Originally published on: December 08, 2024
Bitcoin is currently locked in a battle between bulls and bears near the $100,000 mark. Analysts suggest that a period of consolidation may be on the horizon as the weekly strength of Bitcoin appears to be waning.
Despite the short-term uncertainty, experts remain optimistic about Bitcoin’s long-term prospects. WeRate co-founder Quinten François believes that Bitcoin may be entering a euphoric stage that could potentially prolong the rally for up to 12 months before reaching a cycle top.
In the midst of Bitcoin’s struggle, altcoins like DOGE, SUI, PEPE, and FTM have been gaining momentum. However, venture capitalists and teams may start taking profits aggressively, leading to a potential downturn in the altcoin market.
Amidst this backdrop, traders are keeping a close watch on select altcoins that show strong chart structure. Let’s take a closer look at these top five cryptocurrencies and their potential for outperformance:
Bitcoin (BTC) is currently facing resistance near $100,000, but buyers are showing resilience and not rushing to sell. A consolidation near this crucial level could pave the way for an upward breakout, with targets set at $113,331 and $125,000.
Dogecoin (DOGE) has been trading inside an ascending channel pattern, signaling bullish momentum. If the price breaks above $0.48, the path to $0.60 could be clear for DOGE.
Sui (SUI) is facing resistance near $4.50, but buyers are optimistic about a continued uptrend. A bounce off the 20-day EMA could propel SUI towards $5.31.
Pepe (PEPE) is currently battling resistance at $0.000027, with buyers holding the upper hand. A break above this level could lead to targets at $0.000035 and $0.000044.
Fantom (FTM) recently broke above $1.23 and has been well-supported by buyers. The next target for FTM is $1.68, with key support at $1.23.
As traders navigate the volatile crypto market, staying informed and monitoring key levels is crucial for making informed investment decisions. Keep an eye on these top cryptocurrencies as they navigate the ever-changing landscape of the digital asset market.
