Bitcoin range trades as volatility subsides. Will TON, LINK, MKR and XTZ follow?
3 min read
Bitcoin tried to break out of its range last week, but the bulls could not sustain the higher levels. Bitcoin (
Maker price analysis
Maker (MKR) has taken support near $1,000 and is attempting to resume its uptrend. The bulls are facing resistance at the downtrend line, but a positive sign is that they have kept the price above the 20-day EMA ($1,107).
If the price turns up from the current level, it will suggest that the sentiment has turned positive and traders are viewing dips as a buying opportunity. The bulls will then again try to push the price to $1,370.
Instead, if the price continues lower and breaks below the 20-day EMA, it will signal that the bears are fiercely defending the downtrend line. The MKR/USDT pair may then slump to the strong support at $980 and eventually to $860.
The four-hour chart shows that the bulls pushed the price above the downtrend line but they are struggling to sustain the higher levels. This indicates that the bears have not yet given up and they continue to sell on rallies.
The 20-day EMA is witnessing a tough battle between the bulls and the bears. If the price rebounds off this level, the bulls will make one more attempt to overcome the obstacle at $1,186 and then at $1,227. If this zone is scaled, the rally could reach $1,280.
Conversely, if the price sustains below the 20-day EMA, it could open the gates for a possible decline to the 50-day SMA and then to $1,040.
Tezos price analysis
Tezos (XTZ) has been witnessing a tussle between the bulls and the bears near the strong support at $0.70. The failure of the bears to sink and sustain the price below this level indicates buying at lower levels.
The downsloping moving averages indicate an advantage to bears, but the rising RSI suggests that the bearish momentum is reducing. A close above the 20-day EMA ($0.71) will be the first sign of strength. That could pave the way for a rally to the downtrend line.
This level may act as a formidable hurdle, but if the bulls overcome it, the XTZ/USDT pair may start a new up move. The pair could first rally to $0.94 and subsequently to $1.04. This positive view will be invalidated if the price skids and sustains below $0.66.
The four-hour chart shows that the price is consolidating between $0.66 and $0.69. The crisscrossing moving averages and the RSI just below the midpoint suggest that bears have a slight edge. Sellers will try to drag the price to the strong support at $0.66. If this level crumbles, the pair may start the next leg of the downtrend to $0.61.
On the other hand, if the price turns up and rises above $0.69, it will indicate solid buying at lower levels. The pair could then surge to the overhead resistance at $0.74. Buyers will have to thrust the price above the downtrend line to signal the start of a new upmove.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
