Inexperienced traders usually seek higher prices at the end of a bull market for fear of missing out on the uptrend. But institutional investors tend to wait until the bubble settles before entering. The 2022 Bitcoin (BTC) bear market has put an end to the hype seen in 2021.
In an interview with Cointelegraph, Fred Pai, CEO of 3iQ, Canada’s first bitcoin fund issuer, said that “the FOMO for Bitcoin is gone” and that institutional investors and portfolio managers are turning Bitcoin into a “bitcoin.” It’s a serious place,” he said.
Analysts are bullish on the long-term, but the near-term outlook is uncertain as the price has remained range-bound for the past few days. Analysts expect the trend movement to start next week or the week after.
If Bitcoin goes up, what are the altcoins that could follow?
Bitcoin price analysis
Bitcoin is trading near the support line of the symmetrical triangle, but the bulls have failed to push the price above it. This indicates that bears are operating at a higher level.
A downhill 20-day exponential moving average ($27,481) and a Relative Strength Index below 42 point to the bears’ advantage.
If the sellers push the price below the immediate support of $26,361, the BTC/USDT pair can drop to the critical support zone between $25,800 and $25,250. Buyers are expected to defend this zone with all their might as a failure could lead to a plunge to $20,000.
Conversely, if the bulls break the price above the 20-day EMA, it could invite further buying. The pair can then move up towards the triangle resistance line. Once this barrier is overcome, the pair could begin its journey to $32,400.
The 4-hour chart shows the formation of a symmetrical triangle pattern, indicating uncertainty between the bulls and bears. The flattening of the moving averages also indicates that demand and supply are in balance.
If the price breaks below the triangle, the short-term trend will turn negative and the pair could drop to $25,800. The pattern target for the triangle is $24,773.
This bearish view will be canceled if the price surges above the triangle. The pair can then move up to $28,400 and then to the pattern target of $29,165.
XRP price analysis
XRP (XRP) is about to start a recovery. Buyers have been holding the price above the 20-day EMA ($0.45) since May 16, but have failed to overcome the 50-day SMA ($0.47) obstacle.
The 20-day EMA is starting to turn upwards and the RSI is just above the midpoint, indicating a slight advantage for the bulls. This increases the likelihood of a move above the 50-day SMA. After that, the XRP/USDT pair can rally to $0.54 and eventually to $0.58. Aggressive selling by the bears is likely in this zone.
The first support to watch on the downside is the 20-day EMA. Sellers need to lower prices below this level to gain an advantage. The pair can then drop to $0.43 before hitting the critical support at $0.40.
The 4-hour chart shows that the recovery has reversed direction from the downtrend line. This shows that the bears are defending the downtrend line hard. Sellers are trying to keep the price below the 20-EMA and extend the pullback to the 50-SMA.
Instead, if the price rises from the current level and breaks above the downtrend line, it indicates the beginning of a short-term uptrend. There is minor resistance at $0.48, but it could be crossed. After that, a rally to $0.54 is possible.
Litecoin price analysis
Litecoin (LTC) has been trading in a tight range for the past few days between the 50-day SMA ($89) and overhead resistance at $96. This shows the indecision between the bulls and the bears.
The 20-day EMA ($88) has risen and the RSI is in positive territory, indicating that the bulls have the upper hand. This has increased the likelihood of a rally above $96 resistance. If so, the LTC/USDT pair can rally to $106. This level may again invite strong selling by the bears.
This positive view will be invalidated in the short term if the price falls below the moving averages. Such a move suggests that the currency pair may stay between $79 and $96 for some time.
The 4-hour chart shows that the bulls are trying to defend the 20-EMA. This shows a change in sentiment from selling on the upside to buying on the downside. If the price bounces off the current levels, the bulls will try to break out of the $96 overhead hurdle again.
But the bears are not going to give up without a fight. They are trying to pull the price below the 20EMA. If they succeed, the pair could crumble down to 50-SMA. A breakdown of this support could open the door for a fall to $86 and then to $82.
Related: The Bitcoin and Ethereum Bear Market Is Taking the Lead Again — Two Derivative Indicators Suggest
Render Token Price Analysis
Render Token (RNDR) is trending upwards. Buyers pushed the price above the overhead resistance of $2.60 on May 21, but the long core of the candlesticks indicates selling at higher levels.
The rising moving averages and the RSI just below the overbought region show that the bulls are in control. Buyers will try again to push the price above the $3 psychological barrier. If so, the RNDR/USDT pair can rally to $3.35.
The first support to watch on the downside is the 20-day EMA ($2.10). A breakdown of this level would suggest that the break above $2.60 may have been a bullish trap. The pair can then plummet to the 50-day SMA ($1.87).
The bulls are struggling to sustain the price above the overhead resistance of $2.60, suggesting a possible bullish trap. Sellers will try to consolidate their positions by driving the price below the immediate support of the 20-EMA. The pair could then drop to 50-SMA.
However, the rising moving averages and RSI in the overbought zone suggest that lower levels are likely to be bought. If buyers push the price above $2.60 and sustain it, the price can rise to $3.
conflux price analysis
Conflux (CFX) is trading inside a descending channel pattern. The bulls bought the dip to the support line on May 12, indicating solid demand at the lower levels.
The 20-day EMA ($0.29) is flat and the RSI is near the midpoint, suggesting that selling pressure is easing.
Buyers tried to overcome the overhead hurdle of the 50-day SMA ($0.32) on May 16, but the bears held back. A slight plus in favor of the bulls is that the price has not allowed a break below the 20-day EMA. This is a signal to buy on the dip.
The bulls are likely to make another attempt to push the price above the 50-day SMA. If these succeed, the CFX/USDT pair could reach the downtrend line and again act as strong resistance.
The 4-hour chart shows the price correcting a sharp rise from $0.22 to $0.33. Buyers are trying to defend the 38.2% Fibonacci retracement level of $0.29, which is a positive sign.
If buyers sustain the price above the resistance line, it will suggest that the bulls are back in the driver’s seat. The pair can move up to $0.33 first and then to $0.37. Alternatively, a close below $0.29 could start a deeper correction towards $0.28 and then $0.27.
This article does not contain investment advice or recommendations. Any investment or trading move involves risk and readers should conduct their own research before making any decision.
This article is for general informational purposes and is not intended, nor should it be taken as legal or investment advice. The views, thoughts and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views or opinions of Cointelegraph.
