Bitcoin Price Retakes $35K – Will ATOM, UNI, NEAR and AXS Be Next?

The S&P 500 index rose 5.85 percent last week, its best performance since November 2022. Much of the gain was fueled by expectations that the Federal Reserve would not raise rates any further.

In comparison, Bitcoin (BTC) had a more muted performance with roughly 2% up. However, a positive sign for cryptocurrency investors is that the risk on sentiment can benefit the crypto space.

Bitcoin's rise has attracted investment in several beaten-down altcoins emerging from their long hibernation. If Bitcoin doesn't collapse, the recovery can still be spread over the increased untethered coins.

Even as Bitcoin moves into range, select altcoins are showing signs of moving higher. Let's take a look at the charts of the top-5 cryptocurrencies that are likely to extend their rally in the next few days.

Bitcoin price analysis

Bitcoin continues to trade near the $35,000 resistance and the price action of the past few days has formed an ascending channel pattern. A tight ascending channel after a rally is generally considered a negative sign.

If the price drops and slips below the channel, it may tempt more aggressive traders to take profits. That could take the price to the 20-day exponential moving average ($33,033). A strong recovery at this level suggests the bulls remain in command. Then again, they will try to push the price above $36,000 and continue the increase.

Conversely, if the price declines and breaks below the 20-day EMA, the BTC/USDT pair may fall into a strong support zone between $32,400 and $31,000. The bulls are expected to defend this zone with all their might, as a break below it will tilt the advantage to the bears.

The pair has been gradually increasing in an ascending channel pattern, but a negative divergence in the Relative Strength Index (RSI) suggests that momentum may be weakening. If the bulls want to maintain control, they need to push the price above the channel. If they manage to do so, the pair could raise nearly $40,000.

Meanwhile, the bears may have other plans. They give the price below the channel and try to dominate. If successful, the pair could fall to $32,400.

Cosmos cost analysis

Cosmos (ATOM) rose above $7.60 resistance on October 30, completing a double-bottom pattern. The bulls successfully maintained a losing streak between November 1-3.

On November 5, buyers pushed the price above $8.25, indicating the resumption of the increase. The breakout setup for the pattern is at $8.91. This level can act as a barrier but if crossed, the ATOM/USDT pair can reach $10.

Important support to watch on the downside is $7.60. If the bears pull the price from this level, it would suggest a strong sell at higher levels. The pair may drop towards the 50-day SMA ($7.07).

The 4-hour chart shows that the price has risen above the nearby resistance of $8.20, indicating that there is little benefit for buyers. If bulls hold the price above $8.20, the pair may initiate the next level of activity towards $8.91.

Conversely, if the price declines and breaks below the 20-EMA, it suggests that the markets have rejected higher levels. That could lead to a long run and pull the price to strong support at $7.60.

Uniswap price analysis

Uniswap (UNI) reached the $5 resistance on November 2, but the bulls could not overcome the barrier.

A small positive for the bulls is that they are not giving ground to the bears. The moving averages have completed the bullish cross and the RSI is in the positive zone, indicating that the bulls are dominant. If buyers push the price above $5, the UNI/USDT pair could rise to $6 and then to $6.40.

Contrary to this assumption, if the price falls below 5 dollars, it suggests that the bears will continue to defend the level strongly. That could push the price down to the 20-day EMA ($4.36), which remains a key level to defend against if the bulls want to maintain their gains.

Buyers kept the price above the 20-EMA but failed to overcome the roadblock at $5. This shows that the Bears are not giving up and are trying to get back into the game. A break and close below the 20-EMA will further strengthen the bears. The pair can drop to $4.50.

On the other hand, if the price changes strongly from the 20-EMA, the bulls will continue to buy dips. This increases the chance of a break even more than $5. If that happens, the pair could rise to $5.50.

Related: Why Is Cardano Price Rising Today?

Near protocol value analysis

Near the protocol (NEAR) has increased significantly in the past few days, which indicates that the bulls are trying to return.

The bears have formed strong resistance at $1.63, but an encouraging sign is that the bulls are not allowing the price to drop below $1.43. This shows that the buyers are in no rush to book profits, assuming that the rally will continue.

If buyers hold the price above $1.63, the NEAR/USDT pair could rise to $2. The downside risk is overbought levels on the RSI. This suggests a possible consolidation or correction in the near future. If the price falls below $1.63, the bears will again try to lift the pair below $1.43.

After consolidating for a while in a tight range between $1.43 and $1.59, the bulls asserted their dominance and pushed the price higher. The pair may first reach $1.78 and then test the $2 rally.

Rising moving averages indicate gains for buyers, but overbought levels on the RSI suggest a short-term consolidation or correction. A drop below the 20-EMA would be the first sign that the bulls are losing their grip. The pair may go down to the 50-SMA.

Axie Infinity price analysis

Axie Infinity (AXS) has been in a strong recovery phase for the past several days but the bears are not giving up and are trading around $6.

The bears tried to pull the price to the 20-day EMA ($5.11) but the bulls bought the bears below $5.40 as seen from the long tail on the candlesticks. Buyers are trying to continue the growth by pushing the price above $6. If they can pull it off, the AXS/USDT pair could begin its journey north to $6.55 and then $7.

Bulls need to break below the 20-day EMA if they want to prevent a rally. The pair risks a deeper correction to $4.65.

The pair broke above the congruent triangle pattern on the 4-hour chart, indicating a resumption of the uptrend. The pair may rise to $6 where the bears can mount strong resistance again.

If the price declines from this level, the pair may go down to the 20-EMA. A strong breakout above this support would improve the prospect of a rally above $6. The pair could jump to $6.40. If the bears drop below $5.17, they will be back in the driver's seat.

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.