Bitcoin (BTC) recently made an attempt to break free from its established trading range but couldn't muster enough momentum, keeping it around the $26,000 mark. The market's mood appears uncertain, with Bitcoin's next move uncertain. However, the potential approval of a Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC) could limit any downward spirals. In the short term, only a handful of altcoins are demonstrating resilience, and among them are TON, LINK, MKR, and XTZ.
Bitcoin (BTC): The price of Bitcoin has reentered the $24,800 to $26,833 range. Notably, bulls are defending the lower range levels, and should the cryptocurrency break and close above $26,833, it might revisit the intraday high of $28,142 recorded on August 29. Conversely, for bears to take control, they need to sink and sustain the price below the $24,800 mark, which will be challenging given the strong defense expected from bulls.
TONCoin (TON): TONCoin is experiencing an uptrend. Although the Relative Strength Index (RSI) suggests an overbought condition, a minor correction or consolidation might occur. If the bulls hold their ground without giving away much territory, the probability of a rally above $2.07 increases. Such a move would target $2.40. However, a more substantial correction might push the price down to the 20-day EMA ($1.61), and a failure to hold above this level would turn the trend negative.
Chainlink (LINK): Chainlink has been range-bound between $5.50 and $9.50 for a while. While it briefly dropped below the lower support on June 10, it quickly bounced back. On August 17, the LINK/USDT pair came close to testing the lower support again, but buyers stepped in, resulting in a long tail on the day's candlestick. Now, buyers are trying to engineer a recovery, but they face resistance near the 20-day EMA ($6.23), which is a crucial level to monitor. A move above this level could set Chainlink on a path toward the 50-day SMA ($6.94). There is a minor resistance at $6.40, but it is likely to be overcome. Conversely, a sharp downturn from the 20-day EMA would indicate that sentiment remains bearish, potentially pushing the price down to $5.50.
Maker (MKR): Maker found support near $1,000, and bulls are showing resilience in the face of solid resistance from bears near the downtrend line. Although buyers have repeatedly pushed the price above the downtrend line in recent days, they have struggled to maintain these higher levels. A positive sign is that buyers are not giving away much ground, suggesting that traders are not hastily exiting their positions. A close above the downtrend line would indicate that buyers have regained control, and momentum could pick up significantly after the price surpasses $1,227. Conversely, if the price remains below the 20-day EMA ($1,106), bears may have the upper hand, with a potential drop to strong support at $980.
Tezos (XTZ): Tezos has been experiencing a battle between bulls and bears near the robust support at $0.70. The failure of bears to sustain the price below this level indicates buying interest at lower levels. Although bears have an advantage according to the downward-sloping moving averages, the rising RSI suggests weakening bearish momentum. Closing above the 20-day EMA ($0.71) would be the first sign of strength, potentially opening the door to a rally to the downtrend line. While this level poses a formidable challenge, overcoming it could initiate a new upward movement. The pair might initially rise to $0.94 and eventually reach $1.04. A drop below $0.66, on the other hand, would invalidate this positive view and could result in further declines.
These altcoins exhibit the potential for upward movement if they manage to break key resistance levels. However, the overall market remains uncertain due to Bitcoin's hesitation in determining its direction.
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.
