Bitcoin Price Targets Weekly Open – Will DOGE, TON, STX and FTM Follow?

Bitcoin (BTC) is on target to finish the week in the red, but a positive sign for the bulls is that the price has recovered from the intra-week low of $61,000 to above $65,000. This shows that traders are long-term bulls and are buying dips.

CryptoQuant CEO Ki Young Joo expects Bitcoin exchange-traded funds (ETFs) to enter the space if Bitcoin nears a support level. Young Ju said the new Bitcoin well they bought Bitcoin ETFs had $56,000 in on-chain costs. If the price of Bitcoin reaches $56,000, it expects to buy to take.

Another positive sign that could support the price of Bitcoin is that outflows from Greyscale Bitcoin Trust (GBTC) are slowing down. According to Fairside Investors, outflows from GBTC dropped to $170 million on March 22. This suggests that the selling pressure may be easing. If Bitcoin finishes above $61,130 in March, it will mark its first ever seven-month winning streak.

Could a recovery in Bitcoin spur buying in select altcoins? Let's take a look at the top 5 cryptocurrencies that look strong on the charts.

Bitcoin price analysis

Bitcoin has been trading near its 20-day exponential moving average ($65,364) for the past few days, indicating a battle for supremacy between bulls and bears.

The 20-day EMA is gradually flat, and the Relative Strength Index (RSI) is near the midpoint, indicating a balance between supply and demand. The BTC/USDT pair may fluctuate between $60,775 and $69,000 in the near term.

If the price is below the 20-day EMA, the support zone between the 50-day simple moving average ($58,438) and $60,775 may come under pressure. If this zone is broken, the correction could extend to the 61.8% Fibonacci retracement level at $54,298.

A break and close above $69,000 could open the door to a retest at $73,777. If this resistance is weighed, the pair could rise to $80,000.

The 4-hour chart shows that the bears are holding support rallies at the 50-SMA. Therefore, this will be an important step to be careful. If the bulls push the price above the 50-SMA, it suggests that the bearish pressure may decrease. The pair can go up to $ 69,000, which can be a big obstacle.

Immediate support to watch on the downside is $62,260 and then $60,775. If the bears dip the price below this support zone, selling may increase, and the pair may slide towards $59,000.

Dogecoin price analysis

Dogecoin (DOGE) has been range-bound between $0.12 and $0.19 for the past few days. The bulls cleared the $0.16 barrier on March 24, opening the door for a move higher to $0.19.

The 20-day EMA ($0.15) has started to turn around, and the RSI is in positive territory, indicating that the bulls are trying to make a comeback. A break and close above $0.19 could start the journey to $0.23 and later to $0.30.

Instead, if the price drops significantly below $0.19, it suggests that the bears remain highly active. The DOGE/USDT pair may slip to a strong support at $0.12. The bears need to break below the 50-day SMA ($0.12) to signal that the uptrend may be over.

The 4-hour chart shows that the bulls are buying into the 20-EMA dips, which indicates positive sentiment. Buyers will try to push the price up to $0.19, the bears can mount a strong resistance again. If the bulls do not give ground to the bears from $0.19, the chances of a rally above $0.20 increase.

The first sign of weakness is a break and close below the 20-EMA. That could open the doors to a fall to $0.14.

Token price analysis

Toncoin (TON) rose above the $4.60 resistance on March 23, signaling the start of the next leg of the uptrend.

Upward moving averages and the RSI in the congested zone indicate that buyers are on orders. The long wick on the March 23 and 24 candlesticks shows profit booking above $5, but if the bulls do not give much ground from the current level, the TON/USDT pair could extend its rally to $5.64.

If the bears want to prevent a breakout, they need to pull and hold the price below $4.60. That could tempt short-term traders to book profits, pulling the pair back to the 20-day EMA ($3.79).

The 4-hour chart shows that the bears are strongly defending the $5 resistance, but the pair has not been able to sink below the 20-EMA. This is a positive sign, because it indicates that traders are holding their positions when they anticipate another leg up.

The first support on the downside is the 20-EMA. A slide below this support suggests that short-term traders may take profits. That could take the price to the 50-SMA and then to $3.50.

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Stack price analysis

The bulls pushed Stacks (STX) above resistance at $3.40 on March 20, indicating that the breakout remains intact.

Both moving averages are sliding up, and the RSI is near the overbought zone, indicating bulls have an advantage. If the buyers keep the price above $3.40, it can increase the momentum, and the STX/USDT pair can increase to $4.29.

Contrary to this assumption, if the price declines and slips below $3.40, it shows that the markets have rejected the higher levels. The pair may descend towards the 20-day EMA ($3.07). A breakout from this level would suggest that the situation remains intact, but a break below the 20-day EMA could sink the pair towards the 50-day SMA ($2.65).

The 4-hour chart shows that the bulls are buying into the 20-EMA dips, indicating that the sentiment is positive. There is a small resistance at $3.75, but if this level is crossed, the pair can reach $4.

A critical support to watch on the downside is the 20-EMA. If this level gives way, it indicates that the bulls will rush to the exit. The pair could drop to $3.22. A break below this support could accelerate the sell-off and sink the pair below the 50-SMA.

Fantom price analysis

Phantom (FTM)'s long wick shows profit booking on the March 22 candlestick around $1.23. The sell-off accelerated on March 23 as the bears tried to sink the price below $1.02.

If they succeed, the FTM/USDT pair could fall to the 20-day EMA ($0.89). This remains a key short-term phase to watch out for. If the price rebounds strongly from the 20-day EMA, it indicates that lower levels continue to attract buyers. The pair could retest the $1.23 level. A break above could clear the way to $1.50 and eventually $2.

If the price declines significantly and falls below the 20-day EMA, this optimism will be invalidated in the near term. That could pull the price to the next significant support at $0.72.

The bears pushed the price below the 20-EMA on the 4-hour chart, but a positive sign did not allow the bulls to challenge the 50-SMA. Buyers are trying to push the price back above the 20-EMA. If they can do that, the pair could rise to $1.12 and then $1.16.

Alternatively, if the price breaks above resistance and breaks below the 50-SMA, it suggests that the bears are oversold. The pair could start a downward journey towards $0.80.

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.