Bitcoin trades sideways while TONE, RNDR, PEPE and AR flash signals

Bitcoin (BTC) failed to hold its recovery this week, indicating that the bears are not giving up and are using the rallies to sell. Bitcoin is on track to end the week down more than 4 percent. When the price is close to $60,000, the chance of a damage breakdown becomes higher.

However, analysts remain bullish on price action in the post-half cycle. According to Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, Bitcoin could rise to “anywhere between $175,000 and $350,000 in the next 9 months.” “This bull market will end in January 2025,” Petersen warned on the X-Post.

Despite the sideways price action, select traditional financial firms are adding Bitcoin to their portfolios. JPMorgan Chase and Wells Fargo said in a May 10 filing with the U.S. Securities and Exchange Commission that they were exposed to bitcoin exchange-traded funds. Although the allocation for Bitcoin is small, it seems like a step in the right direction.

Will Bitcoin's regional move shift the focus to altcoins? Let's study the top 5 currencies that look promising on the charts.

Bitcoin price analysis

The bulls successfully maintained the $59,600 level in Bitcoin but failed to push the price above the 20-day exponential moving average ($62,650). This shows a fierce battle between the bulls and the bears.

The 20-day EMA and Relative Strength Index (RSI) indicate the advantage of sellers in the negative territory. If the $59,600 level is broken, the BTC/USDT pair could retest the May 1 intraday low of $56,552. This level is expected to attract buyers, but if the bears prevail, the pair could drop to the 61.8% Fibonacci retracement level at $54,298.

If the bulls want to protect the downside, they should move the price above the 20-day EMA and hold it. If they do that, the pair can go up to $67,250. Buyers must overcome this hurdle to begin a rally to $73,777.

The 20-EMA on the 4-hour chart is stretched, and the RSI is near the midpoint, indicating that the selling pressure is decreasing. Critical support to look at on the downside is $59,600. If this level is breached, selling may be triggered, and the pair may drop to $56,552.

Conversely, if the price rises above the 50-simple moving average, it suggests that the bulls are trying to make a comeback. The pair may rise to $63,500 and later to $65,500. A break above this resistance indicates that the bears may lose their grip.

Token price analysis

Toncoin (ton) is trying to raise immediate resistance above $7.23, but the bears are holding their ground.

A small positive in favor of the bulls is that the price does not allow it to slip below $7.23. This adds up to over $7.23 in vacation time. If this happens, the TON/USDT pair may challenge the resistance at $7.67.

An important support to watch on the downside is moving averages. A break and close below this support suggests that the pair may consolidate between $4.72 and $7.67 for a few days.

Both moving averages are trending higher, and the RSI is near overbought territory on the 4-hour chart, indicating that the bulls are dominant. Buyers will try to further strengthen their position by pressing the price above $7.23.

Conversely, bears try to lower the price below the 20-EMA. If they do that, it suggests that the bears will have a lot of resistance. The pair may descend towards the 50-SMA.

Provide a price analysis

Render (RNDR) broke above the moving averages on May 5, indicating that the correction phase may be over.

The bears are trying to block resistance above $12, but the bulls have not given much ground. This indicates that dips are being bought. The moving averages complete the bullish cross, and the RSI is in the positive zone, indicating that the bulls are in control.

If the price breaks above the current level or retraces the 20-day EMA ($9.59), the possibility of a rally will increase above $12. The RNDR/USDT pair may rise to $13.83. If the price declines and breaks below the moving average, this optimism is worthless in the near term.

The bears are trying to dip the pair below the 20-EMA. If they succeed, the short-term bullish momentum will weaken, and the pair may fall towards the 50-SMA. This level may attract buyers but the downside may face selling at the 20-EMA. If the 50-SMA is broken, the next stop could be $9.50.

If buyers want to protect their holdings, they should defend the 20-EMA and push the price above the $12 resistance.

Related: Is the altcoin market headed for an ‘explosive rally?' Analysts look at these 3 indicators

Pepe price analysis

Pepe (PEPE) has recovered steadily over the past few days, indicating sustained buying at low levels.

The price action formed an inverse head-and-shoulders pattern that ended on a break and closed above $0.0000092. If buyers keep the price above the neckline, the PEPE/USDT pair can continue to rise. The dome setup pattern target is $0.0000145.

The moving averages can act as a strong support during traction. If the price rebounds from the moving averages, it indicates that the sentiment remains positive and traders are buying the dips. If the $0.0000060 support is broken, the trend will turn negative in the near term.

The 4-hour chart shows that the pair is taking support from the moving averages, which shows that the bulls are strongly defending the level. Buyers must overcome the above barrier at $0.0000092 to dominate.

If the price turns down and breaks below the moving averages, it indicates that the bears are back in the game. The price may slip to the critical support at $0.0000076, which may indicate a strong buying by the bulls.

Arweave price analysis

Arweave (AR) has been slowly climbing higher over the past few days, indicating strong bullish demand.

An upward 20-day EMA ($36) and an RSI above 61 suggest the bulls have the edge. The AR/USDT pair may reach resistance above $47.51, an important level to watch out for. If the bulls push the price above this resistance, the pair should accelerate to $52 and then to $68.

If the pair falls and breaks below the moving averages, this positive view will be worthless in the near term. That could pull the pair to $26.50.

The 4-hour chart shows that the pair is taking support at the pullback of the 50-SMA. Buyers try to push the price to $45 and later to $47.51. Sellers are expected to aggressively defend this zone because the momentum may increase if their efforts fail.

50-SMA is support to watch on the downside. If this level is broken, the pair may drop to $36 and further below $34. The price may bounce back from this zone but may face selling at the 20-EMA.

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.