Bitcoin trades sideways while TON, RNDR, PEPE and AR flash bullish signs
Release: 2024/05/13 05:19 Reading: 546
Bitcoin Price Analysis
Bitcoin (BTC) failed to sustain its recovery this week, indicating that bears remain active and are exploiting rallies as selling opportunities. Bitcoin is on track to end the week with a loss exceeding 4%. The longer the price remains near $60,000, the higher the likelihood of a downside breakdown.
However, analysts maintain a bullish outlook for the post-halving cycle. Timothy Peterson, founder and investment manager of Cane Island Alternative Advisors, predicts Bitcoin could surge to "between $175,000 - $350,000 in the next 9 months." Peterson cautions in a 
post that "this bull market will end in January 2025."
Crypto market data daily view. Source: Coin360
Despite Bitcoin's sideways price action, traditional finance companies are adding it to their portfolios. JPMorgan Chase and Wells Fargo reported exposure to spot Bitcoin exchange-traded funds in their May 10 filing with the United States Securities and Exchange Commission. Although the allocation to Bitcoin is small, it represents a positive step.
Could Bitcoin's range-bound movement shift focus to altcoins? Let's examine the top 5 cryptocurrencies that show promise on the charts.
Bitcoin Price Analysis
Bulls have successfully defended the $59,600 level in Bitcoin but failed to drive the price above the 20-day exponential moving average ($62,650). This indicates an intense battle between bulls and bears.
BTC/USDT daily chart. Source: TradingView
The downsloping 20-day EMA and the relative strength index (RSI) in negative territory suggest an advantage for sellers. If the $59,600 level cracks, the BTC/USDT pair could retest the May 1 intraday low of $56,552. This level is expected to attract buyers, but if bears prevail, the pair may decline to the 61.8% Fibonacci retracement level of $54,298.
To prevent a downside move, bulls will need to push and maintain the price above the 20-day EMA. If they succeed, the pair could rise to $67,250. Buyers will then need to overcome this hurdle to initiate a rally towards $73,777.
BTC/USDT 4-hour chart. Source: TradingView
The 20-EMA on the 4-hour chart is flattening out, and the RSI is near the midpoint, indicating that selling pressure is easing. The crucial support to watch on the downside is $59,600. If this level is breached, selling may intensify, and the pair could plunge to $56,552.
Conversely, if the price rises above the 50-simple moving average, it will suggest that bulls are attempting a comeback. The pair may rise to $63,500 and subsequently to $65,500. A break above this resistance will signal that bears may be losing their grip.
Toncoin Price Analysis
Toncoin (TON) has been attempting to rise above the immediate resistance of $7.23, but bears are holding their ground.
TON/USDT daily chart. Source: TradingView
A minor positive sign for the bulls is that they have not allowed the price to slip much below $7.23. This increases the probability of a break above $7.23. If that occurs, the TON/USDT pair could challenge the resistance at $7.67.
The crucial support to watch on the downside is the moving averages. A break and close below this support will suggest that the pair may consolidate between $4.72 and $7.67 for a few days.
TON/USDT 4-hour chart. Source: TradingView
Both moving averages are sloping up, and the RSI is near the overbought territory on the 4-hour chart, indicating that bulls have the upper hand. Buyers will try to strengthen their position further by pushing the price above $7.23.
On the contrary, the bears will attempt to pull the price below the 20-EMA. If they succeed, it will suggest that bears are aggressively defending the overhead resistance. The pair may then fall to the 50-SMA.
Render Price Analysis
Render (RNDR) broke above the moving averages on May 5, signaling that the corrective phase may be ending.
RNDR/USDT daily chart. Source: TradingView
The bears are attempting to stall the recovery near the overhead resistance of $12, but the bulls have not given up much ground. This suggests that dips are being bought. The moving averages have completed a bullish crossover, and the RSI is in the positive zone, indicating that bulls are in control.
If the price turns up from the current level or rebounds off the 20-day EMA ($9.59), it will increase the likelihood of a rally above $12. The RNDR/USDT pair may then climb to $13.83. This optimistic view will be invalidated in the near term if the price turns down and breaks below the moving averages.
RNDR/USDT 4-hour chart. Source: TradingView
The bears are trying to push the pair below the 20-EMA. If they succeed, the short-term bullish momentum will weaken, and the pair may fall to the 50-SMA. This level could attract buyers, but the bounce may face selling at the 20-EMA. If the 50-SMA cracks, the next stop is likely to be $9.50.
If buyers want to maintain their hold, they will need to defend the 20-EMA and drive the price above the $12 resistance.
Pepe Price Analysis
Pepe (PEPE) has steadily recovered in the past few days, indicating sustained buying at lower levels.
PEPE/USDT daily chart. Source: TradingView
The price action has formed an inverse head-and-shoulders pattern that will complete on a break and close above $0.0000092. If buyers maintain the price above the neckline, the PEPE/USDT pair could resume its uptrend. The pattern target of the bullish setup is $0.0000145.
The moving averages are likely to act as strong support during pullbacks. If the price rebounds off the moving averages, it will suggest that the sentiment remains positive and traders are buying the dips. The trend will turn negative in the near term if the $0.0000060 support breaks.
PEPE/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows the pair is taking support at the moving averages, indicating that the bulls are fiercely defending the level. Buyers will need to overcome the overhead obstacle at $0.0000092 to gain the upper hand.
If the price turns lower and breaks below the moving averages, it will suggest that the bears are back in the game. The price could then slide to the critical support at $0.0000076, which is likely to witness strong buying by the bulls.
Arweave Price Analysis
Arweave (AR) has been gradually climbing higher in the past few days, indicating solid demand from the bulls.
AR/USDT daily chart. Source: TradingView
The upsloping 20-day EMA ($36) and the RSI above 61 suggest that the bulls have the edge. The AR/USDT pair could reach the overhead resistance of $47.51, an important level to watch out for. If bulls push the price above this resistance, the pair is likely to accelerate toward $52 and then $68.
This positive outlook will be invalidated in the near term if the pair turns down and breaks below the moving averages. That could pull the pair to $26.50.
AR/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the pair is taking support at the 50-SMA during pullbacks. Buyers will try to drive the price to $45 and later to $47.51. Sellers are expected to defend this zone with vigor because if they fail in their endeavor, the bullish momentum could pick up.
The 50-SMA is the support to watch out for on the downside. If this level breaks down, the pair could plummet to $36 and next to $34. The price may rebound off this zone but is likely to face selling at the 20-EMA.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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