Bitcoin price consolidation events NEAR, APT, RNDR and MKR for further increase

It was a wild week for Bitcoin (BTC), which rose to a new all-time high of $73,777 but quickly gave up all of its gains and fell back to $64,500. As of press time, Bitcoin is on track to end the week up roughly 1 percent at the end of last week.

Analysts expect a shallow correction as they believe the lower levels will attract strong buying from the spot Bitcoin exchange-traded fund investors. Thomas Fahr, CEO of crypto-specific reviews portal Apollo, called the decline in X a “bear trap.”

The strength in recovery gives a better idea of ​​whether the correction is over or not. A weak recovery will continue the selling pressure from the bears. This increases the likelihood of a deep rebound. On the other hand, a strong advance indicates aggressive buying at low levels and increases the prospect of a resumption of the uptrend.

A recovery begins in selected altcoins, will the Bitcoin correction stop? Let's take a look at the top 5 cryptocurrencies that look strong on the charts.

Bitcoin price analysis

Bitcoin corrected sharply from $73,777 on March 14 and broke below the support line of the ascending channel on March 16.

The bulls are trying to stop the decline at the 20-day exponential moving average ($65,564), but may face resistance at a broken level from the channel. If the price falls significantly from the current level, the risk of a fall increases.

If the 20-day EMA gives way, the BTC/USDT pair may drop to $59,000 and then to the 50-day simple moving average ($55,303).

If the bulls want to prevent the downside, they need to push the price back into the channel. This indicates strong buying at low levels. A break and close above $73,777 would signal a resumption of the uptrend. The couple could then raise about $80,000.

The moving averages have completed a bearish crossover, but the relative strength index (RSI) has increased significantly, indicating that the selling pressure may be decreasing. The 20-EMA is bound to see a fierce battle between the bulls and bears.

If the price drops significantly below the 20-EMA, it indicates that bears are selling in rallies. The pair could slide to a strong support at $64,500. If this level is broken, the pair could drop to $59,000.

The first strength signal breaks and closes above the support line of the channel. The pair may rise to $70,650 and later to $72,420.

Near protocol value analysis

The near protocol (NEAR) has retraced, indicating profit booking by short-term traders.

A positive sign for the bulls is that the NEAR/USDT pair is finding support near the 50% Fibonacci retracement level at $6.28. If the rebound continues, the pair may retest the $9.01 resistance. If this level is moderated, it may continue to rise. The next upside target is $10.50.

Contrary to this assumption, if the price is reduced from the resistance on the price, it suggests that traders will sell on rallies. The pair may decline towards the 20-day EMA ($6.18). This is an important support to watch out for because the break below can start a deeper correction.

The bulls are trying to sustain the price above the moving averages on the 4-hour chart, indicating strong buying at lower levels. If the price stays above the 20-EMA, it suggests that the correction is likely to be completed. The pair can try again for $9.01. A break above the resistance indicates a continuation of the upward movement.

Conversely, if the price is below the 20-EMA, it indicates strong selling in rallies. The pair could drop to strong support at $6.50.

Aptos price analysis

Aptos ( APT ) fell sharply from $15.70 on March 16, but the bears failed to dip below the 20-day EMA ($12.90), suggesting buying at lower levels.

A rising 20-day EMA ($12.83) and an RSI in positive territory indicate that bulls have the edge. If buyers drive above $15.70, the APT/USDT pair will signal the start of the next uptrend. The pair could rise to $16.75 and then to $18.69.

Instead, if the price declines and breaks below the 20-day EMA, each support rally indicates that it is being sold. That indicates the start of a correction phase that could reach the 50-day SMA ($10.73).

The moving averages on the 4-hour chart have flattened out, and the RSI is above the midpoint, indicating potential range-bound action in the near term. The pair may fluctuate between $15.81 and $12 for a while.

A close above the range indicates that the bulls have taken the supply. That could start the next up move. Conversely, if the price turns lower and falls below $12.92, the pair may begin a correction to $12 and then to $11.50.

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Provide a price analysis

Render (RNDR) has corrected to the 20-day EMA ($10.02), but the bulls successfully defended the support, indicating that the sentiment remains positive and traders are buying on the dips.

The bulls pushed the price above the $12.78 resistance on March 17, indicating the beginning of the next leg of growth. If buyers hold the price above $12.78, the RNDR/USDT pair could jump to $16.81.

The first sign of weakness is a break below strong support at $12. The bears recognize the opportunity to start a correction. A break and close below the 20-day EMA could trigger a sell-off and sink the pair to the 50-day SMA ($7.09).

The 4-hour chart shows that the bears cannot sink and keep the price below 10 dollars, so the bulls can attract strong buying. Momentum rose after the price closed above resistance at $12. If the price stays above $12, the upside is likely to continue.

Meanwhile, the bears may have other plans. They try to bring the price back under $12. If they do, a break above $12.78 could be a bull trap. The pair can be reduced to $10.

Producer price analysis

Maker (MKR) continued to rally on March 17 after a few days of consolidation, indicating that the bulls are in control.

The MKR/USDT pair may rise to $3,580 and eventually to $4,000, which bears are expected to have a strong resistance. However, if the bulls don't give much room above $4,000, the rally could continue.

The first sign of weakness would be a slide below $2,976. If this happens, it indicates that the markets have rejected the higher levels. The pair may fall towards the 20-day EMA ($2,525), which is an important level to watch out for. A break below this support will tilt the advantage to the bears.

The 4-hour chart shows that the bulls are trying to keep the pair above the upward channel pattern. If they succeed, the pair could accelerate to $3,725.

On the other hand, if the price fails to stay above the channel, it indicates a possible bull trap. The pair may slide back into the channel. If the price bounces back from the 20-EMA, the bulls will make one more attempt to push the pair above the channel. Otherwise, it could be a drop to the support line.

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.