Bitcoin trades sideways while TON, RNDR, PEPE and AR flash bullish signs

Rakesh Upadhyay2 hours agoBitcoin trades sideways while TON, RNDR, PEPE and AR flash bullish signsBitcoin price looks stuck in the near term, but TON, RNDR, PEPE and AR could surprise traders by making a strong upside move.1028 Total views2 Total sharesListen to article 0:00Price AnalysisOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) could not hold its recovery this week, signaling that the bears have not given up and are using the rallies to sell. Bitcoin is on track to finish the week with a loss of more than 4%. The longer the price stays closer to $60,000, the greater the possibility of a downside breakdown.

However, analysts remain bullish on the price action in the post-halving cycle. According to Cane Island Alternative Advisors founder and investment manager Timothy Peterson, Bitcoin could soar to anywhere “between $175,000 - $350,000 in the next 9 months.” Peterson cautioned in a X post that “this bull market will end in January 2025.”Crypto market data daily view. Source:Coin360

Despite the sideways price action, select traditional finance companies are adding Bitcoin to their portfolio. 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 looks to be a step in the right direction.

Will Bitcoin’s range-bound action shift focus to altcoins? Let’s study the top 5 cryptocurrencies that look promising on the charts.Bitcoin price analysis

The bulls have successfully defended the $59,600 level in Bitcoin but failed to push the price above the 20-day exponential moving average ($62,650). This shows an intense battle between the bulls and the bears.BTC/USDT daily chart. Source:TradingView

The downsloping 20-day EMA and the relative strength index (RSI) in the negative territory indicate advantage to 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 the bears prevail, the pair may drop to the 61.8% Fibonacci retracement level of $54,298.

If bulls want to prevent the downside, they will have to propel and maintain the price above the 20-day EMA. If they do that, the pair could rise to $67,250. Buyers will have to overcome this hurdle to start a rally to $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 the selling pressure is reducing. The crucial support to watch on the downside is $59,600. If this level is breached, the selling may pick up, and the pair could plunge to $56,552.

Contrarily, if the price rises above the 50-simple moving average, it will suggest that the bulls are attempting a comeback. The pair may rise to $63,500 and later to $65,500. A break above this resistance will signal that the bears may be losing their grip.Toncoin price analysis

Toncoin (TON) has been attempting to rise above the immediate resistance of $7.23, but the bears are holding their ground.TON/USDT daily chart. Source: TradingView

A minor positive in favor of the bulls is that they have not allowed the price to slip much below $7.23. This enhances the prospects of a break above $7.23. If that happens, the TON/USDT pair could challenge the resistance at $7.67.

The essential 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 the 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 try to yank the price below the 20-EMA. If they do that, it will suggest that the bears are aggressively defending the overhead resistance. The pair may then slump 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 trying to stall the recovery near the overhead resistance of $12, but the bulls have not ceded much ground. This suggests that the dips are being purchased. The moving averages have completed a bullish crossover, and the RSI is in the positive zone, indicating that the 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 sink the pair below the 20-EMA. If they succeed, the short-term bullish momentum will weaken, and the pair may plunge 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 have to defend the 20-EMA and kick the price above the $12 resistance.

Related:Is the altcoin market set for an ‘explosive rally?’ Analysts eye these 3 indicatorsPepe 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 a 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 cracks.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 thrust the price above this resistance, the pair is likely to accelerate toward $52 and then $68.

This positive view 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 push 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.# Bitcoin# Cryptocurrencies# Altcoin# Bitcoin Price# Telegram# Markets# TON# Price Analysis# PepeAdd reaction