- Bitcoin continues to capture all the attention in the cryptocurrency market.
- Experienced technical analyst Rakesh Upadhyay shifts focus to four altcoins that may influence market sentiment.
- “The potential for Bitcoin to break above its near-term resistance could significantly boost sentiment across the crypto sector,” Upadhyay notes.
Explore the technical analysis of Bitcoin and four promising altcoins as they signal bullish trends.
Bitcoin Price Analysis: Bulls Maintain Their Positions
As observed on CoinOtag, Bitcoin faces a resistance around $68,000. However, the bulls have not yielded ground to the bears, which is a positive sign. This indicates that bulls are holding their positions in anticipation of a higher move. The 20-day exponential moving average (EMA) has started to rise, currently at $64,109, and the Relative Strength Index (RSI) is in the positive zone, suggesting that the path of least resistance is upwards. If Bitcoin surpasses the $68,000 level, it could retest its major general resistance at $73,777. Should bears want to halt this upward movement, they would need to pull the price quickly below the moving averages. If successful, Bitcoin could drop to $59,600 and then to the May 1st intraday low of $56,552.
SOL Price Analysis: Bulls Strive to Increase Strength
Solana (SOL) moved above the moving averages on May 15th, indicating that the bulls are attempting to gain strength. There is a minor resistance at $176 where bears might initiate a correction. The key level to watch on the downside is the $162 breakout level. A strong recovery from this level would indicate that bulls are turning $162 into support, increasing the likelihood of a rally above $176. If successful, SOL could rise to $185. This bullish view would be invalidated in the short term if the price falls and stays below the moving averages, potentially leading to a long liquidation that could pull the altcoin’s price down to $140.
AR Price Analysis: Potential Rise to $68 for Altcoin
Arweave (AR) has been in a bullish trend for the past few days. Bulls pushed the price above the general resistance of $47.51 on May 17th, but failed to sustain higher levels. Bears are trying to pull the price back to an important level, the 20-day EMA at $40. A strong rebound from this level would show that bulls are buying the dips, potentially leading to a break above the psychological resistance of $50. If this occurs, the altcoin’s price could rise to $68. Conversely, if the price sharply declines and falls below the 20-day EMA, it could trigger a correction towards the 50-day SMA at $35.
Conclusion
This analysis highlights the current dynamics and potential future movements in the cryptocurrency market. Investors and traders should monitor these key levels and indicators to make informed decisions, keeping an eye on both bullish and bearish scenarios as the market continues to evolve.
