Originally published on: December 08, 2024
Bitcoin is currently in a tug of war between bulls and bears at the critical $100,000 level. CryptoQuant’s Percival pointed out on Dec. 6 that Bitcoin’s weekly strength is fading, hinting at a potential consolidation phase in the near future.
Despite the short-term uncertainty, analysts remain optimistic about Bitcoin’s long-term outlook. WeRate co-founder Quinten François believes that Bitcoin is on the cusp of entering a euphoric phase that could last up to 12 months before reaching a cycle top.
While Bitcoin dominates the market sentiment, the recent surge in altcoin prices following Donald Trump’s victory has caught the attention of many traders. However, Felix Hartmann from Hartmann Capital warns that venture capitalists and teams might start booking profits aggressively in altcoins, leading to a possible downturn.
Amidst this market volatility, traders are keeping a close eye on alternative cryptocurrencies that show strong chart structures. Let’s take a look at some of the top contenders:
Bitcoin, trading near the crucial $100,000 level, faces resistance but continues to receive support from the bulls.
As Bitcoin struggles to break above $100,000, consolidation near this level could lay the groundwork for a potential breakout. A move above $104,088 could pave the way for further gains, with targets set at $113,331 and $125,000.
On the other hand, a dip below the 20-day EMA ($95,285) may indicate profit-taking by bulls, leading to a pullback towards $90,000 and potentially to the 50-day SMA ($84,110).
Dogecoin (DOGE) is showing strength within an ascending channel pattern, signaling a bullish bias.
DOGE’s attempt to breach resistance at $0.48 was met with resistance, but a bounce from the current level or the 20-day EMA ($0.41) could propel the price towards the channel’s resistance. A breakthrough could send DOGE to $0.60, while a drop below the support line may lead to a decline to the 50-day SMA ($0.30).
Sui (SUI) faces resistance around $4.50, with buyers showing persistence in maintaining their positions.
A pullback to $3.94 followed by a bounce off the 20-day EMA ($3.66) could set the stage for a potential rally to $5.31. However, a negative divergence on the RSI raises some concerns, and a breakdown below the 20-day EMA may signal profit-taking by bulls and a potential slide to the 50-day SMA ($2.93).
Pepe (PEPE) is locked in a battle at $0.000027 resistance level, with bulls in control, supported by the upward-sloping 20-day EMA.
A move above $0.000027 could propel PEPE to $0.000035 and $0.000044. Conversely, a failure to breach the resistance may lead to a pullback towards the 20-day EMA, with sellers eyeing a break below this level.
Fantom (FTM) recently broke above $1.23 resistance, showing resilience against bearish attempts.
With solid support around $1.23 and a positive bias confirmed by the RSI and 20-day EMA, FTM could target $1.68 and $2 levels. However, a break below $1.23 could weaken the bullish momentum, leading to a potential dip to the 20-day EMA.
Stay tuned for more updates on these exciting altcoins as they navigate the volatile crypto market landscape.
