holds, the probability of breaking above $0.15 increases. Then the bulls try to continue the surge. There is minimal resistance at $0.16, but if this level is weighed, the pair could reach $0.20.

On the other hand, a break and close below $0.13 will keep the pair between $0.10 and $0.15 for some time.

The 4-hour chart shows that the pair is in a strong uptrend. 20-EMA is a critical support to watch. If the price breaks out of the current level or retraces the 20-EMA, this indicates that the bulls are buyers on valuations. A break and close above $0.15 indicates the start of the next uptrend leg.

Bears need to push the price below the $0.13 support if they want to prevent the upside. If they do that, the selling can be triggered, and the pair can go down to the 50-SMA and then to $0.10.

Related: Why has Ether (ETH) price soared today?

Celestial value analysis

Celestia (TIA) is at a high for several days, but the bulls are facing strong resistance at the $20.40 level.

Upward moving averages and the RSI in positive territory indicate that buyers remain in control. If the bulls don't give much ground from the current level, it will push a rally above $20.40. If that is the case, the TIA/USDT pair may head towards its next target of $25.

Conversely, if the price declines from the current level and breaks below the 20-day EMA ($18.01), it indicates that the bulls are rushing to the exit. The short-term trend is in favor of bears on a break below the 50-day SMA ($16.16).

The pair's inability to resist above $20.40 could make profit taking attractive. That pushed the price below the 20-EMA, indicating a pullback to the upper line.

If the price returns from the high line, the bulls will try again to overcome the barrier at $20.40. If successful, the pair could jump to $21.14 and start the next uptrend towards $25.

Conversely, a break below the top line indicates that the bears are in control in the near term. The pair could fall to $15.60.

Stack price analysis

The Stack (STX) rose above the $1.78 resistance after a short-term correction, indicating strong demand at the lows.

The 20-day EMA ($1.62) has started to turn, and the RSI jumped near the overbought zone, indicating that the bulls are holding. The STX/USDT pair may reach an upward resistance at $2.06, which may act as a strong barrier. If buyers win, the pair can rise to $3.

The 20-day EMA is an important support to note on the downside. The bulls are expected to strongly defend this level, but if the bears win, the pair may drop to $1.45.

The bulls are buying the dips to the 20-EMA, but may face strong resistance from the bears in the $2 to $2.06 zone. If the price drops from the upper zone but takes support at the 20-EMA, it increases the probability of a loss above the resistance. Then the pair can continue to increase.

The first sign of weakness is a break and close below the 20-EMA. It suggests that the bulls are losing their grip. The pair may slide towards the 50-SMA.

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.