The S&P 500 index soared 5.85% last week, its better performance since November 2022. Much of the gains were driven by expectations that the Federal Reserve will not raise rates again.
In comparison, Bitcoin (btc) performed very moderately with an increase of approximately 2%. However, a positive sign for cryptocurrency investors is that a risk in sentiment is likely to benefit the crypto space.
Bitcoin's rise attracted investments in several weakened altcoins, which are emerging from their long-term slumber. If Bitcoin does not collapse, the recovery may spread to coins that have not yet participated in the rise.
Even as Bitcoin enters a range, some altcoins show signs of rising. Let's look at the charts of the top 5 cryptocurrencies that may extend their rally in the coming days.
Bitcoin price analysis
Bitcoin continues to trade near the $35,000 resistance and the price action of the past few days has formed an ascending channel pattern. After a strong rally, a narrow ascending channel is generally considered a negative signal.
If the price turns down and slides below the channel, it may tempt several aggressive traders to book profits. That can take the price to the 20-day exponential moving average ($33,033). A strong rebound from this level will suggest that the bulls are still in control. They will then try again to raise the price above $36,000 and resume the uptrend.
On the contrary, if the price turns down and breaks below the 20-day EMA, the BTC/USDT pair could fall to the strong support zone between $32,400 and $31,000. The bulls are expected to defend this zone with all their might because a break below it will tilt the advantage in favor of the bears.
The pair has been gradually rising within the ascending channel pattern, but the negative divergence on the Relative Strength Index (RSI) suggests that the bullish momentum may be weakening. If the bulls want to maintain control, they will have to lift the price above the channel. If they manage to do that, the pair can rise to $40,000.
Meanwhile, the bears likely have other plans. They will try to sink the price below the channel and gain an advantage. If they succeed, the pair may fall to $32,400.
cosmos price analysis
Cosmos (ATOM) broke through the $7.60 resistance on October 30, completing a double bottom pattern. The bulls successfully defended the breakout level between November 1 and November 3.
Buyers pushed the price above $8.25 on November 5, signaling the resumption of the uptrend. The target pattern for the breakout of the bullish setup is $8.91. This level can act as a barrier, but if crossed, the ATOM/USDT pair could reach $10.
The important support to watch on the downside is $7.60. If the bears push the price below this level, it will suggest aggressive selling at higher levels. Then, the pair may fall to the 50-day SMA ($7.07).
The 4-hour chart shows that the price rose above the nearby resistance at $8.20, indicating minor upside for buyers. If the bulls sustain the price above $8.20, the pair is likely to start the next leg of the upward movement towards $8.91.
On the contrary, if the price turns lower and falls below the 20 EMA, it will suggest that the markets have rejected the higher levels. That may lead to a long sell-off and push the price to the strong support of $7.60.
Uniswap Price Analysis
Uniswap (UNI) reached the overhead resistance of $5 on November 2, but the bulls were unable to overcome the hurdle.
One small positive in favor of the bulls is that they have not given ground to the bears. The moving averages have completed a bullish crossover and the RSI is in the positive zone, indicating that the bulls have the upper hand. If buyers push the price above $5, the UNI/USDT pair could rise to $6 and subsequently $6.40.
Contrary to this assumption, if the price turns below $5, it will suggest that the bears continue to defend the level vigorously. That may push the price down to the 20-day EMA ($4.36), which remains the key level that the bulls must defend if they want to maintain their advantage.
Buyers held the price above the 20 EMA but were unable to overcome the $5 hurdle. This indicates that the bears have not given up and are trying to get back into the game. A breakout and close below the 20 EMA will further strengthen the bears. The pair could then fall to $4.50.
On the other hand, if the price rises strongly from the 20 EMA, it will indicate that the bulls continue to buy on dips. That increases the probability of a break above the $5 overhead resistance. If that happens, the pair may rise to $5.50.
Related: Why has Cardano price risen today?
Near Protocol Price Analysis
Nearby protocol (NEAR) has risen sharply in recent days, indicating that the bulls are attempting a comeback.
The bears mounted strong resistance at $1.63, but an encouraging sign was that the bulls did not allow the price to fall below $1.43. This suggests that buyers were in no rush to book profits as they anticipated the rally would continue.
If buyers keep the price above $1.63, the NEAR/USDT pair could rise to $2. The risk to the bullish movement is overbought levels on the RSI. This suggests a possible consolidation or correction in the short term. If the price falls below $1.63, the bears will again try to push the pair below $1.43.
After consolidating in a tight range between $1.43 and $1.59 for some time, the bulls asserted their supremacy and drove the price higher. The pair could first reach $1.78 and then try to rise to $2.
Rising moving averages indicate upside for buyers, but overbought levels on the RSI suggest that a consolidation or correction is possible in the near term. A drop below the 20-day EMA will be the first sign that the bulls are losing control. Then the pair may fall to the 50-SMA.
Axie Infinity Price Analysis
Infinite Axie (AXES) has been in a strong recovery phase for the past few days, but the bears have not given up and are selling near $6.
The bears tried to push the price to the 20-day EMA ($5.11), but the bulls bought the dips below $5.40, as seen from the long tail of the candles. Buyers are trying to resume the uptrend by pushing the price above $6. If they can achieve this, the AXS/USDT pair could begin the march north to $6.55 and then $7.
If the bulls want to avoid the uptrend, they will have to lower the price below the 20-day EMA. The pair then risks a deeper correction to $4.65.
The pair broke out of the symmetrical triangle pattern on the 4-hour chart, indicating the resumption of the uptrend. The pair could rise to $6, where the bears could once again mount a strong defense.
If the price turns down from this level, the pair may fall to the 20-EMA. A strong bounce off this support will improve prospects for a rally above $6. The pair could then jump to $6.40. The bears will take control again if they push the price below $5.17.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
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