- Experienced analyst Rakesh Upadhyay predicts that four altcoins could surprise investors with a strong upward movement in the near future.
- As Bitcoin’s price appears to be stuck in a range, the focus may shift towards altcoins.
- Upadhyay evaluates Bitcoin and four promising altcoins in his charts.
Analyst Rakesh Upadhyay predicts four altcoins could surprise investors with a strong upward movement, as Bitcoin’s price appears stuck in a range.
Bitcoin (BTC) Price Analysis
The bulls have successfully defended the $59,600 level in Bitcoin. However, they have not been able to push the price above the 20-day exponential moving average ($62,650). This suggests a fierce battle between the bulls and bears. The downward sloping 20-day EMA and the relative strength index (RSI) in the negative zone give the sellers an advantage. If the $59,600 level is broken, BTC could retest the May 1 intraday low of $56,552. However, this level is likely to attract buyers. If the bears prevail, BTC could drop to $54,298. If the bulls want to prevent the decline, they will have to push and maintain the price above the 20-day EMA. If they can do this, a rise to $67,250 is possible for BTC. The buyers will need to overcome this hurdle to start a rally to $73,777.
TON Price Analysis: Toncoin Ready to Challenge This Resistance!
Toncoin (TON) is trying to rise above the urgent resistance of $7.23. However, the bears are holding their ground. A small positive for the bulls is that they have not allowed the price to fall much below $7.23. This increases the likelihood of a rise above $7.23. If this happens, TON could challenge the resistance of $7.67. The key support to watch on the downside is the moving averages. A break and close below this support will indicate that the altcoin price could consolidate between $4.72 and $7.67 for a few days.
RNDR Price Analysis: A Rally to These Levels is Possible for This Altcoin!
Render (RNDR) signaled the end of the corrective phase by rising above the moving averages on May 5. The bears are trying to stop the recovery near the general resistance of $12. However, the bulls have not lost much ground. This indicates that the declines are being bought. The moving averages have completed a bull crossover. Also, the RSI is in the positive zone. This indicates that the bulls are in control. If the price turns up from the current level or rebounds off the 20-day EMA ($9.59), it will increase the possibility of a rally above $12. RNDR could then rise to $13.83. This optimistic view will be invalidated in the short term if the price turns down and breaks below the moving averages.
Conclusion
As Bitcoin’s price appears to be stuck in a range, the focus may shift towards altcoins. The four altcoins evaluated by analyst Rakesh Upadhyay – Bitcoin, Toncoin, Render, and Pepe – all show promising signs of a strong upward movement. However, investors should keep in mind that the crypto market is highly volatile and unpredictable, and they should always do their own research before making any investment decisions.
