- Bitcoin’s recent weakness has dragged many altcoins down.
- Despite Bitcoin slipping towards the $60,000 mark, a few altcoins have shown resilience.
- Technical analyst John Doe has identified four altcoins ready for a potential rise.
Discover the insights for cryptos to watch as Bitcoin experiences volatility.
Bitcoin (BTC) Price Analysis
Bitcoin bulls have managed to hold the line at the $60,000 level in recent days. However, pushing the price above $62,500 has proven a challenge. The falling 20-day exponential moving average (EMA) at $63,651 and the relative strength index (RSI) in negative territory indicate that bears remain in control. A break below the $60,000 support could see BTC plummet to $56,552. Buyers are likely to defend this level vigorously to prevent a further drop to $50,000. Conversely, a rise above $62,500 would signal a bullish reversal attempt, potentially driving BTC to the critical resistance at $64,602 and then up to $70,000.
Toncoin (TON) Price Analysis
Toncoin (TON) is struggling to hold above $7.67. The positive sign here is that bulls are preventing the price from falling below the 20-day EMA at $7.43. Upward-sloping moving averages and the RSI in the positive zone suggest the path of least resistance is upwards. If bulls push TON above $7.67, a retest of the critical resistance at $8.29 is possible. Breaking this level could trigger a rally towards $10. On the flip side, a sharp drop below $6.60 could invalidate this bullish outlook and complete a bearish head-and-shoulders pattern with a target of $4.91.
Avalanche (AVAX) Price Analysis
Avalanche (AVAX) buyers are attempting to push the altcoin above the key resistance at $29. The upward movement faces resistance at the $29 level, but the buyers’ reluctance to yield ground to the bears is a positive sign. This suggests that buying pressure remains strong, increasing the likelihood of a breakout above the resistance. If successful, AVAX could potentially reach the 50-day simple moving average (SMA) at $32.78. Conversely, a sharp turn down from the current level would indicate that bears have turned $29 into a solid resistance, potentially pushing AVAX down to retest the intraday low of $23.51 set on June 24.
Kaspa (KAS) Price Analysis
Kaspa (KAS) surged on June 29, closing above the general resistance at $0.19, completing a ‘cup and handle’ pattern. The upward sloping moving averages and RSI in the overbought zone indicate bullish control. If buyers keep the price above $0.19, KAS could start its next rally phase, potentially climbing to $0.24 and reaching the formation target of $0.28. However, a sharp decline and a slip below $0.19 would suggest a bull trap, possibly pulling the price back to the 20-day EMA at $0.16.
Monero (XMR) Price Analysis
Monero (XMR) is attempting to rebound from its 20-day EMA at $165, indicating bullish sentiment and investor interest during dips. A flat 20-day EMA and RSI just above the midpoint indicate that bears might be losing grip. Should the price move above $172, XMR could advance towards the strong resistance at $180 and subsequently $190. Conversely, a downturn from the current level and a dip below the 20-day EMA would indicate continued bearish pressure, potentially pulling XMR down to the 50-day SMA at $155. A breach and close below this level would shift the advantage back to the bears.
Conclusion
The technical outlook for Bitcoin and select altcoins reveals critical levels to watch. As Bitcoin navigates its current support and resistance zones, altcoins like TON, AVAX, KAS, and XMR offer distinct opportunities and risks. Traders should remain vigilant, conducting thorough research and monitoring market signals to navigate potential market movements effectively.
