Originally published on: October 13, 2024
BitcoinBTChas been hovering in a tight range recently, leading investors to explore other promising cryptocurrencies like SUI, APT, TAO, and WIF. While Bitcoin saw a sharp recovery from a drop below $60,000, it has struggled to maintain higher levels, prompting traders to seek opportunities in altcoins.
A positive sign for Bitcoin was the influx of $253.6 million in the United States-based spotBitcoin exchange-traded funds on October 11 after three days of outflows. This sideways price action has analysts turning bullish on altcoins, suggesting a potential “up-only season” for these alternative digital assets.
As Bitcoin remains indecisive, attention is turning to select altcoins that show strength on the charts. Let’s delve into the top 5 cryptocurrencies that are gaining momentum amidst Bitcoin’s stagnation.
Bitcoin managed to break above the 20-day exponential moving average ($62,119) but faced resistance at $65,000. However, if the price remains above $60,000, traders may shift their focus to promising altcoins like SUI, APT, TAO, and WIF.
SuiSUI, a standout altcoin, rebounded from the 20-day EMA ($1.82) and surged past the $2.18 resistance level. The battle now lies in sustaining above $2.18 to signal further upside potential to $2.50 and beyond. On the downside, a break below $2.18 could lead to a correction to $1.60.
AptosAPT is facing selling pressure near the $10.50 level but may rally towards $14.50 if buyers maintain the price above $9.50. The 4-hour chart indicates a potential breakout above $10.50, paving the way for a move to $12. However, a break below the 20-EMA could drag the pair lower.
BittensorTAO has been in an uptrend, supported by buyers holding ground above $530. The resistance at $680 is a crucial level to watch, with a breakout potentially leading to a surge towards $760. A slide below the 20-day EMA ($560) could signal a deeper correction to $489.
DogwifhatWIF saw a successful retest of the breakout level, pointing to a short-term trend reversal. The resistance at $2.89 may pave the way for further gains towards $3.58 and $4. On the downside, a break below the 20-day EMA ($2.34) could lead to a pullback to the 50-day SMA ($1.90).
In summary, while Bitcoin remains rangebound, alternative cryptocurrencies like SUI, APT, TAO, and WIF are gaining traction among investors seeking opportunities beyond the leading digital asset. Keep an eye on these promising altcoins as they show potential for growth amidst Bitcoin’s indecisiveness.
