As a seasoned cryptocurrency investor and trader with years of experience under my belt, I find the current market conditions fascinating. The analysis presented in this text offers valuable insights into several promising projects like Bitcoin, Aave, Mantle Protocol, Mantle, and Filecoin.
Currently, Bitcoin (BTC) is gathering strength around the $100,000 mark, indicating that the bulls are not in a hurry to leave the market, as they believe the upward trend will persist. Global Macro Investor founder and CEO Raoul Pal shared a chart hinting that Bitcoin might reach a local peak above $110,000 by January.
Multiple financial experts continue to express optimism about the upcoming year. Tom Lee, the co-founder and head of research at Fundstrat Global Advisors, predicts that Bitcoin’s value could surge to a whopping $250,000 by 2025.
Beyond just Bitcoin, there’s growing interest in alternative cryptocurrencies, or altcoins. Analyst Mikybull Crypto recently suggested on social platform X that Bitcoin’s influence has dropped below a key two-year support line, possibly signaling the start of what he calls “altseason” in the crypto market.
Is it possible for Bitcoin to surpass $100,000, causing a subsequent surge in altcoins? Let’s examine the top 5 cryptocurrencies that show promising chart patterns.
Bitcoin price analysis
As an analyst, I’m observing that Bitcoin is encountering some hurdles around the significant psychological threshold of $100,000. However, a promising indicator I’ve noticed is that its current price continues to hover above the ascending trendline, suggesting potential continuation of the upward momentum.
The 20-day moving average, which is currently at around $92,114, is trending upward, and the Relative Strength Index (RSI) is in positive territory, suggesting that the bulls are dominating the market. This increases the probability of a rise above $100,000. If this occurs, the Bitcoin to Tether pair might ascend to approximately $113,331, and potentially even reach $125,000 in the future.
To decrease the strong upward trend, sellers might need to lower the price under the 20-day Exponential Moving Average (EMA). This action could potentially cause the price to drop towards $85,000, a level that may entice buyers to enter the market.
On the 4-hour chart, moving averages seem to be leveling off, suggesting an equilibrium between buying and selling pressure as seen by the RSI hovering slightly above its midpoint. This could mean that the cryptocurrency pair might stay within a range of $100,000 to $90,000 for a while.
If the price surpasses and stays above $100,000, it suggests that buyers have successfully managed the selling pressure, potentially initiating a rise towards $113,331. Conversely, a drop below $90,000 might entice short-term investors to cash out, possibly causing the price to dip down to $85,000.
Shiba Inu price analysis
On December 1st, the price of Shiba Inu (SHIB) surpassed the $0.000030 barrier, marking the culmination of a bullish inverted head-and-shoulders formation – a positive chart pattern indicating potential price increase.
If purchasers keep the price at or above 0.000030 USD, the SHIB/USDT pair might advance towards 0.000039 USD. This level might be difficult to surpass, but if buyers remain dominant, the pair could reach its projected goal of 0.000047 USD.
If the price doesn’t stay above $0.000030, it could suggest that the breakout was actually a deceptive move by sellers, known as a “bull trap.” In this case, the pair might slide down towards the 20-day Exponential Moving Average (EMA), currently at $0.000025. This level is likely to draw in buyers.
On the 4-hour chart, the duo surpassed the $0.000030 resistance mark, but the sellers seem determined and could attempt to push the price back under the breakout point. If they succeed, a potential drop towards the 20-Exponential Moving Average (EMA) might occur.
Instead of what’s suggested, if the price stays above 0.000030, it might indicate that this level will serve as a new foundation. There’s a small barrier at 0.000035, but it’s predicted to be surpassed. This could initiate an upward trend towards 0.000039.
Filecoin price analysis
On November 30th, Filecoin (FIL) dipped and subsequently rose over $6.77, thus concluding a favorable U-shaped trend known as a rounding bottom pattern, which is generally considered a bullish sign.
The bears aim to lower the price again towards $6.77, a level that marked a breakout earlier. If successful, this could potentially cause a drop in the FIL/USDT pair down to the 20-day Exponential Moving Average (EMA) at around $5.33. For bulls to maintain optimism, they must vigorously protect the 20-day EMA as their line of defense.
If the price increases beyond its current value and surpasses $7.33, this could indicate that the bulls have successfully changed the $6.77 level into a support point. This shift might boost the likelihood of an upward trend reaching $9.34.
At the $6.77 breakout point, there’s a fierce struggle between bulls and bears. The ascending moving averages on the 4-hour chart, along with the RSI being in the overbought zone, suggest that buyers have the upper hand. If the price increases and surpasses $7.33, it will signal the continuation of the upward trend.
If the price falls below $6.77, it might lead the pair down towards the 20-Exponential Moving Average (EMA) and then to the 50-Simple Moving Average (SMA). For sellers to regain control, they must keep the price below these moving averages.
Mantle Protocol price analysis
The bulls are aiming to initiate a rise in Mantle (MNT) by propelling it over the resistance level at $0.94.
Should they achieve their goal, it’s possible that the MNT/USDT pair might increase to around $1.10. Here, the bears are likely to make another robust stand.
If the cost doesn’t stay above $0.94, it could indicate that aggressive sellers are present at higher levels. In such a case, the pair might decline to the 20-day Exponential Moving Average (EMA) – currently at approximately $0.81 – which is a crucial area for the bulls to protect. If the price recovers strongly from this EMA, there’s a higher chance of seeing a surge above $0.94 again.
As a crypto investor, I’m watching closely to see if the bears regain control. If the price drops below my 20-day Exponential Moving Average (EMA), it might signal a downward trend for this pair, potentially reaching the 50-day Simple Moving Average (SMA) at around $0.69.
On the 4-hour chart, both moving averages are trending upward, suggesting strong buyer control. Additionally, the Relative Strength Index (RSI) is approaching the overbought zone, hinting at a potential shift in market direction. Although buyers managed to push the price above $0.94 initially, they were unable to maintain those higher levels.
Keep an eye on the 20-Exponential Moving Average (EMA) as potential support if the market trends downward. If the price starts rising from this EMA, it suggests that investor sentiment is still optimistic. In such a case, bulls will aim to push the pair beyond $0.95.
Aave price analysis
On November 27th, Aave (AAVE) surpassed and stayed above the $200 resistance level, indicating a continuation of its upward trajectory.
On November 29, the bears managed to push the price down below $200, yet they failed to sustain the lower prices. The AAVE/USDT pair showed signs of recovery starting from $200 on November 30, suggesting that the bulls are attempting to make $200 a support level. For a potential rally towards $260, buyers must ensure the price remains above $215.
If the price drops and falls beneath $194 in the short term, this optimistic outlook could prove incorrect. Consequently, the pair might plummet towards its 20-day Exponential Moving Average (EMA), which is at $183.
Bears are attempting to drag the price towards the 20 Exponential Moving Average (EMA), a significant short-term support level that traders should monitor. If the price bounces back from the 20-EMA with vigor, it suggests buyers are stepping in during downturns, enhancing the chances of the bullish trend resuming.
Instead, if the price falls beneath the 20 Exponential Moving Average (EMA), this might suggest that the bulls are starting to lose control. The pair could potentially drop towards the 50 Simple Moving Average (SMA). The bulls are likely to put up a strong fight to protect the 50-SMA, as a breach below it could shift the power balance in favor of the bears.
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2024-12-02 00:40