Bitcoin (BTC) has seen a 2% decrease in price this week, but there is a positive sign for bulls as it is currently above the weekly low of $64,493. Analysts believe that the next trigger for Bitcoin could be the halving event. However, cryptocurrency exchange Coinbase warns that Bitcoin’s price action may face obstacles after the halving event, as this period is typically weak for crypto markets and other risk assets.
Despite this, the downside for Bitcoin seems to be limited. Analyst Dylan LeClair believes that even in the case of a fall, Bitcoin is unlikely to dip to $50,000 where a large number of longs are at risk. However, he also warns that anything is possible in the crypto markets.
While Bitcoin has been leading the market higher, several altcoins have been outperforming it. Pantera Capital’s Liquid Token Fund has reported a 66% return in the first quarter of 2024 by trimming exposure to Bitcoin and Ether and increasing allocations to DeFi tokens.
Now, let’s take a look at the top 5 cryptocurrencies that appear strong on the charts.
Bitcoin:
Bitcoin has been trading within a symmetrical triangle pattern, indicating uncertainty about its next move. The 20-day exponential moving average is gradually moving up, suggesting a slight advantage for the bulls. If the triangle is broken to the upside, Bitcoin could rise to $73,777 and eventually to $80,000. On the other hand, a break below the triangle could lead to a decline to $59,000 and then to $54,298.
Toncoin:
Toncoin has been gradually moving higher towards the resistance level of $5.69. The upsloping 20-day EMA indicates an advantage for buyers, but the negative divergence on the RSI suggests a possible consolidation or correction in the near term. If the resistance at $5.69 is broken, Toncoin could start an uptrend towards $7.09.
Stacks:
Stacks has been stuck between the moving averages, indicating a battle between the bulls and bears. If the price rises above $3.36, it will signal that the bulls have absorbed the supply and could rally to $3.84 and later to $5. On the other hand, a break below the 50-day SMA could lead to a deeper pullback to $2.50 and subsequently to $2.20.
Mantle:
Mantle has been facing resistance at $1.50, but the bulls have held the price above the 20-day EMA, indicating their strength. If resistance at $1.50 is overcome, Mantle could rally to $1.90. However, a break below the 20-day EMA could signal a deeper correction.
Maker:
Maker has struggled to sustain above the $4,000 level, resulting in profit-taking. The price could correct to the 20-day EMA, and a rebound from this support would indicate positive sentiment and potential for a retest of the resistance at $4,074. On the other hand, a break below the 20-day EMA could lead to a drop to the 50-day SMA.
It’s important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.