The world of Bitcoin and altcoins has been in a calm atmosphere lately. There is not much volatility in prices. In such a period, cryptocurrencies that will exceed the increase in Bitcoin attract attention. The potential to overtake BTC for the four cryptocurrencies is remarkable. Let’s look at the details.
At the top of the list is the altcoin SHIB
Altcoin Shiba Inu is in a strong recovery. However, buyers are facing resistance at $0.000012.
The upward sloping 20-day EMA ($0.000009) and the RSI near the overbought zone indicate that the bulls are in command. A rally above $0.000012 will become more likely if the buyers do not give up too far from the overhead resistance. If this happens, the SHIB/USDT pair could rise to $0.000014 and then to $0.000016. Conversely, if the price dips below $0.000010, the pair will extend its pullback to the 20-day EMA. This remains the key level to watch out for. Because a break below this will indicate that the recovery may be over for altcoin SHIB.
The four-hour chart shows the price correcting to the 20-day EMA. The bulls are expected to fiercely defend this level. If they do, the pair will attempt to climb above the overhead resistance of $0.000011 again. If the price drops below the 20-day EMA, it will indicate that the bulls have lost control. The pair will then fall to the next major support at the 50-day SMA. This level will witness aggressive buying by altcoin SHIB bulls.
In second place is the altcoin Uniswap
Altcoin Uniswap rebounded from the 50-day SMA ($5.79) on August 7. Accordingly, it broke above the 20-day EMA ($6.09) on August 8. This indicates that buyers are active at lower levels.
Altcoin UNI/USDT pair is witnessing a tough struggle near the 20-day EMA. It also shows that the bears haven’t given up yet. If the price stays below the 20-day EMA, the selling will intensify. On the other hand, the pair will fall to the 50-day SMA. Instead, if the price rebounds from the 20-day EMA, it will indicate that the bulls are attempting to turn this level into support. If they manage to do so, the pair will climb above the immediate resistance at $6.35 and reach the $6.70 level.
Both moving averages have flattened on the four-hour chart. This shows that there is a balance between supply and demand. If the price breaks below the 50-day SMA, the advantage will be in favor of the bears. The pair will later decline to $5.80. Alternatively, if the price rebounds from the 50-day SMA and rises above the 20-day EMA, it will suggest buying on the dips. The pair will later rise to $6.35. Buyers will need to overcome this resistance to climb to the top. The pair will later rally as high as $6.70.
Third place is Maker
Altcoin Maker (MKR) has been trading above the $1,200 breakout level for the past few days. According to this, this shows that the bulls are trying to turn the level to support.
The 20-day EMA ($1,204) is gradually rising. Also, the RSI is in the positive zone. Accordingly, this shows that the bulls have an advantage. Buyers will try to push the price above the $1,284 immediate resistance. It will also challenge the $1,370 local high. A break and close above this level will mark the start of a new uptrend. If the bears want to curb the uptrend, they will need to quickly push the price below the $1,200 breakout level. This will open the doors for a drop to the 50-day SMA ($1,041).
The 20-day EMA on the four-hour chart has flattened. On the other hand, the RSI is just above the midpoint. Price action formed a symmetrical triangle pattern between the bulls and bears, signaling indecision. If buyers push the price above the triangle, the altcoin MKR/USDT will start a bullish move towards the formation target of $1,463. On the other hand, going below the triangle will signal that the bears are back in the game. On the downside, the target is $986.
In fourth place is XDC Network
Altcoin XDC Network (XDC) has pulled back to the 20-day EMA ($0.062), an important support to watch out for.
The 20-day EMA is flattening. On the other hand, the RSI is just above the midpoint. Accordingly, this indicates that the bullish momentum may be weakening. If XDC buyers want to take control, they will have to push the price above the overhead resistance of $0.073. This will start a rally towards $0.082. Conversely, a break and close below the 20-day EMA will drop the pair to the 61.8% Fibonacci retracement level of $0.056. Such a move will delay the start of the next leg of the uptrend.
The four-hour chart shows a descending triangle formation that will complete with a break and close below $0.061. If this happens, the pair will start a downside move towards $0.054 and then towards the $0.040 pattern target. Contrary to this assumption, if the price continues higher than the current level and breaks above the downtrend line, it will invalidate the bearish setup. Failure of a negative installation is a positive sign. This will open the doors for a potential rally up to $ 0.082 when we look at cryptokoin.com.
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