Home CryptocurrencyAltcoin Bitcoin Price Consolidation Sets NEAR, APT, RNDR, and MKR for More Advantages

Bitcoin Price Consolidation Sets NEAR, APT, RNDR, and MKR for More Advantages

by SuperiorInvest

It was a wild week for Bitcoin (BTC), which hit a new all-time high of $73,777, but then quickly gave up all of its gains and fell near $64,500. At press time, Bitcoin is on track to end the week down marginally by around 1% from the previous week's close.

Analysts anticipate a shallow correction as they believe lower levels will attract strong buying from Bitcoin spot ETF investors. Thomas Fahrer, CEO of cryptocurrency-focused review portal Apollo, said on X that the drop is a “bear trap.”

Daily crypto market data view. Fountain: Coin360

The strength of the bounce will give a better idea of ​​whether the correction is over or not. A weak recovery indicates continued selling pressure from the bears. That increases the possibility of a deeper pullback. On the other hand, a strong rebound will indicate aggressive buying at lower levels and improve the prospects for resumption of the uptrend.

Will Bitcoin's Correction Stop, Starting a Recovery in Select Altcoins? Let's take a look at the top 5 cryptocurrencies that look strong on the charts.

Bitcoin price analysis

Bitcoin corrected sharply from $73,777 on March 14 and broke below the support line of the ascending channel pattern on March 16.

BTC/USDT daily chart. Fountain: TradingView

The bulls are trying to stop the decline at the 20-day exponential moving average ($65,564), but are likely to face resistance at the channel breakout level. If the price falls sharply from the current level, the downside risk increases.

If the 20-day EMA gives way, the BTC/USDT pair could fall to $59,000 and then to the 50-day simple moving average ($55,303).

If the bulls want to avoid the decline, they will have to push the price back inside the channel. That will indicate solid buying at lower levels. A breakout and close above $73,777 will signal resumption of the uptrend. The pair could then rise to $80,000.

BTC/USDT 4-hour chart. Source: TradingView

The moving averages have completed a bearish crossover, but the Relative Strength Index (RSI) has risen sharply, suggesting that selling pressure may be easing. The 20 EMA is likely to witness a tough battle between bulls and bears.

If the price drops sharply from the 20 EMA, it will indicate that the bears are selling on the rallies. The pair could slide towards the strong support of $64,500. If this level is broken, the pair may fall to $59,000.

The first sign of strength will be a breakout and close above the channel support line. Then, the pair may rise to $70,650 and then to $72,420.

Near Protocol Price Analysis

Near Protocol (NEAR) has pulled back into an uptrend, indicating that short-term traders are booking profits.

NEAR/USDT daily chart. Source: TradingView

A positive sign in favor of the bulls is that the NEAR/USDT pair is finding support near the 50% Fibonacci retracement level of $6.28. If the bounce holds, the pair is likely to retest the overhead resistance of $9.01. If this level is scaled, the uptrend may resume. The next upside target is $10.50.

Contrary to this assumption, if the price declines due to overhead resistance, it will suggest that traders are selling on rallies. Then, the pair may fall to the 20-day EMA ($6.18). This is an important support to pay attention to because a break below it can initiate a deeper correction.

NEAR/USDT 4-hour chart. Fountain: TradingView

The bulls are trying to keep the price above the moving averages on the 4-hour chart, which indicates solid buying at lower levels. If the price sustains above the 20 EMA, it will suggest that the correction may be over. The pair could then retest $9.01. A break above the overhead resistance will signal the continuation of the upward movement.

On the contrary, if the price falls below the 20 EMA, it will indicate heavy selling on rallies. Then, the pair could fall to the strong support of $6.50.

Aptos Price Analysis

Aptos (APT) declined sharply from $15.70 on March 16, but the bears were unable to sink the price below the 20-day EMA ($12.90), suggesting buying at lower levels.

APT/USDT daily chart. Source: TradingView

The rising 20-day EMA ($12.83) and the RSI in positive territory indicate that the bulls have the upper hand. If buyers push and sustain the price above $15.70, the APT/USDT pair will signal the start of the next leg of the uptrend. The pair could rise to $16.75 and later to $18.69.

Instead, if the price turns lower and falls below the 20-day EMA, it will indicate that all relief rallies are being sold. This will signal the beginning of a corrective phase, which could reach the 50-day SMA ($10.73).

APT/USDT 4-hour chart. Fountain: TradingView

The moving averages on the 4-hour chart have flattened and the RSI is just above the midpoint, indicating possible range-bound action in the near term. The pair may fluctuate between $15.81 and $12 for some time.

A close above the range will indicate that the bulls have absorbed the supply. That could start the next leg of the upward movement. On the contrary, if the price turns down and breaks below $12.92, the pair may start a correction to $12 and then $11.50.

Related: Remilia founder claims to have been hacked after Ether and NFT were transferred

Render Price Analysis

Render (RNDR) corrected to the 20-day EMA ($10.02), but the bulls successfully defended the support, indicating that sentiment remains positive and traders are buying on dips.

RNDR/USDT daily chart. Source: TradingView

The bulls pushed the price above the $12.78 resistance on March 17, signaling the start of the next leg of the uptrend. If buyers sustain the price above $12.78, the RNDR/USDT pair could jump to $16.81.

The first sign of weakness will be a drop below the solid support at $12. Then the bears will sense an opportunity to initiate a correction. A breakout and close below the 20-day EMA can accelerate the selling and sink the pair to the 50-day SMA ($7.09).

RNDR/USDT 4-hour chart. Fountain: TradingView

The 4-hour chart shows that the bears' failure to sink and keep the price below $10 could have attracted solid buying from the bulls. The momentum accelerated after the price closed above the $12 overhead resistance. If the price stays above $12, the uptrend is likely to continue.

Meanwhile, the bears likely have other plans. They will try to drag the price below $12. If they do, it will indicate that the break above $12.78 may have been a bullish trap. The pair can then drop to $10.

Manufacturer price analysis.

Maker (MKR) resumed its uptrend on March 17 after a few days of consolidation, indicating that the bulls remain in control.

MKR/USDT daily chart. Source: TradingView

The MKR/USDT pair could rise to $3,580 and eventually $4,000, where the bears are expected to mount a strong defense. However, the uptrend may continue if the bulls do not give up much ground from $4,000.

The first sign of weakness will be a drop below $2,976. If that happens, it will indicate that the markets have rejected the higher levels. The pair may fall to the 20-day EMA ($2,525), which is an important level to pay attention to. A break below this support will tilt the advantage in favor of the bears.

MKR/USDT 4-hour chart. Fountain: TradingView

The 4-hour chart shows that the bulls are trying to sustain the pair above the ascending channel pattern. If they are successful, the pair may gain momentum and rise towards $3,725.

On the other hand, if the price fails to stay above the channel, it will indicate a possible bullish trap. The pair can then slide back into the channel. If the price bounces off the 20 EMA, the bulls will make one more attempt to push the pair above the channel. Otherwise, a drop to the support line is likely.

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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