The dull price action of Bitcoin BTC has ignited buying interest in LINK, FIL, SNX and THETA. Accordingly, while Bitcoin is preparing for a fluctuating price movement, LINK, FIL, SNX and THETA started to rise. Let’s look at the details.
Bitcoin status analysis
Bitcoin is struggling to climb above the overhead resistance of $31,000. However, the fact that the bulls did not allow the price to drop below the $29,500 support is a minor positive development. This shows that a catalyst may be needed to get the price out of its range. On the macroeconomic front, the Federal Reserve’s meeting on July 25 and 26 is an important event to consider. The FedWatch Tool shows the probability of a 25 basis point rate hike at the meeting as 99.2%. In such a case, the markets may not react immediately, as the rate hike appears to be priced in. However, any surprise move by the Fed could push the price out of the range.
Many analysts expect the range to break soon. However, there is no consensus on the direction of the breakout. If the price breaks below the range, analysts expect a significant drop. Some even predict a drop close to $20,000. If Bitcoin rises, certain altcoins may attract buyers. Let’s examine the charts of the top 5 cryptocurrencies that could turn positive in the next few days.
Bitcoin price analysis
Bitcoin has been stabilizing below the 20-day exponential moving average ($30,036) for the past few days. However, the fact that the bears were unable to lower the price to the 50-day simple moving average ($28,979) is a positive sign.
This shows that the bulls are not giving up and are buying on every small drop. The repeated failure of the bears to push the BTC/USDT pair down could attract buyers. If the price rises above the 20-day EMA, the pair could rally towards the overhead resistance of $31,000. A fee above the $31,000 to $32,400 zone could clear the way for a possible rally to $40,000.
On the other hand, if the price drops and breaks below the 50-day SMA, it will indicate that the bears are making a comeback. In this case, the pair could decline towards the $24,800 support.
The moving averages on the four-hour chart are flattening. Also, the relative strength index (RSI) rose to the midpoint. Accordingly, this indicates that the range-bound movement may continue for a while. If the bulls push the price above the 50-SMA, the pair will rally to $30,500 and then $31,000. The key support to watch on the downside is the $29,500 level. If this level falls, the pair will decline to $27,500.
Chainlink price analysis
LINK has been trading in a wide range between $5.50 and $9.50 for the past few months. The bears pushed the price below the range on June 10. However, they could not develop this advantage.
The bulls pushed the price back into the range on June 21. However, they are currently trying to steer the LINK/USDT pair towards the overhead resistance of $9.50. Both moving averages rose. Also, the RSI is in the positive territory. Accordingly, this shows that the bulls are in control. The bears will try to stop the upside move in the $8.50 to $8.80 region. However, if buyers bulldoze their way, the pair will rally to $9.50. The key support to watch on the downside is $7.50, followed by the 20-day EMA at $7.05.
The correction on the 4-hour chart has reached the 20-EMA, an important level to watch out for. If the price rebounds strongly from the 20- EMA, the pair will rally to $8.46. A break above this level will indicate the resumption of the uptrend. The pair will then reach $8.80. This positive view will be adversely affected in the near term should the price decline and break below the 20-EMA. This will encourage short-term bulls to take profits. It will also push the price to the 50-SMA and then to $6.50.
Filecoin price analysis
Filecoin is attempting to create an inverted head and shoulders pattern that will be completed with a break and close above the neckline.
The 20-day EMA ($4.36) started to rise gradually. Also, the RSI is in the positive zone, showing the path of least resistance to the upside. If buyers push the price above the neckline, the FIL/USDT pair will attempt a rally towards $6.50 and eventually the $7.30 pattern target. Conversely, if the price turns down sharply from the neckline and dips below the 50-day SMA ($4.12), it will indicate that the bulls have lost control. The pair will later fall to $3.50 and then to $3.29.
The 20-EMA is trending upwards on the 4-hour chart and the RSI is in the positive zone. Also, this shows that the bulls have the upper hand. There is a minor resistance at $4.74. However, if this level is crossed, the pair will retest the neckline. Bears are expected to defend this level aggressively. However, if the bulls do not allow the price to drop below the 20-EMA, the probability of a rally above the neckline increases. Alternatively, if the price drops and dips below the 50-SMA, it will indicate that the bears are selling on rallies. This will drag the pair to $4.14.
Synthetix price analysis
Synthetix (SNX) is trying to break out of a bottom formation. However, the bulls are facing a solid resistance in the region between $3.40 and $3.56.
During the pullback, the bulls did not allow the price to drop below the 20-day EMA ($2.56). Accordingly, this is also a positive sign. This indicates that the dips are bought. Buyers will again try to clear the overhead zone. If they manage to do so, the SNX/USDT pair will start a rally towards the next resistance at $4.50. The bears are likely to have other plans. They will try to stop the relief rally in the overhead zone and push the price below the 20-day EMA. If they do, the pair will fall to the 50-day SMA ($2.19).
The 4-hour chart shows that the bears are pushing the price below the 20-EMA, but the bulls are trying to protect the 50-SMA. This indicates that lower levels continue to attract buyers. If the bulls propel the price above $3.15, the momentum will increase. Also, the pair will retest the resistance at $3.30. This is an important level to watch. Because if it gives way, the pair will continue the next leg of the up move. It will also bring the price down to $3.82. If the bears want to prevent the rally, they will have to push the price below the moving averages. The pair will later decline to $2.52.
Theta Network price analysis
THETA is facing selling near the Fibonacci 38.2% retracement level of $0.83.
However, a positive sign in favor of the bulls is that they have not allowed the price to stay below the 20-day EMA ($0.77). This shows that sentiment has turned positive and traders are buying on the dips. A break and close above $0.83 will open the doors for more rallies to the 50% retracement level of $0.91 and then the 61.8% retracement level to $0.99. This positive view will be invalidated if the price declines and breaks below the moving averages. THETA/USDT rate will then go down to $0.66.
The 4-hour chart shows that the price is trading inside an ascending channel pattern. The bulls are trying to stop the pullback in the moving averages and continue the upward move. Generally, in a channel, price bounces from support and reaches resistance. If the price stays above the 20-EMA, the bulls will attempt to push the pair above $0.85. If successful, the pair will climb to the channel resistance near $0.90. Conversely, if the price drops below the 50-SMA, the bears will try to pull the pair to the support of the channel. A break below this level will turn the short-term advantage in favor of the bears when we look at cryptokoin.com.
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