Bitcoin BTCUSD It rose to $106,000 the day before President-elect Donald Trump's inauguration. But the coin that caught the attention of traders over the weekend was US President-elect Donald Trump's meme coin, Official Trump (TRUMP).
The TRUMP token, which was launched on the Solana network on January 17th, reached a high of over $79 on January 19th. This pushed Solana (SOL) to an all-time high of $295. However, since then, both the TRUMP token and Solana have given back a small percentage of their profits.
While the possibility of Bitcoin hitting a new all-time high cannot be ruled out, crypto investors should be cautious as experienced traders tend to buy rumors and sell news. Any disappointment in not meeting traders' expectations could lead to a decline in Bitcoin and altcoins.
If Bitcoin reaches a new all-time high, several altcoins are likely to join it. Let's take a look at a chart of the top cryptocurrencies that have the potential to outperform in the short term.
Bitcoin price analysis
Bitcoin is gradually climbing towards an all-time high of $108,353, and the bears are expected to mount a strong defense.
The 20-day exponential moving average ($98,800) has started to turn higher and the relative strength index (RSI) is in positive territory, indicating that buyers have the upper hand. When the bull breaks through the overhead resistance, 
BTCUSDT The pair is likely to start the next leg of the uptrend up to $126,706.
On the other hand, if the price declines from $108,353, it would indicate that the bears are active at higher levels. This pair could fall to the 20-day EMA, which is an important level to watch out for. If the price rebounds from the 20-day EMA, the bulls will once again try to break out of the $108,353 hurdle.
Sellers will need the price to fall below the moving average for a few days to start moving between $90,000 and $108,353.
On the 4-hour chart, the moving average is rising and the RSI is in positive territory, indicating an advantage for buyers. There's a small hurdle at $106,000, but it's likely to be overcome. The pair could then challenge the $108,353 key level.
Time is running out for the bears. If we want to arrest the rally, the price needs to fall below the 20-EMA. This opens the door for a fall to $100,000 and a subsequent fall to the 50 simple moving average.
XRP price analysis
XRP (XRP) has corrected to an uptrend, indicating that short-term buyers are locking in profits.
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XRPUSDT The pair could fall to the $2.91 breakout level, which is an important level to watch. If the price rebounds forcefully from the $2.91 level, it would indicate that the bulls have flipped that level into support. This increases the possibility of a breakout of $3.40. Thereafter, the pair could move higher towards the pattern target of $4.84.
On the other hand, a break below $2.91 would indicate that the bulls are losing control. The pair could fall to the 20-day EMA ($2.71) and then to the 50-day SMA ($2.44).
The bears have pushed the price below the 20-EMA, but it is struggling to drop to $2.91. This is a buy signal. If the price rises and breaks above the 20-EMA, the pair could retest the $3.40 resistance. A break above this level could initiate the next rally to $4.10.
If the price falls from the 20-EMA, there is an increased chance of a fall to $2.91. Sellers will need to keep the price below $2.91 to signal the start of a deeper correction. The pair could plummet to $2.60 and eventually fall to $2.20.
Solana price analysis
Solana (SOL) skyrocketed on January 18th, breaking through the overhead resistance at $260, indicating that the bulls are in control.
Buyers extended the rally on January 19th, but the long wick of the candlestick indicates selling at higher levels. The $260 level is likely to see a tough battle between bulls and bears. If the price increases from $260; 
Sol USDT The pair could rise to $300 and then $375.
Sellers will need to keep the price below $260 to dampen the bullish momentum. This could tempt buyers to book profits and the pair could fall to $240 and eventually rise to the 20-day EMA ($212).
The 4-hour chart shows that buyers are booking profits near the $300 level. This caused the price to reach the $260 breakout level. This is an important level to be aware of. This is because a solid bounce from this level would suggest that the bulls are attempting to flip this level into support. The pair attempts to resume the uptrend above $300 once again.
Conversely, a weak rebound from $260 would suggest a lack of aggressive buying. This increases the risk of the 20-EMA collapsing. If this level also breaks, the pair could collapse to $220.
President Trump's Official Price Analysis
President Trump has witnessed large rallies since taking office. Due to the short trading history, we use the 30-minute chart for analysis.
The TRUMP/USDT pair has fallen from $79 but has found support at the 20-EMA. This suggests that sentiment remains positive and traders are buying on the dip. The bulls will make another attempt to break out of the $79 barrier. If that happens, the pair could soar to $109.
Alternatively, if the price declines and closes below the 20-EMA, it would indicate that traders are actively booking profits. A break below $53 could further accelerate the sell-off. If that happens, the decline could extend to the 50-SMA.
Algorand token price analysis
Algorand (ALGO) has fallen from $0.50 on January 17th, indicating that the bears are actively defending that level.
The 20-day EMA ($0.40) is trending up and the RSI is in positive territory, indicating that the bulls have the upper hand. Once the price rises above $0.45, the bulls will attempt to move higher again. 
Argo USDT Pairs over $0.50. If it is successful, the pair could rise to $0.55 and then $0.61.
This positive view will be invalidated in the short term if the price closes below the moving averages. Thereafter, the pair could fall towards $0.32.
The price has rebounded from the 50-SMA, but the bears are trying to halt the rescue rally at the 20-EMA. If the price falls sharply from the 20-EMA, there is an increased chance of a break below the 50-SMA. If this happens, the pair could fall to $0.32.
Conversely, if the price sustains above the 20-EMA, it would indicate solid buying at lower levels. The bulls will then clear the $0.50 hurdle, paving the way for a rally towards $0.61.
XDC Network Price Analysis
XDC Network (XDC) has reversed its strong uptrend, but the bulls have not ceded much ground to the bears.
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XDCUSDT The pair finds support near the 38.2% Fibonacci retracement level at $0.12. If the price rises from current levels and crosses $0.16, the next upside could reach $0.20.
Rather, if the price declines below $0.12, it would signal that the bulls are rushing for the exit. After that, the pair could fall to the 20-day EMA ($0.11). Sellers need to push the price below the 20-day EMA to indicate that the currency pair may have hit a ceiling in the short term.
Although the pair fell below the 20-EMA, the bulls bought the dip. Buyers will try to push the price above the downtrend line. If this happens, the pair could reach $0.16. This level could pose stiff resistance, but if the bulls have the upper hand, the pair could resume its uptrend.
The 50-SMA is an important support to watch on the downside. If it closes below this level, the pair could fall to the 61.8% Fibonacci retracement level at $0.10.
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.
