Bitcoin tips for $70K, setting the path for TON, STX, MNT and MKR

Bitcoin (BTC) is down about 2% this week, but a positive sign for the bulls is that the price is off the weekly low of $64,493. Many analysts expect the next trigger to cut Bitcoin in half. However, cryptocurrency exchange Coinbase warns that Bitcoin price action may face obstacles after the halving event, as the season is typically a weak time of year for crypto markets and other risk assets.

While the upside may seem open, the downside may be limited. UTXO Management Senior Analyst Dylan LeClair believes that even with a fall, Bitcoin is unlikely to break through $50,000 as a major long-term rally could be taken. However, he warned that nothing is impossible in crypto markets.

Although Bitcoin is leading the high markets, several altcoins have shown strong performance. Pantera Capital's Liquid Token Fund said in a shareholder letter reviewed by Bloomberg that the fund cut exposure to Bitcoin and Ether and increased its allocation to DeFi tokens, helping it post 66% returns in the first quarter of 2024.

Will altcoins continue to outperform bitcoin in the near future? Let's study the top 5 currencies that look strong on the charts.

Bitcoin price analysis

Bitcoin has been oscillating in a balanced triangle pattern for the past few days, indicating indecisiveness about its next directional move.

The 20-day exponential moving average ($68,049) continues to slowly move higher, and the Relative Strength Index (RSI) in positive territory shows a slight edge for the bulls. A break and close above the triangle suggests that uncertainty has been removed in favor of buyers. The BTC/USDT pair may rise to $73,777 and eventually to $80,000.

Instead, if the price turns below the cold line and breaks below the 20-day EMA, it suggests that the pair should extend its stay in the triangle. The advantage tilted to the Bears at the break below the triangle. That could start a decline to $59,000 and the 61.8% Fibonacci retracement level to $54,298.

The 20-EMA has started to light up on the 4-hour chart, and the RSI is in the positive zone, indicating that the bulls are dominant. The move to the upside may face strong resistance at the lower line, but if the bulls overcome this hurdle, the consolidation phase may end. The pair could rise to $72,000 and then to $73,777.

Contrary to this assumption, if the price declines and breaks below the moving average, it indicates that the bears are not willing to give up. Then the pair can slide to the triangle support line. Sellers should break below this level to signal the start of a downward move towards $59,000.

Token price analysis

Toncoin (Ton) has been slowly rising towards the $5.69 overhead resistance, indicating that the bulls are trying to regain control.

Although the upward trend of the 20-day EMA ($4.86) indicates the upside for buyers, the negative divergence on the RSI suggests a possible consolidation or correction in the near term. If the price declines from the current level or $5.69, it will show that the bears will be able to protect the overhang resistance significantly. That could push the price down to the 20-day EMA.

On the other hand, if buyers pierce the $5.69 resistance, the TON/USDT pair may start the next hike to $7.09.

The 4-hour chart shows that the price has been oscillating between $5.60 and $4.72 for some time. The moving averages have started to rise gradually, which shows that the bulls are dominant. This adds up to $5.69 overtime. If that happens, the pair could rise to $6.48.

Conversely, if the price declines sharply and breaks below the moving averages, it suggests that a range-bound move may continue for some time. The bears will dominate on a fall below $4.72.

Stack price analysis

Stack (STX) fixed high. The price is stuck between the moving averages, which indicates a fierce battle between the bulls and the bears.

If the price rises above $3.36, it shows that the bulls have taken the supply. That adds resistance to a rally above $3.84. If this level clears, the STX/USDT pair may rise to $4.27 and later to $5.

Contrary to this assumption, if the price declines and breaks below the 50-day SMA, it shows that the bears have defeated the bulls. That could initiate a deep pullback to $2.50 and $2.20.

The bulls pushed the price above the 20-EMA on the 4-hour chart, indicating that the selling pressure is waning. If buyers maintain the momentum and drive the price above the 50-SMA, the pair may test to $3.60 and later to $3.84.

Alternatively, if the price drops below the 50-SMA, it suggests that the bears are selling in rallies. A break below $3.05 would strengthen the bears, and a selloff below $2.90 is likely to accelerate.

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Mantle price analysis

Mantle (MNT) is facing resistance at $1.50, but a positive sign is that the bulls are not allowing the price to drop below the 20-day EMA ($1.18).

The bulls will try to retest the $1.50 profit barrier. The upward 20-day EMA and RSI suggest that little resistance is on the way from the overbought zone. If buyers overcome the barrier at $1.50, the MNT/USDT pair may start a rally towards $1.90.

Conversely, if the price falls below $1.50, it suggests that the bears will sell in rallies. The pair may descend towards the 20-day EMA. A break below this support indicates the initiation of a deeper correction.

Both moving averages are slowly moving upwards on the 4-hour chart and the RSI is in positive territory, indicating that buyers are in control. There is minimal resistance at $1.45, but if this level is crossed, the pair could climb to $1.50.

The 50-SMA remains a key support to watch on the downside. A break below this support suggests that the bulls are losing their grip. The pair may drop to strong support near $1.15.

Producer price analysis

The bulls are finding it difficult to keep Maker (MKR) above $4,000, which will lead to profit booking.

The MKR/USDT pair could correct towards the 20-day EMA ($3,481), an important level to watch out for. If the price bounces back from this support, it suggests that the sentiment remains positive and traders are buying the dips. The pair can retest the breakeven resistance at $4,074. If this level is weighed, the pair may pick up momentum and jump to $5,280.

Conversely, a break below the 20-day EMA suggests that the bulls are rushing to the exit. The pair may fall towards the 50-day SMA ($2,794).

The pair dipped below the moving averages on the 4-hour chart, indicating that the bears are trying to take charge. The pair will try to hold the fall to $3,561 and next to $3,453. If the price bounces back from the support, it suggests that the pair may consolidate for some time.

Conversely, a break below $3,453 may initiate a correction towards $3,000 and below $2,700. The rally could resume above $4,074.

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.