As Bitcoin (BTC) price is struggling to recover strongly, many names in the altcoin market have achieved an all-time high.
Although most of the traders turned to the top names in terms of market value, a few altcoins that were overlooked performed very well in the short term. Let’s take a closer look at the charts of these three cryptocurrencies.
BAKE / BUSD – BAKE analysis technique
The BAKE price rose from $ 1.12 on April 25 to $ 8.49 as of May 2, a 658 percent increase in these eight days. Usually such strong rallies are not sustainable. The relative strength index (RSI), which rose above 88 on May 2, showed that traders were taking profits.
Daily chart of BAKE / BUSD parity. Source: TradingView
The initial support on the negative side, the 38.2% Fibonacci retracement level, was tested strongly at $ 5.67. Even though a recovery has come in the day, if this support is broken, the BAKE / BUSD pair could drop to $ 4.80 where the 50% Fibonacci retracement level is calculated, and then the 20-day exponential moving average (EMA) ($ 4.28). The deeper the fall, the longer the onset of the next leg of the uptrend will be delayed.
If the price breaks above the current level, the bulls will try to push the price above $ 8.49 this time around. If successful, the pair’s journey could continue to $ 13.04.
Contrary to this assumption, if the bears pull the price below the 20-EMA, the signal that supply exceeds demand will be strengthened. The pair will then seek the bottom before a new uptrend.
SYS / BUSD – Syscoin price analysis
SYS price was recorded as $ 0.26 on April 25, and rose to $ 0.90 on May 5th. There was an increase of 246 percent in eleven days. The strong rally in the past few days pushed the relative strength index (RSI) above 79. This indicates that the rally has accelerated in the short term.
Daily chart of SYS / BUSD parity. Source: TradingView
The bulls tried to maintain the uptrend but the strong resistance at $ 0.90 could not be broken. Subsequently, profit taking began and a decline was observed to the 50% Fibonacci retracement level.
The bulls are currently trying to defend this support. If they are successful and there is a strong upward bounce, it will show that the market sentiment remains positive and buyers are accelerating purchases during dips. If the bulls push the price above $ 0.90, the SYS / BUSD pair could move towards the next possible target i.e. $ 1.22.
Contrary to this assumption, if the bears cut the price below $ 0.58, the decline in the pair could extend to the 20-day exponential moving average (EMA) ($ 0.48). Generally, such deep falls delay the onset of the next upward move.
UTK / USDT – Equipment technology analysis
UTK traded at $ 0.33 on April 25, rising to $ 1.06 on May 5th. There was a 221 percent rally in eleven days. As can be seen from the long wicks of candlesticks on May 5 and 6, traders seem to have made a profit around the psychological level of $ 1.
Daily chart of UTK / USDT parity. Source: TradingView
The bears will now try to push the price below $ 0.74. A strong recovery from this level reveals that the bulls successfully converted to the $ 0.74 support. Buyers will then make another attempt to continue the uptrend.
If the bulls push the price above $ 1.06, the UTK / USDT pair could start the next leg of the upward move that could reach $ 1.47. The rising 20-day exponential moving average (EMA) ($ 0.64) and the relative strength index (RSI) near the overbought zone say the bulls dominate.
If the bears push the price below $ 0.74, this positive view will be voided. Such a move will show that traders are no longer buying lows. This move could cause the 20-EMA to go down.
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