The bitcoin price could be gearing up for a decisive move, which has the ability to set the stage for a rally for XRP, LTC and RNDR.
Inexperienced traders often chase prices higher at the end of the bullish phase for fear of missing the rally. However, institutional investors tend to wait for the froth to settle before jumping in the bitcoin bear market.
While there are bullish analysts for the long term, the near-term outlook looks uncertain as the price has been stuck within a range for the past few days. Analysts expect the trend move to begin next week or the week after.
If Bitcoin breaks to the upside, which altcoins could follow?
Bitcoin Price Analysis
Bitcoin has been trading near a symmetrical triangle support line, but bulls have been unable to push the price above it. This indicates that the bearish are active at higher levels.
Conversely, if the bulls push the price above the 20-day EMA, it could attract fresh buying. Then the pair could rise towards the triangle resistance line. If this barrier is breached, the pair could start its way towards USD 32,400.
If the price breaks above the triangle, the downtrend will be cancelled. The pair could rise to USD 28,400 and then to the pattern target of USD 29,165.
XRP Price Analysis
XRP is trying to initiate a recovery. Buyers have been holding the price above the 20-day EMA (USD 0.45) since May 16, but have not been able to overcome the hurdle at the 50-day SMA (USD 0.47).
On the other hand, if the price rises from the current level and breaks above the downtrend line, it will suggest the beginning of a short-term bullish move. There is minor resistance at USD 0.48, but it is likely to be overcome. The pair could rise as high as USD 0.54.
Litecoin Price Analysis
Litecoin has been trading in a tight range between the 50-day SMA (USD 89) and the upper resistance at USD 96 over the past few days. This shows indecision between the bulls and the bearish.
The 20-day EMA (USD 88) has moved higher and the RSI is in positive territory, indicating that the bulls have the upper hand. This increases the prospects of a rally above the USD 96 resistance.
However, the bearish traders are not going to give up without a fight. They are trying to push the price below the 20-EMA. If they succeed, the pair could collapse to the 50-SMA. A break of this support could open the door to a fall to USD 86 and then to USD 82.
Render Token Price Analysis
Render Token (RNDR) is in an uptrend. Buyers took the price above the upper resistance of USD 2.60 on May 21, but the long wick on the candlestick shows selling at higher levels.
Bulls are struggling to hold the price above the resistance at USD 2.60, which points to the possibility of a bullish trap. Sellers will try to strengthen their position by taking the price below the immediate support at the 20-EMA. If they succeed, the pair could drop to the 50-SMA.
By Marina Meza
