Bitcoin’s rise to $40k boosts sentiment in KAS, RUNE, MNT and RNDR

Bitcoin (BTC) finally broke above the dreaded $38,000 resistance last week and moved closer to $40,000. This move shows that Bitcoin's direction continues. The bulls will try to maintain the momentum and get stronger during the year, while the bears will try to lower the price.

The main tailwind for Bitcoin is that the United States Securities and Exchange Commission (SEC) is expected to approve Bitcoin exchange-traded funds in early January. Corey Clipston, CEO of Swan Bitcoin, said in an interview with Bloomberg that the window to get the spot approval for the Bitcoin ETF “looks like it's narrowed down to January 8th, 9th or 10th.”

Many analysts expect the price of Bitcoin to rise after one or more Bitcoin ETFs get the green light. However, traders should look for the sell after the initial bullish reaction to the upside. After the event, the tendency to sell to the strength is generally seen in the previous markets, which leads to the popular saying “buy the rumor, sell the news”.

Could Bitcoin's Rise Around $40,000 Boost Buying in Altcoins? Let's take a look at the top 5 cryptocurrency charts that might interest investors.

Bitcoin price analysis

Bitcoin rallied and closed above the $37,980 overhead resistance on December 1, completing a bullish ascending triangle pattern. This setup has a target of $41,160.

Usually, after breaking out of the pattern, the price retests the breakout level. In this case, it can be reduced to $ 38,000. If the bulls turn this level into support, the possibility of a rally above $41,160 will increase. The BTC/USDT pair may rise to $48,000 as there is no significant resistance between them.

Although the trend favors the bulls, the bears are expected to make a strong challenge at $40,000. A slide below $38,000 could stop short-term traders. The pair may test the height line. The bears need to pull the pair below this level to gain dominance in the near term.

The advance move pushed the RSI into the overbought zone on the 4-hour chart, suggesting a near-term correction. The first support was at the 20-exponential moving average and then at the 50-simple moving average, at the $38,000 breakout level.

If the price bounces back from the 20-EMA, it indicates that traders are buying on small dips. That opens the door to a rise to $41,160. Conversely, a break below $38,000 could sink the pair to the top line.

Caspian price analysis

Caspa (KAS) has been consolidating significantly over the past several days. This is a positive sign, which shows that the bulls will not rush the exit.

Buyers are trying to push the price to the upper resistance at $0.16, the bears are expected to have a strong resistance. If the bulls overcome this obstacle, the KAS/USDT pair can continue to advance. The pair could run towards the target objective at $0.20.

Instead, if the price declines from the current level or $0.16, higher levels will attract sellers. The pair may decline towards the 20-day EMA ($0.12). If this level gives way, it indicates a possible trend reversal in the short term.

The price action on the 4-hour chart has formed an ascending triangle pattern, which will complete a break and close above $0.15. If that happens, the pair will signal a resumption of the uptrend. The target for this breakout setup pattern is $0.19.

This optimism is canceled at the break and closes below the high line. A bullish pattern failure is a bearish signal. The pair could fall to $0.11, where the bulls will try to recapture the decline.

THORChain price analysis

THORChain (RUNE) has been on strong growth. The bulls confirmed their dominance by pushing the price above the short-term barrier at $6.68 on December 2.

The bulls will try to keep the price above $6.68, while the bears will try to dip the RUNE/USDT pair below the broken level. If the sellers succeed, the pair could fall back to the 20-day EMA ($5.72). The bears should break below this level, indicating a possible upside.

On the other hand, if the price stays above $6.68, it shows that every small pot is being bought. That opens the doors to a resumption of the upsurge. The pair may rise first to $8.60 and then to $10.

The pair may continue lower and lean towards the $6.68 breakout level, which could act as a strong support. A strong recovery from this level would indicate that the bulls have turned $6.68 into support. The pair may test the $8.26 rally.

Meanwhile, the bears may have other plans. They try to keep the price below $6.68. If you can pull it, it will start to correct to the 50-SMA cone. If the bears enter the price below the 50-SMA, the trend will be negative.

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Mantle price analysis

The bulls pushed Mantle (MNT) above recent resistance at $0.54 on November 30, indicating that the breakout remains intact.

Although upward moving averages indicate an uptrend, a negative divergence on the RSI suggests that momentum is slowing. That could lead to a dip towards the 20-day EMA ($0.50), which is an important level to watch.

If the price recovers from this level, it indicates that the breakout remains intact. The bulls will try to drive the price towards the $0.60 resistance. This bullish outlook will be canceled if the price declines and breaks below the 20-day EMA. The MNT/USDT pair may drop to $0.46.

The bulls are struggling to keep the price above $0.54. The bears will try to take advantage of this opportunity and pull the price towards the 50-SMA. This remains a key phase to focus on in the near future.

If the price recovers from the 50-SMA, the bulls will try to continue moving higher again. Conversely, if the bears wash the price below the 50-SMA, it indicates that a deep correction has begun. The pair may jump first to $0.50 and then to $0.46.

Provide a price analysis

Render (RNDR) has rebounded from its 20-day EMA ($3.21) dated November 30, indicating that sentiment remains positive and traders are buying on dips.

The upward moving averages indicate that the path of least resistance is up, while a negative divergence on the RSI suggests that momentum is weakening. Buyers need to push the price above $3.78 to take control. The RNDR/USDT pair can climb to $4.64.

On the contrary, if the price falls significantly from the current level, it shows that the bears will continue to sell in rallies. A break below the 20-day EMA ($3.23) would be the first indication that the bulls may be losing their grip. The bears are back in the driver's seat with a break below $2.96.

The bulls are trying to push the price above $3.78 but may face strong resistance from the bears. If the price declines from the current level and slips below the 20-EMA, it may trigger the stop of many short-term traders. The pair may descend towards the 50-SMA.

A break below this support suggests that range-bound action may continue for some time. Conversely, if the price bounces back from the 20-EMA, it suggests strong buying on the dips. The pair may test the $4.64 rally.

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.