SUI, BGB, ENA and VIRTUAL show strength as Bitcoin looks for direction

SUI, BGB, ENA and VIRTUAL show strength as Bitcoin looks for direction


Bitcoin (BTC) is down about 8% for the week, but the positive sign is that the bulls have bought the weekly lows in a big way. After recovery, analysts are divided on the next directional movement. Some expect the correction to intensify, while others expect the improvement to resume.

Bitcoin's recovery on Dec. 20 failed to attract investors to the U.S. to find bitcoin-trading funds. Data from Farside Investors shows withdrawals of $617.9 million on Dec. 19 and $277 million from ETFs on Dec. 20, suggesting profit booking by traders.

Daily View of Crypto Market Data. Source: Coin360

The next few days could see a fierce battle between bulls and bears around $100,000. If Bitcoin stays above $100,000, crypto sentiment is expected to improve, with selected altcoins rising.

On the other hand, Bitcoin's failure to break above $100,000 could prompt short-term buyers to take profits. That could start a deep correction in Bitcoin, triggering a selloff in select altcoins.

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Let's take a look at the top 5 cryptocurrency charts that are likely to outperform in the near future.

Bitcoin price analysis

Bitcoin broke below the 50-day simple moving average ($92,901) on December 20, but the recovery is facing a sell-off at the 20-day exponential moving average ($98,758).

Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF, SUI

BTC/USDT Daily Chart. Source: Cointelegraph/TradingView

The BTC/USDT pair may consolidate between moving averages as both bulls and bears attempt to dominate. If the price breaks above the 20-day EMA, it suggests that the correction may be over. The pair can then retest the all-time high at $108,353. A break and close above this resistance could initiate the next leg of the rally to $113,331 and then to $125,000.

Conversely, a break and close below the 50-day SMA could initiate a deep correction towards $85,000. This is an important level for the bulls to defend because a break below it could open the door to a drop to $73,777.

Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF, SUI

BTC/USDT 4-Hour Chart. Source: Cointelegraph/TradingView

Both moving averages are trending lower on the 4-hour chart, and the RSI is in negative territory, indicating gains for sellers. A break and close below the $90,000 support could signal the start of a deeper correction towards $85,000.

The first sign of strength is a break and close above $100,000. The pair could go up to $105,000 and later to $108,353. Sellers are expected to defend this level with all their might because if their efforts fail, the pair may continue to rise.

Sui price analysis

Sui (SUI) dipped below the 20-day EMA ($4.22) on December 19, but the bears failed to break the support of the 50-day SMA ($3.61) on December 20.

Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF, SUI

SUI/USDT Daily Chart. Source: Cointelegraph/TradingView

A breakthrough of the 50-day SMA indicates aggressive buying at lower levels. The bulls tried to continue the uptrend on December 21, but the bears held their position. While a rising moving average indicates gains for buyers, a negative divergence on the RSI indicates bearish momentum.

If the price changes from the current level, the bulls will try to continue the rally. If the $5 level is crossed, the SUI/USDT pair may rise to $5.50 and then to $6.50.

On the other hand, a break and close below the 20-day EMA suggests that the bulls are taking profits. If the 50-day SMA gives way, selling may accelerate. The pair may drop to $3.

Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF, SUI

SUI/USDT 4-hour chart. Source: Cointelegraph/TradingView

The moving averages on the 4-hour chart are trending lower, and the RSI is below the midpoint, suggesting a range-bound move in the near term. If the price stays below $4.20, the pair may drop to $4 and later to $3.50. Buyers are expected to aggressively defend the $3.50 level.

If the buyers drive and maintain the price above the 50-SMA, the pair can rise to $5. This remains a key resistance to watch as a break above it could push the pair towards $5.50.

Bitget Token price analysis

Bitget Token (BGB) fell from $4.90 on December 19 and broke below the 20-day EMA ($3.29) on December 20, but the long tail on the intraday candle indicates strong buying at lower levels.

Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF, SUI

BGB/USDT Daily Chart. Source: Cointelegraph/TradingView

After the volatility of the past few days, the BGB/USDT pair may be consolidating between $4.90 and the 20-day EMA for some time. If buyers drive the price above $4.90, the pair could rally to $5.38 and later to $6.

On the downside, a break below $4.05 could pull the pair towards $3.83 and then towards the 20-day EMA. Buyers are expected to protect the 20-day EMA as a break below it suggests the pair has finished short-term.

Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF, SUI

BGB/USDT 4-hour chart. Source: Cointelegraph/TradingView

The bulls are trying to get the price back above the 20-EMA, which shows the need for lower levels. The pair can reach the bottom line, which can be used as a strong resistance. If bulls break the downtrend line, the pair could rise to $4.90.

On the downside, bears need to sink and sustain the price below the 50-SMA to signal the start of a deeper pullback. The pair could drop to $3.38 and then to $2.90.

RELATED: Bitcoin Social Sentiment Drops to Annual Low, Signaling BTC Breakout

Athena price analysis

Athena (ENA) broke below the 20-day EMA ($1.00) on December 19, but the bulls quickly regained the level on December 20.

Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF, SUI

ENA/USDT Daily Chart. Source: Cointelegraph/TradingView

An upward trending 20-day EMA and RSI above the midpoint show slight upside for buyers. The bulls will try to push the price to $1.23 and later to $1.33. Sellers are expected to defend this zone with all their might, but if the bulls win, the ENE/USDT pair may rally to $1.52.

If the price declines and breaks below the 20-day EMA, this bullish outlook is worthless in the near term. The pair may fall towards the 50-day SMA ($0.76).

Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF, SUI

ENA/USDT 4-hour chart. Source: Cointelegraph/TradingView

Flat moving averages and the RSI near the midpoint on the 4-hour chart indicate a balance between supply and demand. The pair may fluctuate between $1.23 and $1 for some time.

Buyers must drive the price above $1.23 to get back in the driver's seat. The pair may rise to $1.33 and then to $1.52.

Conversely, a slide below $1 could sink the pair to $0.84. This is an important support to monitor in the near term as a break below it indicates a short-term trend reversal.

Virtual protocol cost analysis

Virtual Protocol (virtual) is correcting sharply, but the slight upside is that it found support at the 20-day EMA ($2.14).

Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF, SUI

Virtual/USDT Daily Chart. Source: Cointelegraph/TradingView

The upward trend of the 20-day EMA and RSI indicates that buyers have peaked in the positive zone. If the price is above $2.85, the VIRTUAL/USDT pair may increase to $3.32. A break and close above this resistance could push the pair towards $4.

Contrary to this assumption, if the price continues lower and breaks below the 20-day EMA, it suggests that the bulls will take profits. There is another strong support at $2, but if the level is broken, the pair could enter a deep retracement towards $1.50.

Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF, SUI

Virtual/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair has dipped below its moving average, but the bears are struggling to push the price towards $2. This indicates that selling will dry up at low levels. Buyers will try to push the price above the moving averages, opening the doors to the rally to $3 and then to $3.32.

On the contrary, if the price is reduced from the moving averages, it shows that the bears are selling in rallies. That could sink the pair to strong support at $2. If this support is broken, the pair could drop to $1.50.

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.

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