Altcoins Gain Trader Attention as Bitcoin Stagnates in Price

    Despite Bitcoin's price being confined to a narrow range, these four altcoins exhibit signs of strength.

    BTC is poised to form two consecutive Doji candlestick patterns on the weekly charts. However, the fact that the price is holding above the 20-week exponential moving average ($28,072) indicates that the bulls still have control.

    Renowned trader TechDev utilized the three-week timeframe to demonstrate that Bitcoin’s consolidation above the 20-period moving average is approaching levels witnessed only four times in its history. Interestingly, in all three previous instances, the expansions occurred to the upside, implying that the bulls may have an advantage based on historical data.

    Crypto market data daily view. Source: Coin360

    Nevertheless, in the short term, the lack of volatility has led Bitcoin futures trading volumes to hit their lowest levels since December 2022. This suggests that traders may have shifted their focus to other markets or are hesitant to make moves at current levels, according to Cointelegraph contributor Marcel Pechman.

    While many altcoins are looking to Bitcoin for guidance, some have performed better in the recent past. Let’s analyze the charts of the top five cryptocurrencies that appear promising in the coming days.


    Bitcoin has been hovering around the 20-day EMA ($29,447) for the past two days, indicating a state of uncertainty between the bulls and bears.

    BTC/USDT daily chart. Source: TradingView

    The absence of significant movement in the moving averages and the RSI near the midpoint does not provide a clear advantage to either the bulls or bears. As a result, the BTC/USDT pair may remain range-bound between $28,585 and $30,150 for the time being.

    The next significant price movement is likely to occur once the price breaks out of this range. If the price falls below $28,585, selling pressure could intensify, potentially driving the pair down to $26,000.

    Conversely, a breakout and close above $30,150 could attract buyers and propel the pair toward the resistance zone of $31,804 to $32,400.

    BTC/USDT four-hour chart. Source: TradingView

    Examining the four-hour chart, the price appears to be trapped between the moving averages, indicating uncertainty regarding the next major move. If the price closes below the 50-day simple moving average, the short-term advantage may shift in favor of the bears. This could potentially push the price toward $29,000 and subsequently $28,585.

    However, if the price reverses and breaks above the 20-day EMA, it would indicate an attempt by the bulls to gain control. In such a scenario, the pair could initially rise to $29,738, and if this hurdle is cleared, the rally may extend toward the overhead resistance at $30,350.

    Shiba Inu

    SHIB is experiencing a robust recovery, although buyers are encountering resistance near the overhead resistance of $0.000012.

    SHIB/USDT daily chart. Source: TradingView

    The upward trajectory of the 20-day EMA ($0.000009) and the RSI hovering near the overbought zone indicate that the bulls are currently in control. If buyers can hold their ground and not retreat significantly from the overhead resistance, it will increase the likelihood of a rally above $0.000012. In such a scenario, the SHIB/USDT pair could surge towards $0.000014 and subsequently $0.000016.

    On the contrary, if the price drops below $0.000010, the pair may extend its pullback towards the 20-day EMA. This level holds significant importance as a breach below it could signal the end of the recovery.

    SHIB/USDT four-hour chart. Source: TradingView

    Analyzing the four-hour chart, the price has undergone a correction towards the 20-day EMA. The bulls are expected to defend this level vigorously. If they succeed, the pair may make another attempt to break and sustain above the overhead resistance at $0.000011.

    However, if the price slides and maintains below the 20-day EMA, it would suggest that the bulls are losing their grip. Consequently, the pair may decline toward the next major support at the 50-day SMA. This level could attract substantial buying interest from the bulls.


    UNI experienced a bounce from the 50-day SMA ($5.79) on August 7th and surpassed the 20-day EMA ($6.09) on August 8th, indicating the presence of active buyers at lower levels.

    UNI/USDT daily chart. Source: TradingView

    Currently, the UNI/USDT pair is encountering a challenging battle near the 20-day EMA, which suggests that the bears have not yet relinquished control. If the price remains below the 20-day EMA, selling pressure could intensify, potentially causing the pair to decline toward the 50-day SMA.

    However, if the price rebounds from the 20-day EMA, it would indicate the bulls’ attempt to establish this level as support. If successful, the pair may overcome the immediate resistance at $6.35 and reach a target of $6.70.

    UNI/USDT four-hour chart. Source: TradingView

    Examining the four-hour chart, both moving averages have flattened out, implying a balance between supply and demand. If the price falls below the 50-day SMA, the advantage may shift in favor of the bears, leading the pair to drop to $5.80.

    On the other hand, if the price rebounds from the 50-day SMA and surpasses the 20-day EMA, it would suggest buying interest during price declines. In such a scenario, the pair could rise to $6.35. However, buyers must overcome this resistance to secure an advantageous position. If successful, the pair may experience a surge towards $6.70.


    MKR has maintained its position above the breakout level of $1,200 over the past few days, indicating the bulls’ attempt to establish this level as support.

    MKR/USDT daily chart. Source: TradingView

    The gradual upward slope of the 20-day EMA ($1,204) and the positive territory of the RSI suggest that the bulls currently have the advantage. Buyers will aim to push the price above the immediate resistance at $1,284 and challenge the local high of $1,370. A successful break and close above this level could signify the beginning of a new uptrend.

    To prevent the uptrend, bears must swiftly push the price back below the breakout level of $1,200. Such a move could initiate a decline toward the 50-day SMA ($1,041).

    MKR/USDT four-hour chart. Source: TradingView

    On the four-hour chart, the 20-day EMA has flattened out, and the RSI is slightly above the midpoint. The price action has formed a symmetrical triangle pattern, indicating a state of indecision between the bulls and the bears.

    If buyers manage to drive the price above the triangle, the MKR/USDT pair may begin an upward movement toward the pattern target of $1,463. Conversely, a breakout below the triangle could suggest the return of bearish sentiment. In such a scenario, the pattern target on the downside would be $986.

    XDC Network

    XDC Network (XDC) has retraced to the 20-day EMA ($0.062), a crucial support level to monitor.

    XDC/USDT daily chart. Source: TradingView

    The flattening out of the 20-day EMA and the RSI hovering just above the midpoint suggest a potential weakening of bullish momentum. To regain control, buyers will need to push the price above the resistance at $0.073. This could initiate an upward movement towards $0.082.

    Conversely, if the price breaks below the 20-day EMA and closes below it, the pair could drop to the 61.8% Fibonacci retracement level at $0.056. Such a move could delay the start of the next upward leg.

    XDC/USDT 4-hour chart. Source: TradingView

    The four-hour chart reveals the formation of a descending triangle, which will complete upon a breakout and close below $0.061. If this occurs, the pair may begin a downward move toward $0.054 and potentially reach the pattern target of $0.040.

    However, if the price continues to rise from the current level and breaks above the downtrend line, it would invalidate the bearish setup. The failure of a negative setup can be seen as a positive sign, potentially paving the way for a potential rally toward $0.082.

    Disclaimer: Please note that this article does not constitute investment advice. Investing in speculative and carries the risk of potential capital loss.

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