Risk assets have been on an upward trend in recent days. The S&P 500 index soared Five Bitcoin (BTC) has also risen over 13% this week, indicating aggressive buying by bulls.
As of February 9, nine Bitcoin exchange-traded funds (ETFs) had $2.7 billion in inflows, while outflows from the Grayscale Bitcoin Trust (GBTC) were $2.7 billion, according to data from BitMEX Research. This decreased to $51.8 million. Total assets under management of ETFs soared to $10 billion.
Bitcoin’s meteoric rise has boosted positive sentiment, but Keith Allan, CEO and co-founder of Material Indicators, said in a post on It warned that it would likely face stiff resistance between $50,000 and $50,000.
While Bitcoin continues to be in the spotlight, some altcoins are also starting to make moves. Let’s take a look at the chart of the top 5 cryptocurrencies that are likely to outperform in the short term.
Bitcoin price analysis
Bitcoin’s bull market has reached a tough overhead resistance level at $48,970, and there is likely to be a fierce battle between the bulls and bears.
The uptrending 20-day exponential moving average ($44,164) and the Relative Strength Index (RSI) in the overbought zone indicate that the path of least resistance is toward the upside. If the bulls push the price above $48,970, the BTC/USDT pair could accelerate towards $52,000. Above this level, the upside could reach $60,000.
Conversely, if the price falls sharply from current levels, it would indicate that the price range could remain between $44,700 and $48,970 over the next few days. The short-term trend will weaken below the 20-day EMA.
This sharp rise pushed the RSI into the overbought zone on the 4-hour chart, indicating that a correction is possible in the short term. The bears will need to push the price below the 20 EMA to signal the start of a deeper pullback towards the 50 simple moving average.
Conversely, if the price moves up from current levels or rebounds from the 20-EMA, it would positively signal buying on the dip. The pair could then break above $48,970 and charge toward the next major resistance level at $52,000.
Immutable price analysis
Immutable (IMX) broke above the $2.60 resistance on February 10, indicating a resumption of the uptrend.
But the Bears don’t seem to give up easily. They will mount a strong challenge at the $2.85 level. If the price declines and falls below $2.60, it would indicate that the bullish momentum is weakening. Thereafter, the IMX/USDT pair could fall to the 20-day EMA ($2.24). The bears will need to drop the price below the moving average to signal a counterattack.
Alternatively, if the bulls did not cede ground to the bears, it would suggest that the bulls are holding onto their positions in anticipation of a breakout. If the price breaks above the $2.85 resistance, the pair can rally to $3 and then $3.50.
The price has fallen from $2.85, indicating that short-term traders are taking profits near the resistance level. For now, support is at the 20-EMA. If the price rebounds from the 20-EMA, it would suggest that sentiment remains bullish and that traders view the dip as a buying opportunity.
A break and close above $2.85 would indicate that the bulls have asserted dominance. After that, the pair could rise to $3. This optimism will be invalidated in the short term if the price falls below the 20-EMA. If that happens, a decline to the 50-SMA may begin.
Caspa price analysis
The bulls successfully defended the psychological support at $0.10 during Kaspa (KAS) correction, suggesting a buy at lower levels.
The KAS/USDT pair has gained momentum since breaking above the moving averages on February 7th and has now reached severe overhead resistance near $0.15. Sellers will try to stop the rally at this level.
The first support on the downside is $0.13. If this level is maintained, there is a high possibility that the price will break above $0.15. The bulls will then try to resume the uptrend. There is a small resistance level at $0.16, but if this level expands, the pair could reach $0.20.
On the other hand, if it closes below $0.13, the pair is likely to stay within the $0.10 to $0.15 range for some time.
The 4-hour chart shows that the pair is in a strong uptrend. The 20-EMA is an important support to watch. If the price moves up from current levels or rebounds from the 20-EMA, it will indicate that the bulls remain buyers of the pullback. A break and exit above $0.15 will mark the beginning of the next leg of the uptrend.
If the bears want to arrest the rally, they will need to push the price below the support at $0.13. If this happens, the selling could accelerate and the pair could fall to the 50-SMA and then down to $0.10.
Related: Why is Ether (ETH) price rising today?
Celestia price analysis
Celestia (TIA) has been on an uptrend for the past few days, but the bulls are facing stiff resistance at the $20.40 level.
The moving average is sloping upwards and the RSI is in positive territory, indicating that buyers are still in control. Unless the bulls make significant concessions from current levels, a rally above $20.40 will become more likely. If this happens, the TIA/USDT pair could move towards the next target of $25.
Conversely, if the price turns down from current levels and dips below the 20-day EMA ($18.01), it would be a sign that the bulls are rushing to the exit. The short-term trend will favor the bears on a break below the 50-day SMA ($16.16).
The pair’s failure to sustain above the overhead resistance at $20.40 may have led to profit taking. This pushed the price below the 20-EMA, indicating the beginning of a return to the uptrend line.
If the price rebounds from the uptrend line, the bulls will try to clear the $20.40 obstacle again. If successful, the pair could surge to $21.14 and begin the next up leg to $25.
Conversely, a break below the uptrend line would indicate that the bears have taken control in the short term. The pair could fall to $15.60.
stack price analysis
STX (STX) is rising above the $1.78 resistance after a temporary correction, indicating solid demand at lower levels.
The 20-day EMA ($1.62) has started to turn higher and the RSI has risen near the overbought zone, indicating that the bulls are in control. The STX/USDT pair could hit the overhead resistance level at $2.06, which is likely to be a tough hurdle. If buyers get through that, the pair could soar to $3.
The 20-day EMA is an important support to watch on the downside. The bulls are expected to defend this level vigorously, but if the bears prevail, a fall to $1.45 is possible.
Although the bulls are buying the dip to the 20-EMA, the price is likely to face stiff resistance from the bears in the $2 to $2.06 zone. If the price falls from the overhead zone but receives support at the 20-EMA, it increases the chances of a breakout above the resistance. The pair may then resume its uptrend.
The first sign of weakness is a break and exit below the 20-EMA. That would indicate that the bulls are losing their grip. The pair could then slide into his 50-SMA.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
