Bitcoin Surges Beyond $37K, Altcoins VET, IMX, GRT, ALGO Bullish

VET, IMX, GRT and ALGO show bullish setups as Bitcoin trades above $37K

Bitcoin Maintains Momentum

Bitcoin (BTC) remains robust, currently trading at $36,930, as it gears up to close the week with a notable 6% gain. The ongoing surge is underlined by MicroStrategy co-founder Michael Saylor’s optimistic outlook, shared during his recent speech at the 2023 Australia Crypto Convention. Saylor predicts a substantial surge in Bitcoin’s demand, ranging between two to ten times by the end of 2024. This bullish sentiment is further fueled by the upcoming halving event, which is anticipated to halve the existing supply, potentially leading to a significant upward price adjustment.

Analysts echo the positive sentiment, with Look Into Bitcoin creator Philip Swift utilizing the Terminal Price on-chain indicator to project a potential Bitcoin peak of at least $110,000 in the next bull cycle.

Altcoins Set for Action

While Bitcoin enjoys the spotlight, a surge in the broader cryptocurrency market has ignited hopes for an impending altcoin season. This scenario suggests a possible rotation in the market, where high-performing assets witness profit booking, making room for the underperformers to make significant gains.

Bitcoin Price Analysis

Bitcoin is holding strong above the ascending channel pattern for the past three days, indicating bullish resilience. The bulls are eyeing a breakthrough above $38,000, with the ultimate goal of breaching the $40,000 mark. However, caution is advised, as the Relative Strength Index (RSI) signals overbought conditions, hinting at a potential correction. A retracement back into the channel could signify market rejection of higher levels, potentially leading to a fall towards the channel’s support line, closely aligned with the 20-day exponential moving average ($34,784).

On the shorter timeframe, the 4-hour chart indicates that while bulls are buying the dips to the 20-exponential moving average (EMA), the inability to resume the uptrend raises concerns about demand at higher levels. A decisive move above the current level would indicate a successful flip of the breakout level, enhancing the prospects of a rally above $38,000.

Source – TradingView

VeChain (VET) Displays Strength

VeChain (VET) exhibits resilience, completing a double bottom pattern after successfully surpassing the overhead resistance of $0.021 on November 6. The bulls have successfully defended against bearish attempts to pull the price below $0.021, signaling a concerted effort to establish this level as support. The next challenge for bulls is to push the price above $0.023 to reignite the upward momentum. If successful, the VET/USDT pair could rally towards the pattern target of $0.028.

On the flip side, a failure to breach the $0.023 resistance level increases the likelihood of a retreat to the 20-day EMA ($0.020). A conclusive break and close below this support would indicate a resurgence of bearish pressure, potentially leading to a decline to the 50-day SMA ($0.018).

The consolidation above the breakout level of $0.021 suggests a balance between supply and demand, and a successful breach of $0.023 could tilt this equilibrium in favor of buyers, paving the way for the next leg of the uptrend.

Source – TradingView

Immutable (IMX) Eyes Resistance at $1.30

Immutable (IMX) has experienced a notable uptick, signaling the bulls’ attempt at a comeback. The recovery, however, faces a substantial hurdle at $1.30. A strong defense at this level could set the stage for a break above the overhead resistance, propelling the IMX/USDT pair towards a rally to $1.59.

The RSI’s overbought condition raises caution, suggesting a possible correction or consolidation in the near term. A sharp downturn from the current level or $1.30 might indicate a rush to exit by bulls, potentially leading to a pullback to the 20-day EMA ($0.84). The ongoing positive momentum is reflected in the upsloping moving averages, though the negative divergence on the RSI implies a weakening bullish momentum.

As the pair gradually approaches the $1.30 resistance, the battle between bulls and bears intensifies. Sellers may fiercely defend this level, but if the price remains above the moving averages during the pullback, it could strengthen the case for a rally above the overhead hurdle. Conversely, a sharp downturn below the 50-SMA might signify the beginning of a pullback to $0.80.

Source – TradingView

The Graph (GRT) Faces Challenges at $0.14

The Graph (GRT) experiences a corrective phase following a sharp up-move, but the bulls successfully maintain support above the 20-day EMA ($0.12). The GRT/USDT pair aims to resume the upward trajectory, encountering resistance at $0.14. The upsloping moving averages and the RSI in positive territory suggest that the path of least resistance is to the upside.

Bulls face a formidable challenge at $0.16, with a breakthrough potentially paving the way for a move to $0.21. On the contrary, a downturn and a breach below the 20-day EMA would indicate a potential end to the up-move. The pair finds support at the 50-SMA on the 4-hour chart, but bears aim to impede the recovery near $0.14. A successful breach of this resistance could lead to a retest of the barrier at $0.16, initiating another intense battle between bulls and bears.

The 50-SMA remains a critical level to monitor on the downside. A breach of this level could result in a descent to the strong support at $0.12, likely attracting buying interest from bulls.

Source – TradingView

Algorand (ALGO) Forms Rounding Bottom

Algorand (ALGO) is shaping a rounding bottom pattern, signaling completion on a break and close above the overhead resistance at $0.14. The upsloping moving averages and the RSI in the overbought zone highlight the favorable position of the bulls. Sustaining the price above $0.14 is crucial for signaling the beginning of a new up-move, with the pattern target set at $0.20. A successful breach of this level may extend the up-move to $0.24.

A sharp downturn from $0.14 would indicate robust defense by bears, potentially leading to a slump to the 20-day EMA ($0.12). Bulls showcasing confidence in buying the dip to the moving averages suggests a positive sentiment. The true test for bulls lies at $0.14, and a sustained price above this level could fuel further momentum.

On the downside, the moving averages serve as key levels to watch. A break below the 20-EMA could trigger a descent to the 50-SMA. If this critical support level gives way, the pair may initiate a correction to $0.10.

Source – TradingView

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About Victor Dsouza

Victor Dsouza is Crypto Journalist. He is keen to write about crypto tokens, crypto presale, you can follow him on twitter and LinkedIn.

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