Bitcoin, the world’s largest cryptocurrency by market cap, hit an all-time high (ATH) of over $69,000 in November 2021. Since then, the king coin has struggled to re-attain that level as it fights in a long-running bear market that has affected the entire crypto industry. At the current price of $26,292, Bitcoin is nearly 62% lower than its ATH and may be unlikely to spike in the short term.
Fortunately, some metrics currently favor Bitcoin. The crypto’s price has climbed more than 37% over the last year and over 58% since January. In addition, Bitcoin was able to sustain a level above its 20-day exponential moving average (EMA) of $26,523 for a while. However, the absence of a strong rebound suggests that the king coin cannot sustain demand at high levels.
Now that Bitcoin is below the 20-day EMA, the bears will likely take over and keep prices low, to a support level of $24,800. This could happen if Bitcoin tanks below $26,200 and keeps falling. However, there is also the chance that buyers can shoot Bitcoin’s price over its current 50-day simple moving average of $26,948, from where the bulls can continue to push until they attempt the $28,143 mark.
Generally, it is hard to prove that Bitcoin price swings significantly affect altcoin movements. Nonetheless, as Bitcoin’s price continues to flatline, investors may be looking to altcoins like ETH and XLM as some of the top cryptos to purchase instead. Some of these altcoins have pulled in impressive returns since January and will likely offer healthy profits based on their recent price history.
Chainlink (LINK) analysis indicates a rising RSI (Relative Strength Index) score, along with a bullish crossover across its exponential and simple moving averages. LINK bulls are powering the token and using its plunges across the 20-day EMA to raise prices. Continuous price movement in this direction will put the token firmly past the $7.60 support level and much higher from there. However, if the bears can pull LINK below the 20-day EMA, the price could continue to spiral for a while. Fortunately, bears may have to drag LINK all the way to $6.60 for bulls to lose their hold completely.
Traders may also watch out for MakerDAO’s MKR token. At $1,313, MKR has had a good year so far, rising nearly 26% over the last month and more than 90% in 3 months. In addition, the token’s YTD performance has achieved an impressive 151.89% increase, and looks to be rising higher.
MKR struggled a bit with the $1,370 resistance level as bears continued seemingly concerted efforts to keep the token below said level. Nonetheless, MKR is healthily above its $1,226 20-day EMA. If the bulls are strong enough, MKR could scale the resistance and head to $1,759. However, if the bears succeed in crashing MKR below the 20-day EMA, the asset could fall to $1,000 and even lower.
Stellar’s XLM has returned nearly 56% to investors in year-to-date (YTD) profits. The layer-1 project powering payment solutions has also made a name for itself as a trusted remittance platform for cheap cross-border payments at lightning speeds. Market price predictions for the year suggest a 27% increase from the current $0.11 to $0.14. Furthermore, the expected average for 2024 is a further 192% jump.
The Arbitrum (ARB) price trajectory may be a little disappointing, considering that the token has lost more than 17% in the past month and nearly 34% in 3 months. In addition, the bears are keeping prices as close to the $0.85 20-day EMA as possible. However, the upside is that although the bulls seem to be losing, they have not lost much. This only means that the bulls are holding strong and could overtake the bears.
Considering ARB’s RSI higher than 40, the market may begin preparing for a possible rise as the index score settles into the support level. This indicates a potential recovery and rally to the current 50-day SMA of $0.95, possibly higher. With the current price at $0.80, the bears would have to drag ARB’s price to a $0.74 support to trigger a proper bear run.