Bitcoin (BTC) was unable to maintain its recovery this week, indicating that the bears are still selling during rallies. The cryptocurrency is set to end the week with a loss of over 4%. The longer the price remains near $60,000, the higher the chance of a downward breakout.
Despite this, analysts are optimistic about the price action in the post-halving cycle. Timothy Peterson, the founder and investment manager of Cane Island Alternative Advisors, believes that Bitcoin could reach anywhere between $175,000 and $350,000 in the next 9 months. However, Peterson also warned that this bull market will come to an end in January 2025.
In other news, select traditional finance companies like JPMorgan Chase and Wells Fargo have reported exposure to spot Bitcoin exchange-traded funds in their recent filings. While the allocation to Bitcoin is small, it is seen as a positive step forward.
Now, let’s take a look at the top 5 cryptocurrencies that are showing promise on the charts.
Bitcoin Price Analysis:
The bulls have managed to defend the $59,600 level in Bitcoin, but they have struggled to push the price above the 20-day exponential moving average ($62,650). This indicates a fierce battle between the bulls and bears. If the $59,600 level is breached, the BTC/USDT pair could retest the May 1 intraday low of $56,552. However, this level is expected to attract buyers. If the bears take control, the pair may drop to the 61.8% Fibonacci retracement level of $54,298. On the upside, if the bulls can maintain the price above the 20-day EMA, the pair could rise to $67,250. To start a rally to $73,777, buyers will need to overcome this hurdle.
Toncoin Price Analysis:
Toncoin (TON) has been attempting to break above the immediate resistance level of $7.23, but the bears are putting up a fight. A positive sign for the bulls is that the price has not fallen significantly below $7.23, increasing the chances of a break above this level. If that happens, the TON/USDT pair could challenge the resistance at $7.67. On the downside, the moving averages act as essential support levels. A break below these levels could indicate a consolidation phase between $4.72 and $7.67.
Render Price Analysis:
Render (RNDR) broke above the moving averages on May 5, suggesting that the corrective phase may be ending. While the bears are trying to stall the recovery near the overhead resistance of $12, the bulls are showing resilience. The moving averages have completed a bullish crossover, and the RSI is in the positive zone, indicating that the bulls are in control. If the price turns up from the current level or rebounds off the 20-day EMA ($9.59), it will increase the likelihood of a rally above $12. On the downside, a break below the 20-EMA could weaken the short-term bullish momentum.
Pepe Price Analysis:
Pepe (PEPE) has been steadily recovering, indicating sustained buying at lower levels. An inverse head-and-shoulders pattern has formed, which will complete on a break above $0.0000092. If the price remains above the neckline, the PEPE/USDT pair could resume its uptrend, with a target of $0.0000145. The moving averages are likely to act as strong support during pullbacks. A break below the support at $0.0000060 could turn the trend negative in the near term.
Arweave Price Analysis:
Arweave (AR) has been steadily climbing higher, indicating strong demand from buyers. The upsloping 20-day EMA and the RSI above 61 suggest that the bulls have the upper hand. The AR/USDT pair could reach the overhead resistance of $47.51, a significant level to watch out for. A break above this resistance could lead to further gains towards $52 and $68. However, if the pair turns down and breaks below the moving averages, it could pull back to $26.50.
Please note that this article does not provide investment advice or recommendations. Readers should do their own research before making any investment decisions.