Bitcoin BTC tickers down $36,550 is on target to end the
week with gains of about 6%, indicating continued demand
from the bulls. MicroStrategy co-founder Michael Saylor
said during a speech at the 2023 Australia Crypto
Convention on Nov. 10 that Bitcoin’s demand on a monthly
basis could
surge between two to 10 times
by the end of 2024. Additionally, the halving will reduce
the supply by half. Saylor expects both these events will
cause the price “to adjust up.”
With almost a general consensus that Bitcoin’s price will
move higher in 2024, analysts are busy projecting how high
the rally could reach. Using its Terminal Price on-chain
indicator, Look Into Bitcoin creator Philip Swift said
that
Bitcoin could hit at least $110,000
in its next bull cycle.
While Bitcoin continues to hog the limelight, several
major altcoins have been charging higher. The broad-based cryptocurrency rally increases hopes
that an altcoin season may be around the corner.
If the bullish sentiment sustains, altcoins may witness a
rotation, wherein the high flyers face some profit
booking, and the laggards start moving higher. Let’s look
at the charts of the top-5 cryptocurrencies that may
outperform in the near term.
Bitcoin price analysis
Bitcoin has been holding above the ascending channel pattern for the past three days, indicating that the bulls are defending the breakout level.
The bulls will try to thrust the price above $38,000 and
start the northward march toward $40,000. While the
upsloping moving averages indicate that the bulls are in
control, the overbought levels on the RSI warn of a
potential correction.
If the price skids back into the channel, it will suggest
that the markets have rejected the higher levels. That
could open the doors for a fall to the channel’s support
line, which is close to the 20-day exponential moving
average ($34,784).
The bears will have to sink the price below the channel to
indicate the start of a solid correction. The BTC/USDT
pair may then decline to the $32,400 to $31,000 support
zone.
The bulls are buying the dips to the 20-EMA on the 4-hour
chart but have failed to resume the uptrend. This suggests
a lack of demand at higher levels. The bears will try to
utilize this opportunity and drag the price below the
20-EMA. If they do that, the pair may fall to the 50-SMA.
On the contrary, if the price turns up from the current
level, it will suggest that the bulls have flipped the
breakout level from the channel into support. That will
enhance the prospects of a rally above $38,000.
VeChain price analysis
VeChain VET $0.02 completed a double bottom pattern after bulls pushed the price above the overhead resistance of $0.021 on Nov. 6.
The bulls have managed to ward off attempts by the bears
to pull the price back below $0.021. This suggests buyers
are trying to flip the $0.021 level into support. The
bulls will next attempt to propel the price above $0.023
and resume the up-move. If they do that, the VET/USDT pair
could rally to the pattern target of $0.028.
Contrarily, if the price fails to rise above the $0.023
resistance, the likelihood of a drop to the 20-day EMA
($0.020) increases. A break and close below this support
will suggest that the bears are back in the game. The pair
may then slump to the 50-day SMA ($0.018).
The pair has been consolidating above the breakout level
of $0.021 for some time. The 20-EMA is flattening out, and
the RSI is near the midpoint, indicating a balance between
supply and demand.
This equilibrium will tilt in favor of the buyers if they
kick the price above $0.023. That could start the next leg
of the uptrend. Instead, if the price turns down and
plummets below $0.021, it will indicate that the markets
have rejected the higher levels. That could start a fall
to $0.020.
Immutable price analysis
Immutable (IMX) has risen sharply in the past few days, indicating that the bulls are attempting a comeback.
The recovery is expected to face a formidable resistance
at $1.30. If the price does not give up much ground from
this level, it will enhance the prospects of a break above
the overhead resistance. The IMX/USDT pair could then
start a rally to $1.59.
The overbought level on the RSI warns of a possible
correction or consolidation in the near term. If the price
turns down sharply from the current level or $1.30, it
will indicate that the bulls are rushing to the exit. That
may pull the price down to the 20-day EMA ($0.84).
The pair is gradually moving toward the overhead
resistance of $1.30. The upsloping moving averages
indicate that bulls remain in command, but the negative
divergence on the RSI suggests that the bullish momentum
is weakening.
Sellers may mount a vigorous defense at $1.30, but if the
price stays above the moving averages during the pullback,
it will improve the prospects of a rally above the
overhead hurdle. Alternatively, if the price turns down
sharply and slides below the 50-SMA, it will indicate the
start of a pullback to $0.80.