Bitcoin hits 60,000 and returns again! Analyst: "These 4 coins" are closely watched
In the past 24 hours, Bitcoin ($BTC) briefly exceeded $60,000, but has fallen back to around $58,400 as of writing this morning (16th).
"Cointelegraph" senior analyst Rakesh Upadhyay believes that Bitcoin's recent performance shows a strong return of bulls. The cumulative increase of about 10% last week has turned the negative returns at the beginning of September into positive returns.
He pointed out that investors will pay attention to the U.S. Federal Reserve interest rate meeting (FOMC) this week, and the CME Group’s FedWatch tool shows that the probability of a 2-digit rate cut is 50% (57% as of writing), but If only a 1-digit rate cut is announced, the cryptocurrency market may react with a short-term decline.
Looking at the daily trend, Bitcoin’s 20-day exponential moving average (EMA) falls at $58,461, which has begun to rise, while the relative strength index (RSI) is also in the buying range, indicating that bulls have the upper hand. If the market outlook can find support at the moving average, it is expected to rise to $65,000 and then to $70,000.
In addition to Bitcoin, Upadhyay also named 4 potential altcoins that may have strong performance, and provided analysis of short-term support and resistance levels, which are for reference only and not for investment basis.
Fetch.ai ($FET) Price Trend Analysis
Upadhyay noted that Fetch.ai ($FET) is forming a head and shoulders bottom pattern that will be completed on a breakout and close above $1.51.
If successful, $FET could start a new uptrend, with a price target of $2.32. However, the move up may not be smooth sailing, with bears expected to defend fiercely at $1.86 and $2.20.
If the bears gain strength and cause $FET to fall back from the overhead resistance and fall below the 20-day EMA ($1.23), the market outlook will continue to fluctuate between $1.51 and $1 for a period of time.
Source: CointelegraphFetch.ai ($FET) price trend analysis
Sui ($SUI) Price Trend Analysis
Upadhyay pointed out that bulls are trying to break out of Sui ($SUI)'s series of lows and lower highs, indicating a possible change in trend.
Looking at the daily trend, $SUI’s 20-day EMA ($0.92) has begun to rise, and the RSI is close to the overbought zone, indicating that bulls have the upper hand. If the bulls can push the price above the $1.11 to $1.18 resistance zone, the rise could accelerate towards $1.44.
However, if $SUI pulls back significantly from the overhead area, it would mean that bears are still active at the highs. A slide towards the 20-day EMA is likely, followed by a return to the 50-day EMA ($0.84).
Source: CointelegraphSui ($SUI) price trend analysis
Aave ($AAVE) Price Trend Analysis
Upadhyay pointed out that Aave ($AAVE) previously rebounded from the 20-day EMA ($135), indicating that market sentiment has turned positive and traders are buying on dips.
The bulls will attempt to push the price towards the $160 resistance. If the market outlook can break through and close above $160, it will mean that the upward trend has resumed and is expected to rise to $180 and then to $200.
However, if $AAVE pulls back significantly from current levels or overhead resistance and breaks below the 20-day EMA, the short-term bullish view will be invalidated, with a drop to lows of $118 possible.
Source: CointelegraphAave ($AAVE) price trend analysis
Injective ($INJ) Price Trend Analysis
Upadhyay pointed out that Injective ($INJ) has risen to the resistance line of the descending channel, and the two moving averages on the daily line are about to complete a bullish crossover, and the RSI is also in the buy zone, indicating that bulls have the upper hand. Currently, the 20-day EMA is at $18.42 and the 50-day EMA is at $18.76.
A breakout and close above the channel would signal a potential trend change, with a move towards $23 and then $28 possible.
However, if $INJ pulls back significantly from the resistance line and breaks below the moving average, the market outlook may continue to fluctuate within the channel for a while.
Figure source: CointelegraphInjective ($INJ) price trend analysis
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice. The analysts’ views are for reference only. Users should consider whether any opinions, views or conclusions in this article are consistent with their specific circumstances. Invest accordingly and do so at your own risk.
