Bitcoin Faces Resistance, Altcoins Ready to Rise?
Bitcoin (BTC) has been consolidating above $35,000 for several days, but the bulls have failed to resume the uptrend above $38,000. This suggests hesitation to buy at higher levels. Multiple analysts believe Bitcoin will enter a correction in the near term, with the worst outcome projecting a drop to $30,000. However, the fall is unlikely to start a bear phase.
Solana, Chainlink, Near Protocol, and Theta Network Analysis
While Bitcoin takes a breather, several altcoins have witnessed a pullback, but some are showing signs of resuming their uptrends. Let's take a look at the charts of the top 5 cryptocurrencies that may rise in the short term.
Bitcoin Price Analysis
Bitcoin is facing stiff resistance near $38,000, but a positive sign is that the bulls have not allowed the price to dip below the 20-day exponential moving average ($35,666). The upsloping moving averages and the relative strength index (RSI) in the positive zone indicate that bulls have the upper hand. If the price rebounds off the 20-day EMA, the bulls will make one more attempt to overcome the roadblock at $38,000.
Solana Price Analysis
Solana (SOL) fell below the breakout level of $59 on Nov. 16, but the bears could not capitalize on this advantage. This indicates that selling dries up at lower levels. The bulls are again trying to propel the price back above $59. If they do that, it will indicate that the markets have rejected the lower levels.
Chainlink Price Analysis
Chainlink's (LINK) pullback is finding support at the 20-day EMA ($13.42), indicating that lower levels continue to attract buyers. The bulls will next try to push the price to the local high of $16.60. This level may witness a tough battle between the bulls and the bears, but if this barrier is overcome, the LINK/USDT pair could start the next leg of the uptrend to $20.
Near Protocol Price Analysis
Near Protocol (NEAR) rose and closed above the formidable resistance of $1.72 on Nov. 17. This move indicates a potential trend change in the short term. The rising 20-day EMA ($1.58) and the RSI in the positive zone indicate that the bulls are in charge.
Theta Network Price Analysis
Theta Network (THETA) is finding support at the 20-day EMA ($0.88) after going through a correction in the past few days. This indicates that the sentiment remains positive, and traders are viewing the dips as a buying opportunity. The rebound off the 20-day EMA is likely to face resistance at the psychological level of $1.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
