Originally Posted by: Rakesh Upadhyay
Original title: Bitcoin’s indecisiveness could drive investors to SUI, APT, TAO, and WIF
Original source: Cointelegraph
Compiled by: Koala, Mars Finance
Bitcoin’s range-bound movement looks set to continue, but SUI, APT, TAO, and WIF could see gains in the coming days.
Bitcoin has recovered sharply from its lows below $60,000 this week, but buyers are having trouble holding highs. Buying on dips and selling on rallies suggests a tight range is forming in the near term.
On a small positive note, lower levels show strong demand. U.S. spot Bitcoin exchange-traded funds saw $253.6 million in inflows on Oct. 11, following three days of outflows.
A daily view of cryptocurrency market data. Source: Coin360
Bitcoin remains in a sideways price action, but some analysts appear optimistic about altcoins. Based on specific indicators, analysts believe that the altcoin market may enter a “season of only ups and no downs.”
If Bitcoin remains above $60,000, traders may gradually shift their attention to select altcoins. Let’s examine the top 5 cryptocurrencies that are performing strongly on the charts.
Bitcoin Price Analysis
Recently, Bitcoin broke above the 20-day exponential moving average ($62,119) but the bulls have not been able to push the price above the overhead resistance of $65,000.
BTC/USDT daily chart. Source: TradingView
The sellers are trying to pull the price back below the 20-day EMA. If they succeed in doing so, the BTC/USDT pair could drop to the 50-day simple moving average ($60,727). The support zone between the 50-day SMA and $60,000 is crucial for the bulls as a break below it could open the doors for a drop to $57,500.
Contrary to this assumption, if the price rebounds strongly from the 20-day EMA, it will suggest that the bulls are buying on minor dips. The pair could then rally to $66,500. This level might again pose a solid challenge, but if the bulls gain the upper hand, the upside could reach $70,000.
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the price has turned down from the resistance line of the descending channel pattern but found support at the moving averages. If the price turns up from the moving averages, the bulls will try to propel the pair above the channel and start a rally towards $65,000.
Conversely, if the price breaks out and sustains below the moving averages, it will suggest that the pair might remain stuck inside the channel for a while. The pair could then drop to $60,000.
Sui Price Analysis
Sui rebounded from the 20-day EMA ($1.82) and surged above the overhead resistance of $2.18 on October 12.
SUI/USDT daily chart. Source: TradingView
The bears will try to pull the price down and sustain it below the breakout level of $2.18 and trap the aggressive bulls. If they succeed, the SUI/USDT pair might correct to the 20-day EMA, which remains a critical support to watch out for. A break below the 20-day EMA might start a deeper correction to $1.60.
Conversely, if the price closes and sustains above $2.18, it will indicate that the bulls are attempting to turn this level into a support. This could start the next uptrend to $2.50 and then to $3.
SUI/USDT 4-hour chart. Source: TradingView
The $2.18 level is likely to witness a fierce battle between the bulls and bears. If the price dips below $2.18 but rebounds off the 20-EMA, it will suggest buying on dips. This will increase the possibility of an upside breakout and resumption of the uptrend.
Alternatively, if the price dips below the 20-EMA, it will suggest that the short-term bulls are booking profits. The pair could then drop to the uptrend line. A break below this support could drag the pair to $1.60.
Aptos Price Analysis
Aptos APT rose to $10.06, but it faced selling near the overhead resistance of $10.50, suggesting that bears remain active at higher levels.
APT/USDT daily chart. Source: TradingView
Buyers must sustain the price above $9.50 to improve the prospects of a breakout above $10.50. If they do so, the APT/USDT pair could accelerate towards $14.50, where profit-taking is likely to occur.
On the downside, if the price breaks below $9.50, the pair can drop to the 20-day EMA ($8.48). A strong rebound off the 20-day EMA could once again try to push the pair above $10.50 but a break below it will indicate that the bears are attempting a comeback.
APT/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the bears are trying to protect the $10.50 level but the bulls are not giving up much, which is a small positive. This suggests that buyers expect the pair to move higher. A breakout and close above $10.50 could pave the way for a rally to $12.
Conversely, if the price turns down and breaks below the 20-EMA, it will suggest that the bulls have given up and are booking profits. This could potentially drop the pair to the 50-SMA.
Bittensor Token Price Analysis
Bittensor TAO is trading at $660.32 and has been in an uptrend for the past few days. The bears are attempting to sink the price below the breakout level of $530 but the bulls are holding their ground.
TAO/USDT daily chart. Source: TradingView
The sellers are trying to stall the gains at $680 but if the bulls do not give up too much, the possibility of a breakout increases. The TAO/USDT pair could drop to the overhead resistance of $760.
While the upsloping moving averages suggest favor for buyers, the negative divergence on the RSI suggests weakening momentum. If the price breaks below the 20-day EMA ($560), the pair can drop to $489.
TAO/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows the formation of a bearish rising wedge pattern. If the price breaks below the moving averages, the bears will try to sink the pair below the support line. If they succeed, the pair can drop to $489 and later to the pattern target of $433.
Conversely, if the price rebounds off the moving averages, it will increase the possibility of a breakout of the resistance line. Failure of the bearish pattern is a bullish sign, which can trigger a rally to $760.
Dogwifhat Price Analysis
Dogwifhat WIF price $2.80 successfully retested the breakout level on Oct 10, indicating a change in the short-term trend.
WIF/USDT daily chart. Source: TradingView
The bears are trying to stall the upside momentum at $2.89, but this level is likely to get breached. If the buyers sustain the price above $2.89, the WIF/USDT pair could surge to $3.58 and eventually to $4.
The key level to watch out for on the downside is the 20-day EMA ($2.34). A breakout and close below this level will be the first sign that the bulls are in a hurry to take profits. The pair can then drop to the 50-day SMA ($1.90).
WIF/USDT 4-hour chart. Source: TradingView
Both moving averages are trending up on the 4-hour chart and the RSI is in the positive territory, which shows that bulls have the upper hand. If the buyers push the price above $2.89, the pair is likely to touch the resistance line near $3.1. This level is likely to attract selling but if the bulls persist, the pair is likely to gain momentum and surge to $3.58.
This positive view will be invalidated in the short term if the price continues to decline and breaks below the 20-EMA. The pair can then drop to the support line of the channel.
