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Bitcoin flatlines again, but TON, LINK, MKR, XTZ are poised for up-move

In the first half of last week, Bitcoin (BTC) attempted to break out of its range but failed to sustain higher levels. It is now trading near the $26,000 level and showing uncertainty about the next move.

However, there are expectations that the United States Securities and Exchange Commission (SEC) may eventually approve one or more pending applications for a spot Bitcoin exchange-traded fund, which could limit the downside in the near term.

Here are the charts of the top five cryptocurrencies that may start a rally if they break above their respective overhead resistance levels:

Bitcoin price analysis

Bitcoin is back inside the $24,800 to $26,833 range. The gradually recovering relative strength index (RSI) indicates that the bearish momentum may be weakening. A break and close above the range at $26,833 could retest the Aug. 29 intraday high of $28,142. On the downside, if the price sinks below $24,800, it could plunge to $20,000.

Toncoin price analysis

Toncoin (TON) is in an uptrend, but facing resistance near the overhead resistance at $2.07. The overbought levels on the RSI suggest a minor correction or consolidation is possible. If the bulls are able to maintain the current level, a rally above $2.07 could lead to a surge to $2.40.

Chainlink’s (LINK) has been trading inside a large range between $5.50 and $9.50. The bulls bought the dip near the support of the range and are now facing resistance near the 20-day EMA ($6.23). A move above the 20-day EMA could start a journey toward the 50-day SMA ($6.94), while a sharp downturn would suggest a negative sentiment and a drop to $5.50.

Maker price analysis

Maker (MKR) has taken support near $1,000 but is facing strong resistance near the downtrend line. Buyers have not given up much ground, suggesting that traders are not dumping their positions in a hurry. A close above the downtrend line could lead to a rally to $1,370, while a move below the 20-day EMA ($1,106) would favor bears and could push the price to $980.

Tezos price analysis

Tezos (XTZ) has witnessed a tussle between the bulls and the bears near the strong support at $0.70. The rising RSI suggests that bearish momentum is reducing, and a close above the 20-day EMA ($0.71) could pave the way for a rally to the downtrend line. However, a sustained drop below $0.66 would invalidate this view.

Note: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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