VET, IMX, GRT and ALGO show massive combinations as Bitcoin trades above $37K
Bitcoin (BTC) is on target to end the week up about 6%, indicating continued bull interest. Michael Saylor, founder of MicroStrategy, said in a speech at the 2023 Australian Crypto Convention on November 10 that by the end of 2024, demand for Bitcoin could increase two to 10 times per month. . Saylor expects that both of these events will cause the price to “correct”.
Analysts are busy predicting how far the rally could go, with the general consensus that the price of Bitcoin will rise in 2024. Using the on-chain indicator of terminal price, Bitcoin creator Philip Swift said it could hit at least $110,000 in the next bull cycle.
While Bitcoin continues to gain the limelight, several major altcoins are demanding higher payouts. The broad-based cryptocurrency rally adds hope that an altcoin season may be around the corner.
If the bullishness continues, altcoins may witness a rotation, in which case the high flyers will experience some profit booking, and the laggards will start to move up. Let's take a look at the charts of the top-5 cryptocurrencies that are likely to outperform in the near future.
Bitcoin price analysis
Bitcoin has held above its uptrending channel pattern for the past three days, indicating that the bulls are waiting for a breakout.
The bulls will try to push the price above $38,000 and begin the journey north to $40,000. While the upward moving averages indicate that the bulls are in control, the overbought levels on the RSI warn of a potential correction.
If the price breaks back into the channel, it indicates that the markets have rejected the highs. That could open the door to a breakout of the channel's support line near the 20-day exponential moving average ($34,784).
The bears should tie the price below the channel to signal the beginning of a strong correction. The BTC/USDT pair may decline to the $32,400 to $31,000 support zone.
The bulls are buying towards the 20-EMA dip on the 4-hour chart but are unable to sustain the rally. This indicates a lack of interest at higher levels. The bears will try to take advantage of this opportunity and drag the price below the 20-EMA. If they do that, the pair may fall to the 50-SMA.
On the contrary, if the price changes from the current level, the bulls indicate that the break level in the channel has been reversed to support. This rally raises expectations above $38,000.
VeChain price analysis
VeChain (VET) completed a double bottom pattern on November 6 after bulls pushed the price above $0.021.
The bulls managed to fend off attempts by the bears to push the price back below $0.021. This indicates that buyers are trying to turn the $0.021 level into support. The bulls will next try to push the price above $0.023 and could continue the move. If they do that, the VET/USDT pair could come to the $0.028 pattern target.
Conversely, if the price fails to rise above the $0.023 resistance, the possibility of a drop to the 20-day EMA ($0.020) increases. A break and close below this support would suggest the bears are back in the game. The pair may descend towards the 50-day SMA ($0.018).
The pair has been consolidating above the $0.021 breakout level for some time. The 20-EMA is stretched, and the RSI is close to the midpoint, indicating a balance between supply and demand.
If the price breaks above $0.023, this equilibrium will be tilted in favor of buyers. This can start the next leg of the climb. Instead, if the price declines and falls below $0.021, it indicates that the markets have rejected the highs. That could start a fall to $0.020.
Fixed price analysis
Immutable (IMX) has increased significantly in the past few days, which indicates that the bulls are trying to make a comeback.
The recovery is expected to face formidable resistance at $1.30. If the price does not give much space from this level, it raises the possibility of resistance above. The IMX/USDT pair may start a rally towards $1.59.
An overbought level on the RSI warns of a near-term correction or consolidation. If the price drops significantly from the current level or $1.30, it will indicate that the bulls are rushing to the exit. That could push the price down to the 20-day EMA ($0.84).
The pair is slowly moving towards the $1.30 upside. The upward moving averages indicate that bulls remain in command, but a negative divergence on the RSI suggests that momentum is weakening.
Sellers can mount a strong resistance at $1.30, but if the price stays above the moving average, it will extend the rally above the overhead barrier. Alternatively, if the price declines sharply and slips below the 50-SMA, it will signal the start of a return to $0.80.
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Graph value analysis
The graph (GRT) corrected after a strong move, but the positive sign is that the bulls managed to keep the price above the 20-day EMA ($0.12).
The GRT/USDT pair is trying to continue its upward movement, but the bears are making a strong challenge at $0.14. Upward moving averages and an RSI in the positive territory indicate that the path of least resistance is up.
If bulls overcome the barrier at $0.16, the pair could continue its momentum. The pair could then move towards $0.21. Contrary to this assumption, if the price declines and breaks below the 20-day EMA, it signals the end of the uptrend.
The pair found support at the 50-SMA on the 4-hour chart, but the bears are trying to stop the recovery near $0.14. If buyers breach this resistance, the pair can retest the barrier at $0.16. This phase may again witness a fierce battle between the bulls and bears.
On the downside, the 50-SMA remains a key level to watch. If this level gives way, the pair could fall to the strong support at $0.12. This level can attract buying bulls.
Algorithm value analysis
Algorand (ALGO) is forming a circular bottom pattern, which will complete on a breakout and close above the top resistance at $0.14.
The moving averages and the RSI in the overbought zone indicate that the bulls have an advantage. If buyers hold the price above $0.14, this signals the start of a new move. The reversal setup pattern target is $0.20. If this level is weighed, an upward move could reach $0.24.
Alternatively, if the price drops significantly below $0.14, it suggests that the bears will continue to defend the level effectively. The ALGO/USDT pair may drop to the 20-day EMA ($0.12).
The bulls are buying the dip to the moving averages, which shows that the sentiment is turning positive. The real test for the bulls is at $0.14. If the price moves above this level and holds, the pair may gain momentum.
On the upside, moving averages remain a key level to watch. A break below the 20-EMA could pull the price towards the 50-SMA. If this level is broken, the pair may start a correction towards $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.
