Bitcoin’s muted price volatility shifts traders’ focus to LINK, ICP, RNDR and SUI

Bitcoin (BTC) remains stuck in a certain range and is on target to end the week with gains of around 2%. Trading suite DecentTrader said in an update that the sideways price action is likely to continue for a month as buying increases are expected to halve in April.

The space has opened the doors to institutional investments in bitcoin exchange-traded funds (ETFs), but revenue has slowed as large trading platforms do due diligence, according to a Bloomberg report.

A slight positive in the short term is that Greyscale Bitcoin Trust's (GBTC) flow is slowing. According to BitMEX research data, GBTC withdrawals are hovering around the $200 million mark since January 29, down from a peak of $640 million on January 22.

Bitcoin's consolidation is a positive sign that could attract traders to choose altcoins. Let's take a look at the top 5 cryptocurrency charts that are likely to outperform in the near future.

Bitcoin price analysis

Bitcoin has been above the 20-day moving average ($42,471) for the past few days, but the bulls have not been able to challenge the higher resistance at $44,700.

A weak retracement to the 20-day EMA indicates a lack of interest at higher levels. If the price declines and breaks below $41,394, it indicates that the BTC/USDT pair may consolidate between $44,700 and $37,980 for a few more days.

The $44,700 resistance is a key level to watch for upside. A break and close above this level indicates that the bulls are back in control. That clears the way for a potential rally to the $50,000 psychological milestone.

Both moving averages on the 4-hour chart are stretched, and the RSI is near the midpoint, indicating a balance between buyers and sellers. A slide below the 50-easy moving average tilts the advantage in favor of sellers. The pair can drop to $41,394.

If the bulls want to take control, the price should push above the protection zone of $44,000 to $44,700. If they succeed, the pair could go up to $47,000. This level may act as a strong barrier, and the pair may decline to $44,700. If the bulls turn this level into support, the pair could continue to rise and climb to $50,000.

Chainlink price analysis

Chainlink ( LINK ) rose above the $17.32 profit resistance on Feb. 2, signaling a resumption of the uptrend.

The 20-day EMA ($15.80) has started to roll over, and the RSI is near the overbought zone, indicating that the bulls are in the driver's seat. There is little resistance at $19.54, but if crossed, the LINK/USDT pair could jump to the $21.79 pattern target.

If the bears want to defend the upside, the price should pull below $17.32. This indicates strong selling at higher levels. The pair may fall towards the 20-day EMA.

The 4-hour chart shows that the bulls are trying to turn the $17.32 level into support. The rising moving averages and the RSI in the positive range indicate that the bulls are dominant. A break above $18.88 and close to $21.38 indicates the start of a new uptrend.

Conversely, if the price declines and breaks below $17.32, it suggests that the bulls are losing their grip. The pair may drop down to the 50-SMA and remain stuck in the range for some time.

Internet computer cost analysis

Internet Computer (ICP) broke above the 50-day SMA ($11.63) on February 1, indicating that the bulls are holding the level strongly.

The long wick on the February 3 candlestick shows that the bears are trying to stop the upward movement near $14, but a positive sign is that the bulls have not given much space. This adds up to more than a $14 break. The ICP/USDT pair may test the rally towards $16.30.

If the price declines and falls below the 50-day SMA, this bullish outlook becomes invalid in the near term. The pair may eventually extend the drop to the $9.36 breakout level, where buyers can enter.

The 4-hour chart shows that the pair is trading in a range between $9.36 and $14. The pair lifted the 20-EMA, indicating that lower levels are attracting buyers. The next stop up is the sturdy head protector at $14.

If buyers overcome this barrier, the pair can target the $16.30 and then the $18.64 pattern. Alternatively, a slide below $11.20 suggests that the pair could extend its stay in the range for more time.

Related: Bankrupt Crypto Lender Genesis Seeks Approval to Sell $1.6B in Trust Assets

Provide a price analysis

Render (RNDR) broke above the $4.40 resistance on January 30, and the bulls successfully held the pullback at the 50-day SMA ($4.26) on January 31.

There is little resistance at $5.07, but it could be crossed. The RNDR/USDT pair may then test the high at $5.28. If buyers drive the price above this resistance, the pair could accelerate to $6.60.

Alternatively, if the price drops significantly from $5.28, it shows that the bears are active at a higher level. The pair may again descend towards the 50-day SMA. A break below this level signals the end of a short-term uptrend. The pair can slide to $4.

Both moving averages are rising, and the RSI is in positive territory on the 4-hour chart, indicating that the short-term trend is in favor of buyers. The pair may rise to $5.07 and then to $5.28.

The first sign of weakness is a break and close below the 20-EMA. If that happens, the pair could drop to the $4.40 breakout level. This is an important level for bulls to defend because a break below it may indicate a short-term trend change.

Sui price analysis

Sui (SUI) broke above the resistance above $1.50 on January 29, but the bulls could not sustain the breakout. That marks the Bears' comeback attempt.

The SUI/USDT pair has broken out of the 20-day EMA ($1.34), indicating that sentiment remains positive and traders are seeing dips as buying opportunities.

Buyers will need to push the price above $1.65 to maintain the pressure. If they do that, the pair can go up to $2. This level could again act as a major barrier, but if crossed, the rally could reach $2.64.

On the downside, bears need to break below the 20-day EMA to dominate. The pair may descend towards the 50-day SMA ($1.04).

The bulls pushed the price above the $1.50 level. If buyers continue to gap, the pair could travel to $1.57 and then to $1.65. The bears try to defend this level, but if the bulls lose, the pair can start the next leg of the rise.

Contrary to this assumption, if the price falls below the maximum resistance and breaks below 1.38, it suggests that the bears will hold the edge. The pair could continue its correction to $1.15 and then to $1.

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.