As a significant amount of money in the cryptocurrency market shifts to decentralized finance (DeFi) protocols, Bitcoin’s market dominance is also declining. Some altcoins may be on the verge of significant price movements.
Cointelegraph analyst Rakesh Upadhyay, who said that he expects significant movements in the price of 4 altcoins other than Bitcoin this week, shared his technical analysis.
BTC / USDT – Bitcoin teknik analytics
Bitcoin (BTC) price surged above its moving averages on Friday, but the bulls could not build enough strength. The doji candlestick pattern formed on May 1 and the drop below the 50-day simple moving average (SMA) ($ 56,802) as of Sunday shows that the bears are selling at high levels.
Daily chart of the BTC / USDT pair. Source: TradingView
If sellers pull the price below the 20-day exponential moving average (EMA) ($ 55,870), the BTC / USDT pair could drop to $ 52,323.21 and then to $ 50,460. Moving averages running close to the midpoint and the relative strength index (RSI) point to a balance between supply and demand. So the pair may move horizontally for a few more days.
If the pair bounces up from the 20-EMA and breaks above $ 58,469.09, it will be revealed that the bulls are increasing purchases in the bearish. Subsequently, the price could rise to $ 61,825.85, where again strong resistance of the bears could be encountered.
There does appear to be a potential head and shoulders shoulder formation, although it is too early to confirm. The realization of this model could be the attempt to drop the price below the neckline. Naturally, traders need to be careful.
SOL / USDT – Solana price analysis
Solana (SOL) price climbed above the $ 48.64 resistance on Saturday and hit an all-time high of $ 49.99 on Sunday. However, the $ 50 psychological level served as a resistance, pulling the price down.
Daily chart of SOL / USDT parity. Source: TradingView
If the bears keep the price below $ 48.64 for another day, the SOL / USDT pair could drop to the $ 40.51 support. If there is a strong recovery from this support, it will be revealed that the bulls are accumulating in the dips. The bulls can then venture to break the $ 50 resistance.
If successful, the pair could start the next leg of the uptrend to $ 56.77 and then $ 68.05. Rising moving averages (MA) and the relative strength index (RSI) near the overbought zone say upward movement is more likely.
This positive view will become invalid if the price breaks below the 20-day exponential moving average (EMA) ($ 39.79). In this case, the pair could go down to the 50-day simple moving average (SMA) ($ 27.49).
HT/USDT – Huobi Token teknik analiz
The Huobi Token (HT) price climbed above the resistance at $ 26.89 as of Saturday and hit an all-time high of $ 29.54 on Sunday. The bears now engaged are trying to pull the price below the breakout level and trap the bulls.
Daily chart of HT / USDT pair. Source: TradingView
If the price sees a decline for three consecutive days and stays below $ 26.89, a gradual decline signal to $ 22 may be expected for the HT / USDT pair. Recovering from this support can keep the pair in range for several days.
Conversely, if the bulls surpass the $ 26.89 support or do not allow it to break below $ 25, the dips will reveal increased purchases. Subsequently, a break above $ 29.54 could set the next target at $ 36.54.
The 20-day exponential moving average (EMA) ($ 21.56) has moved up and the relative strength index (RSI) is in the overbought territory. So as of now, the bulls are in control.
ETC / USDT – Ethereum Classic price analysis
Ethereum Classic (ETC) price is in an effort to maintain its movement within the overall resistance zone of $ 38 to $ 41.61. Especially the long tail in the candlestick that is formed in the market shows that the bulls move towards the resistance zone are superior, despite the pressure of the bears.
Daily chart of the ETC / USDT pair. Source: TradingView
The rising 20-day exponential moving average (EMA) ($ 30.57) and the relative strength index (RSI) in the overbought zone give the bulls an advantage. If buyers push the price above the general resistance zone, the ETC / USDT pair could continue its uptrend and reach $ 53.21.
Contrary to this assumption, the bears will try to lower the pair to the 20-EMA if the price fails to hold in the resistance zone and goes down. A break below this support will show that the bullish momentum is weakening and the pair may retreat to $ 22.20.
AAVE / USDT – Aave Technical Analysis
The bulls pushed the Aave price above the $ 489 resistance. However, purchases at higher levels did not continue. For the past three days, the price has been hovering the upper line of the corridor in the $ 480 to $ 280 range. This shows that the bears do not want to take the price out of range and are trying to trap the bulls.
Daily chart of AAVE / USDT pair. Source: TradingView
If the price breaks below the 20-day exponential moving average (EMA) ($ 429), it will be revealed that the bulls are out of purchases on the dips. In this case, the price could drop to the 50-day simple moving average (SMA) ($ 388) and the AAVE / USDT pair could move into the corridor for a few more days.
On the contrary, if the pair moves above the 20-EMA, the bulls will make another attempt to push the price towards $ 581.67. The future breakdown at this level could allow the upward journey to continue up to $ 698.
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