When the Bitcoin (BTC) price is in the process of recovery, many altcoins in the market are also mobilizing. It is a matter of curiosity which assets will make accelerated movement while the crypto money sector is moving.
Cointelegraph analyst Rakesh Upadhyay scrutinized remarkable altcoins this week. Technical analysis and price evaluation for 4 altcoins that attract attention with price movements other than Bitcoin.
BTC / USDT – Bitcoin teknik analytics
Bitcoin has been in the correction phase for a while and was trading on a descending channel. It recovered strongly after falling from the 50-day simple moving average (SMA) ($ 52,372) on March 26, and the bulls increased their purchases.
Daily chart of the BTC / USDT pair. Source: TradingView
The bears are applying strong resistance near the resistance line of the channel, but the bulls are determined to push the price above here. The BTC / USDT pair could once again head towards the $ 60,000 to $ 61,825.84 resistance zone.
If the bitcoin price exceeds its all-time high, the new target will be around $ 71,000. The 20-day exponential moving average (EMA) ($ 55,073) has begun to rise and the relative strength index (RSI) is moving in the positive territory. This shows that bulls are relatively superior.
Contrary to this assumption, if the price falls below the resistance line of the channel, the bears will try to push the pair below the 50-SMA. If they are successful, the pair could fall to the support line and a break below that level could push the price down to $ 43,006.
KLAY / USDT – Klaytn price analysis
Klaytn (KLAY) is in a strong uptrend since mid-February. Altcoin completed the correction after falling to the 20-day exponential moving average (EMA) ($ 2,805) on March 26, suggesting that market sentiment remained positive.
Daily chart of KLAY / USDT pair. Source: TradingView
The bulls are currently trying to continue the uptrend by pushing the price to an all-time high of $ 3,943. If successful, the KLAY / USD pair can rise to $ 4.86. The upward moving averages (MA) and the relative strength index (RSI) in the overbought zone say the price is more likely to move up.
On the other hand, if the price falls and falls below the 20-day exponential moving average (EMA) ($ 2,805), this bullish expectation will become invalid. Such a move can cause a trend change. In this case, the initial support will be $ 2.58, and a break below this level could lead to a deeper correction.
VET / USDT – VeChain technical analysis
VeChain (VET) is rising rapidly. The altcoin bounced off the 20-day exponential moving average (EMA) ($ 0.079) on March 25. This indicates that the market sentiment is positive and the bulls increase their purchases during price decreases.
Daily chart of VET / USDT parity. Source: TradingView
The moving averages (MA) are rising and the relative strength index (RSI) is close to the overbought zone. So there is currently a lot of data to support the upward movement. The long wick formed in the candlestick on March 27 indicates that the bears are trying to defend the overall resistance of $ 0.098.
The bulls, however, left the bears’ effort to no avail. If buyers can push the price above $ 0.098, the VET / USDT pair may continue its uptrend. The next target on the upside will be $ 0.136.
The uptrend we’ve been talking about will become invalid if the price falls below current levels or general resistance and goes below the 20-EMA. Such a move could pull the price down to the 50-day simple moving average (SMA) ($ 0.061).
SOL / USDT – Solana price analysis
The Solana (SOL) price formed a descending triangle pattern that was expected to result in a sharp break. After the decline, the bulls increased their purchases aggressively in the $ 11.90 support zone on March 26. Thus, the price broke the trend line on March 27 and jumped up.
Daily chart of SOL / USDT parity. Source: TradingView
Breaking a bearish pattern increases belief in the uptrend. Several aggressive bears were trapped, opening short positions in anticipation of the completion of the descending pattern. When such patterns become void, the bears rush to close their positions and a short squeeze occurs.
Aggressive purchases from the bulls pushed the price to an all-time high of $ 19.38. As long as the bulls keep the price above $ 18.20, the SOL / USDT pair can continue to rise and the price can reach $ 24.84.
On the other hand, if the price falls from the current level, a decline to the 20-day exponential moving average (EMA) ($ 14.90) is possible. If this zone works as support and recovery comes, it will be revealed that the bulls have increased purchases at lower levels and the uptrend will be more likely to resume.
KSM / USD – Kusama technical analysis
Kusama (KSM) price has been rising for more than 20 days. The recent decline to the 20-day exponential moving average (EMA) ($ 398) on March 25 paved the way for aggressive buying, as evident from the long tail on the candlestick. This explains that traders, who expect the upward trend to continue, are buying strongly during price decreases.
Daily chart of the KSM / USDT pair. Source: TradingView
The KSM / USDT pair saw strong sales as seen from the long wick on the candlestick after surging to an all-time high on March 27. Subsequently, the pair continued to rise.
If the bulls continue to hold the price above $ 520, the next stop for the upward move will be $ 583.
The pair has been moving above the 20-day exponential moving average (EMA) since January 14. Traders should pay attention to this price action. Because if there is a break below this level, the bullish momentum loses its strength.
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