The official Trump memecoin holds the crypto market trading as Bitcoin prepares for new highs

Bitcoin (BTC) surged to $106,000 a day before the inauguration of US President-elect Donald Trump. However, the coin that caught traders' attention over the weekend was US President-elect Donald Trump's memecoin, Official Trump (TRUMP).

The TRUMP token, which launched on the Solana network on January 17, hit a high of $79 on January 19. That lifted Solana (SOL) to a new all-time high of $295. However, since then, both TRUMP token and Solana have returned a small percentage of their profits.

While a new all-time high is unlikely in Bitcoin, crypto investors should be cautious as seasoned traders buy the rumor and sell the news. Any disappointment in meeting traders' expectations could cause a pullback in Bitcoin and altcoins.

If Bitcoin reaches a new all-time high, several altcoins may join the party. Let's take a look at the charts of the top cryptocurrencies that are likely to outperform in the near future.

Bitcoin price analysis

Bitcoin gradually rose to a high of 108,353 dollars, the bears are expected to add strong resistance.

The 20-day exponential moving average ($98,800) has started to rise, and the relative strength index (RSI) is in the positive zone, indicating that buyers have an edge. If the bulls pierce the upper resistance, the BTC/USDT pair may start the next leg up to $126,706.

On the other hand, if the price drops from $108,353, it shows that the bears are very active. The pair may slide towards the 20-day EMA, an important level to watch out for. If the price recovers from the 20-day EMA, the bulls will again try to clear the barrier at $108,353.

For a few days, sellers need to pull the price below the moving average to initiate a consolidation between $90,000 and $108,353.

The moving averages are trending higher on the 4-hour chart, and the RSI is in positive territory, indicating upside for buyers. There is a small hurdle at $106,000, but it can be crossed. The pair may test the crucial $108,353 level.

Time is running out for the bears. If they want to hedge the upside, they should take the price below the 20-EMA. That opens the doors to a break to $100,000 and then to the 50-easy moving average.

XRP price analysis

XRP (XRP) is recovering sharply, which indicates that short-term buyers will take profits.

The XRP/USDT pair may slide towards the $2.91 breakout level, an important level to watch. If the price rebounds strongly from $2.91, it will indicate that the bulls have reversed the level to support. That adds up to more than a $3.40 breakeven. The pair can reach the $4.84 pattern target.

Conversely, a break below $2.91 would indicate that the bulls are losing their grip. The pair may sink towards the 20-day EMA ($2.71) and later towards the 50-day SMA ($2.44).

The bears have pushed the price below the 20-EMA but are struggling to sink the pair to $2.91. This refers to buying on dips. If the price rises and continues above the 20-EMA, the pair can retest the $3.40 resistance. A break above this level could initiate the next leg up towards $4.10.

If the price declines from the 20-EMA, the probability of a drop to $2.91 increases. Sellers should pull and hold the price below $2.91 to signal the start of a deeper correction. The pair may drop to $2.60 and eventually $2.20.

Solana price analysis

Solana (SOL) rallied on January 18 and broke the overhead resistance at $260, indicating that bulls are in the driver's seat.

The buyers extended the rally on January 19, but the long wick on the candlestick indicates oversold. The $260 level could witness a fierce battle between bulls and bears. If the price changes from $260, the SOL/USDT pair can rise to $300 and then to $375.

To weaken the momentum, sellers need to pull and hold the price below $260. That could tempt buyers to book profits by pulling the pair towards $240 and eventually towards the 20-day EMA ($212).

The 4-hour chart shows that buyers are taking profits around the $300 level. This raised the price to $260. This is an important level to watch out for because a strong breakout from it suggests that the bulls are trying to turn the level into support. The pair will try to break above $300 again and continue to rise.

On the contrary, a weak break above $260 suggests an absence of buying activity. That increases the risk of splitting into the 20-EMA. If this level is broken, the pair could fall to $220.

Official Trump price analysis

The official Trump has seen a huge rally since his inception. Because of its short trading history, the 30-minute chart is being used for analysis.

The TRUMP/USDT pair bounced back from $79 but is finding support at the 20-EMA. This shows that the sentiment remains positive and traders are buying the dips. The bulls will make another attempt to clear the barrier at $79. If you can do that, the pair can go up to $109.

Alternatively, if the price closes and closes below the 20-EMA, it indicates that traders have taken profits. If the pair falls below $53, the sell-off could increase further. That could extend the decline to the 50-SMA.

RELATED: Allegations of insider trading emerge as TRUMP memecoin floods Solana DEXs.

Algorand token price analysis

Algorand (ALGO) declined from $0.50 on January 17, indicating that the bears will defend the level strongly.

The 20-day EMA ($0.40) is changing, and the RSI is in positive territory, indicating that the bulls have an edge. If the price rises above $0.45, the bulls will try again to drive the ALGO/USDT pair above $0.50. If successful, the pair could rally to $0.55 and then to $0.61.

If the price breaks down and closes below the moving average, this positive outlook is worthless in the near term. The pair could fall to $0.32.

The price has fallen from the 50-SMA, but the bears are trying to stop the support rally at the 20-EMA. If the price drops significantly below the 20-EMA, the probability of a break below the 50-SMA increases. If that happens, the pair could drop to $0.32.

Conversely, if the price breaks down and continues above the 20-EMA, it indicates strong buying at lower levels. The bulls will try to overcome the barrier at $0.50, clearing the way for a rally to $0.61.

XDC network price analysis

XDC Network (XDC) bounced back with a strong push, but the bulls didn't give much ground to the bears.

The XDC/USDT pair is finding support near the 38.2% Fibonacci retracement level at $0.12. If the price breaks above the current level and breaks above $0.16, the pair may start the next leg of the rally towards $0.20.

Instead, if the price declines and breaks below $0.12, it suggests that the bulls are rushing to the exit. The pair could jump to the 20-day EMA ($0.11). Sellers should break below the 20-day EMA to signal that the pair may have finished short-term.

The pair slipped below the 20-EMA, but the bulls bought the dip. Buyers try to push the price above the lower line. If you do that, the pair can reach $0.16. This level can provide strong resistance, but the pair can continue to rise if the bulls win.

50-SMA is an important support to watch on the downside. A break and close below this level could sink the pair to the 61.8% Fibonacci retracement level at $0.10.

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.