These Four Altcoins Could Be Poised For An Upward Move If Bitcoin Surges Above $27,500

Inexperienced traders usually chase higher prices during the end of the bull phase because they are afraid of missing the rally. However, institutional investors often wait for the foam to settle before jumping in. The Bitcoin (BTC) bear market in 2022 ended the hype of 2021.

Fred Pye, CEO of 3iQ, Canada’s first Bitcoin fund issuer, said in an interview with Cointelegraph that as “the FOMO in Bitcoin is gone,” institutional investors and portfolio managers are starting to view it as “a serious venue.”

While analysts are bullish for the long-term, the short-term picture looks uncertain as the price has been stuck within a range for the past few days. Analysts expect a trending movement to begin next week or the week after.

If Bitcoin Breaks Up, What Are The Altcoins That Can Follow It Higher? Let’s analyze the charts of the top five cryptocurrencies that can rise in the short term.

Bitcoin price analysis

Bitcoin has been trading near the support line of the symmetrical triangle, but the bulls have failed to push the price above it. This indicates that the bears are active at higher levels.

The downward 20-day exponential moving average ($27,481) and relative strength index below 42 indicate that bears have an advantage.

If the sellers drop the price below the immediate support at USD 26,361, the BTC/USDT pair could tumble to the crucial support zone between USD 25,800 and USD 25,250. Buyers are expected to protect this zone with all their might because if they fail, the pair could take a nosedive to $20,000.

Conversely, if bulls kick the price above the 20-day EMA, it could attract further buying. The pair could then rise to the resistance line of the triangle. If this barrier is overcome, the pair can begin their journey to $32,400.

The 4-hour chart shows the formation of a symmetrical triangle pattern, indicating uncertainty between the bulls and bears. The smoothing moving averages also indicate a balance between supply and demand.

If the price drops below the triangle, the short-term trend will turn negative and the pair could drop as low as USD 25,800. The pattern target of the triangle is $24,773.

This bearish view is negated if the price rises above the triangle. The pair could then rise to $28,400 and then to the pattern target of $29,165.

XRP price analysis

XRP (XRP) is trying to start a recovery. Buyers have held the price above the 20-day EMA ($0.45) since May 16, but they have failed to overcome the hurdle at the 50-day SMA ($0.47).

The 20-day EMA is starting to rise and the RSI is just above the midpoint, indicating that bulls have a slight advantage. That increases the likelihood of a rally above the 50-day SMA. The XRP/USDT pair could then start a rally towards USD 0.54 and eventually to USD 0.58. This zone is likely to witness aggressive selling by the bears.

The first support to watch is the 20-day EMA. Sellers will have to pull the price below this level to gain the upper hand. The pair might then drop towards USD 0.43 and later the crucial USD 0.40 support.

The 4-hour chart shows that the recovery changed direction from the downtrend line. This shows that the bears are fiercely guarding the downtrend line. Sellers are trying to keep the price below the 20-EMA and extend the pullback to the 50-SMA.

Instead, if the price rises from its current level and rises above the downward trendline, it will suggest the start of a short-term upward movement. There is a small resistance at $0.48, but it is likely to be breached. The pair may then rise towards USD 0.54.

Litecoin Price Analysis

Litecoin (LTC) has been trading in a tight range between the 50-day SMA ($89) and the overhead resistance at $96 for the past few days. This shows indecision between the bulls and bears.

The 20-day EMA ($88) is up and the RSI is in positive territory, indicating that the bulls have the advantage. This raises the prospects of a rally above the resistance at $96. If that happens, the LTC/USDT pair could rise to $106. This level may again attract strong selling by the bears.

This positive outlook will become invalid in the near term as the price drops and drops below the moving averages. Such a move suggests that the pair could remain stuck between USD 79 and USD 96 for some time to come.

The 4-hour chart shows the bulls trying to defend the 20-EMA. This indicates a change in sentiment from selling on rallies to buying on dips. If the price bounces off the current level, the bulls will try again to take the overhead hurdle at $96.

However, the bears do not give up without a fight. They are trying to drop the price below the 20-EMA. If they are successful, the pair could crumble to the 50-SMA. A collapse of this support could open the door for a drop to $86 and then to $82.

Related: Bitcoin, Ethereum bears are back in control – suggest two derivative statistics

Render Token Price Analysis

Render Token (RNDR) is in an upward trend. Buyers kicked the price above the $2.60 overhead resistance on May 21, but the long wick on the candlestick shows selling at higher levels.

The rising moving averages and the RSI just below overbought territory indicate that bulls are in the lead. Buyers will again try to get the price above the $3 psychological barrier. If they succeed, the RNDR/USDT pair could rise to USD 3.35.

The first support to watch is the 20-day EMA ($2.10). If this level breaks, it suggests that the break above $2.60 may have been a bull trap. The pair could then dive to the 50-day SMA ($1.87).

The bulls are struggling to keep the price above the $2.60 overhead resistance, pointing to the possibility of a bull fall. Sellers will try to strengthen their position by pulling the price below the immediate support at the 20-EMA. If they do, the pair could drop to the 50-SMA.

However, the rising moving averages and the RSI in the overbought zone suggest that lower levels are likely to be bought. If buyers push and maintain the price above $2.60, the pair could rise to $3.

Conflux price analysis

Conflux (CFX) is trading within a descending channel pattern. The bulls bought the dip to the support line on May 12, indicating solid demand at lower levels.

The 20-day EMA ($0.29) has leveled off and the RSI is near the halfway mark, suggesting that selling pressure has eased.

Buyers attempted to clear the hurdle overhead on May 16 during the 50-day SMA ($0.32), but the bears held on. A small positive in favor of the bulls is that they have not allowed the price to fall below the 20-day EMA. This signals buying on dips.

The bulls will likely make another attempt to push the price above the 50-day SMA. If they succeed, the CFX/USDT pair could reach the downtrend line, which will likely act as another formidable resistance.

The 4-hour chart shows the price correcting the sharp rally from $0.22 to $0.33. Buyers are trying to defend the 38.2% Fibonacci retracement level of $0.29, which is a positive sign.

If buyers hold the price above the resistance line, it suggests that bulls are back in control. The pair may rise first to USD 0.33 and then to USD 0.37. Alternatively, a break and close below $0.29 could start a deeper correction to $0.28 and then to 0.27.

This article does not contain any investment advice or recommendations. Every investment and trading move involves risk and readers should do their own research when making a decision.

This article is for general information purposes and is not intended to and should not be construed as legal or investment advice. The views, thoughts and opinions expressed here are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.