Originally published on: September 29, 2024
The recent strong monthly close for Bitcoin above $65,000 suggests promising bullish sentiment in the market. As investors eagerly anticipate further price upticks, the potential for a rally in select altcoins like XRP, TAO, RUNE, and SEI is under the spotlight.
Bitcoin Momentum Overview
Bitcoin has shown resilience above the critical $65,000 breakout level, with buyers holding firm as the price aims for further highs. The upward trend is supported by the ongoing positive sentiment, indicated by substantial inflows of $1.1 billion into US-based spot Bitcoin exchange-traded funds and the Crypto Fear & Greed Index registering at 63, entering the greed territory on September 29.
Bitcoin Technical Analysis
On the daily chart, Bitcoin’s 20-day exponential moving average ($62,650) is trending upwards, with the relative strength index (RSI) signaling bullish control. A potential rally to $70,000 is on the cards, although resistance is expected around $70,000-$73,777. Conversely, a break below the 20-day EMA could lead to a corrective move towards the 50-day simple moving average ($60,206).
The 4-hour chart reinforces the bullish outlook, with both moving averages sloping upwards and the RSI in positive territory. Breaking above $66,500 may pave the way for a move towards $70,000.
XRP’s Ascending Triangle Formation
XRP has formed an ascending triangle pattern, poised for a breakout above $0.64. A successful close above this level may trigger a rally towards $0.74, with further resistance at $0.90. However, a sharp downturn below $0.64 could signal a bearish reversal towards the 20-day EMA ($0.58).
TAO’s Uptrend Potential
TAO rallied and closed above the $530 resistance, eyeing a continuation towards $600 and beyond. Bulls defending the $489-$535 range on the 4-hour chart signal buying interest, with a break above $563 potentially leading to a retest of $600.
RUNE’s Upside Momentum
THORChain closed above $5, indicating a new uptrend. A pullback to $5 might offer a buying opportunity for a rally towards $6 and $7, with buyers expected to defend the $5 support level.
SEI’s Recovery Efforts
SEI broke above $0.43, suggesting a bullish comeback towards $0.60 and $0.70. The pair’s rebound off the $0.43 support on the 4-hour chart indicates a positive sentiment, with potential resistance at $0.50.
Invest Wisely
This market analysis offers insights into potential price movements for Bitcoin and select altcoins, but it does not constitute investment advice. Readers are advised to conduct thorough research and consider risks before making any trading decisions. Stay tuned for the exciting developments in the cryptocurrency market as the rally potential grows for XRP, TAO, RUNE, and SEI.
