Bitcoin rally to $60K boosts traders’ interest in FET, SUI, AAVE and INJ

Bitcoin (BTC) reached the $60,000 level on September 13, indicating a strong return for the bulls. Bitcoin's 10% rally this week helped buyers turn September's reversal into a positive.

Next week, investors will focus on the FOMC meeting scheduled for September 18. CME Group's FedWatch Tool shows a 50% chance of a 50-basis-point rate cut. However, if the Federal Reserve offers a 25-basis-point rate cut, cryptocurrency markets could witness a bullish reaction to the downside.

Bitcoin's short-term uncertain price action hasn't stopped long-term bulls from buying. Business intelligence and software company MicroStrategy said it bought 18,300 bitcoins for an average of $60,408 in bitcoin between August 6 and September 12, including costs and fees. This increases the company's holdings to 244,800 Bitcoin, which was purchased at an average price of $38,585.

Will Bitcoin be able to sustain above $60,000 by attracting further buying? Will altcoins follow Bitcoin higher? Let's study the top 5 currencies that look strong on the charts.

Bitcoin price analysis

Bitcoin closed above the 50-day simple moving average ($59,693) on September 13, indicating that the markets rejected a break below $55,724.

The 20-day exponential moving average ($58,461) has started to rise, and the relative strength index (RSI) is in the positive zone, indicating that the bulls are dominant. If the price finds support at the moving averages, the BTC/USDT pair may rally to $65,000 and then to $70,000.

If the price declines significantly and breaks below the 20-day EMA, this optimism will be nullified. The pair could drop to $55,724. Repeated tests of the support level make it weak, opening the doors to a fall to $52,500.

The 4-hour chart shows that the bears are trying to stop the recovery near $61,200. If the price declines and breaks below the 20-EMA, it indicates that the bulls have given up. That could take the price to the 50-SMA and then to $55,724.

Conversely, if the price rises above the 20-EMA, every small dip indicates that it is being bought. That would improve the rally above $61,200 and the pair could jump to $65,000.

Fetch.ai price analysis

Fetch.ai (FET) is forming a reversal head-and-shoulders pattern, which will complete on a breakout and close above $1.51.

If that happens, the FET/USDT pair could start a new uptrend. A bullish reversal setup pattern target is $2.32. However, it may not be an easy ride as the bears are expected to aggressively defend the $1.86 and $2.20 levels.

Contrary to this assumption, if the price declines from the overhead resistance and breaks below the 20-day EMA ($1.23), the range between $1.51 and $1 would suggest a few days of action.

The pair has returned to the 20-EMA, which indicates that short-term traders are taking profits around $1.51. If the 20-EMA is broken, it indicates that the bulls are rushing to the exit. The pair may slide towards the 50-SMA. This is a critical level for bulls to defend against as a break below it could sink the pair to $1.

If the bulls want to maintain the advantage, they need to defend the 20-EMA and quickly push the price above $1.45. If they do that, the pair could rally to $1.51.

Sui price analysis

The bulls are trying to break the lower lows and lower highs in the SUI, which indicates a trend change.

The 20-day EMA ($0.92) has started to turn, and the RSI is near the overbought zone, suggesting that the bulls have the edge. If buyers break the price from the $1.11 to $1.18 protection zone, the SUI/USDT pair may increase its momentum to $1.44.

On the contrary, if the price drops significantly from the upper zone, it suggests that the bears remain highly active. The pair may slide towards the 20-day EMA and later towards the 50-day SMA ($0.84).

The bears are expected to mount a strong resistance in the $1.11 to $1.18 zone. On the downside, the 20-EMA is an important support worth noting. If the price recovers from the 20-EMA, the probability of a break above the upper zone increases.

Instead, if the price declines and breaks below the 20-EMA, it suggests profit booking by short-term traders. The pair may descend towards the 50-SMA. A break below this support could sink the pair to $0.86.

Related: Bitcoin ‘ticking time bomb' setup targets $150k by 2025

Aave price analysis

Aave (AAVE) has broken past the 20-day EMA ($135), indicating that sentiment has turned positive, and traders are buying on dips.

Buyers will try to push the price towards the $160 resistance. A break and close above $160 would indicate a resumption of the uptrend. The AAVE/USDT pair may rise to $180 and then to $200.

If the price breaks below the current level or above resistance and breaks below the 20-day EMA, this bullish outlook is worthless in the near term. That could open the doors to a fall to $118.

The 4-hour chart shows that the bulls stopped the retracement at the 50-SMA, which indicates buying on the dips. There is minimal resistance at $152, but it can be crossed. The next stop is $160, the bears will try to stop the upward movement again.

Alternatively, if the price declines from the current level and breaks below $137, it suggests that the bears are trying to make a comeback. The pair may drop to $131.

Injection cost analysis

Injection (INJ) has reached a downward channel pattern resistance line, which can act as strong resistance.

The moving averages are about to complete a bullish crossover, and the RSI is in positive territory, indicating gains for buyers. Breaking and closing above the channel indicates a possible trend reversal. The INJ/USDT pair may rally to $23 and then to $28.

On the contrary, if the price falls too far from the resistance line and breaks below the moving average, it suggests that the pair should extend its stay in the channel for more time.

The pair is gradually moving towards the defensive line of the channel, which is expected to act as a strong barrier. If the price breaks below the resistance line but recovers from the 20-EMA, it will show strength. That increases the chance of breaking over the channel. The bears can make a strong challenge again at $23, but the level can be crossed.

If the bears want to prevent an uptrend, they should take the price below the 20-EMA. 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.