Bitcoin (BTC) is up more than 9% over the past week, showing that bulls are trying to push the price to the resistance of the range between $55,724 and $73,777. According to data from SoSo Value, Bitcoin ETFs in the United States saw a strong inflow of $252 million on August 23, showing that investors have been buying aggressively.
Bitcoin's latest surge came after US Federal Reserve Chairman Jerome Powell said in his annual speech at the Jackson Hole conference that interest rates would fall.
“The demand for Bitcoin in the US will spike today as the Fed signals the start of a lower interest rate cycle,” said Julio Moreno, Head of Research at CryptoQuant, in an August 24 post on X.
If Bitcoin does not give up much of its recent gains, sentiment around the cryptocurrency is likely to improve further. That could spur buying in select altcoins, pushing them above their respective overhead resistance levels.
After Bitcoin's strong rally, is it time for select altcoins to join in? Let's take a look at the top 5 cryptocurrencies that look strong on the charts.
BTC Technical Analysis
Bitcoin spiked above the 50-day simple moving average ($61,759) on August 23, suggesting that selling pressure is easing.
BTC/USDT Daily Chart | Source: TradingView
The 20-day exponential moving average ($61,110) has started to turn up and the relative strength index (RSI) has jumped into positive territory, signaling that bulls are back in the game. Minor resistance is at $65,660, but if bulls can overcome this hurdle, the BTC/USDT pair could rally to $70,000.
The bears may have other plans. They will try to pull the price back below the moving average and trap the aggressive bulls. The pair could drop to $57,787 and then $55,724.
BTC/USDT 4-hour chart | Source: TradingView
The pair’s upside move is facing selling at $65,000 but the bulls will try to stall the correction at the 20-EMA. If the price bounces off this line and breaks above $65,000, the bullish outlook above $65,660 will improve.
On the other hand, a break below the 20 EMA would signal hesitation from the bulls as the price falls. That could drag the pair down to the 50 SMA. If this support level breaks, it would suggest that the bulls have given up their advantage.
MATIC Technical Analysis
Polygon (MATIC) bounced back above the breakout level of $0.49 on August 21, indicating that the market rejected lower levels.
MATIC/USDT Daily Chart | Source: TradingView
The moving averages are on the verge of a bullish crossover and the RSI is in the positive zone, which suggests that the bulls have the upper hand. If the price turns down from the current levels, the expected support is at the 20-day EMA ($0.47). If that happens, the bulls will try to push the MATIC/USDT pair to $0.75.
Instead, if the price declines and breaks below the moving average, it will suggest that bears are still active at higher levels. The pair could then drop to $0.39.
MATIC/USDT 4-hour chart | Source: TradingView
The price has declined sharply from $0.58 but is finding support at the 20-EMA. A weak bounce from the current level will increase the possibility of a drop to $0.51 and then the 50-SMA. If this support level breaks, the advantage will tilt in favor of the bears.
Conversely, a strong bounce from the 20-EMA could push the pair to $0.58. If this resistance level is cleared, it would suggest that the bulls are still in control. The pair could then rise to $0.60 and further to $0.65.
SUI Technical Analysis
Sui (SUI) bounced off the 20-day EMA ($0.87) on August 23, suggesting strong buying at lower levels.
SUI/USDT Daily Chart | Source: TradingView
The bears are trying to stall the recovery just below the overhead resistance at $1.11. If the price rises from the current levels or bounces off the 20-day EMA again, it will signal a positive sentiment. That could encourage the bulls to push the price to $1.20. If this level is crossed, the next stop could be $1.44.
If the bears want to stall the rally, they will have to pull and sustain the price below the moving averages. That could send the pair down to $0.71.
SUI/USDT 4-hour chart | Source: TradingView
The rising 20-EMA and the RSI in the positive zone suggest that the advantage is with the bulls. The pair has bounced off the 20-EMA and the bulls will attempt to retest the overhead resistance at $1.12.
Conversely, if the price declines and breaks below the 20 EMA, this will indicate that higher levels are attracting sellers. The pair could then drop to the 50 SMA and then to $0.80. Technical Analysis RENDER
Render (RENDER) has been rising sharply over the past four days and has broken above the moving averages, signaling that bears are losing control.
RENDER/USDT Daily Chart | Source: TradingView
The bears may not give up easily and will try to pull the price back below the moving averages. However, if the price rebounds from the 20-day EMA ($5.18), it will indicate solid demand at lower levels. The bulls will then attempt to resume the recovery to $7.26 and above it to $8.
This bullish view will be invalidated in the near term if the price slides below the 20-day EMA. That could open the doors for a drop to $4.38.
RENDER/USDT 4-hour chart | Source: TradingView
The 4-hour chart shows the pair is in an uptrend, but the RSI is in deep overbought territory. That increases the risk of a short-term decline, likely to find support at the 20-EMA.
If the price rebounds from the 20 EMA, it will indicate that the bulls are buying on dips. This could push the price to $7.26. On the other hand, if the price declines and breaks below the 20 EMA, it will indicate that the bulls may be booking profits.
TAO Technical Analysis
Bittensor (TAO) declined from the overhead resistance at $361 on August 23, but the pullback is finding support near the moving averages.
TAO/USDT Daily Chart | Source: TradingView
The bulls will attempt to overcome the hurdle at $361. If they do, the TAO/USDT pair will complete a double bottom pattern. That could start a fresh rally to $440 and then $500.
This bullish view will be invalidated in the near term if the price declines and breaks below the moving averages. The pair could drop to $250 and eventually the important support at $200.
TAO/USDT 4-hour chart | Source: TradingView
Sellers pulled the price below the 20-EMA, but that proved to be a bear trap. The price reversed sharply and the bulls are trying to break above the overhead barrier at $361. If they succeed, the pair could start a fresh rally.
Conversely, if the price declines again from $361, it will signal that the bears are defending this level strongly. The pair could drop to the 50-SMA, which is an important level to watch. If this level is broken, the pair could drop to the $243-$255 zone.
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