Bitcoin’s rally to $70K opens a bullish path for OP, TAO, STX and MNT
Rakesh Upadhyay4 hours agoBitcoin’s rally to $70K opens a bullish path for OP, TAO, STX and MNTOP, TAO, STX, MNT and other altcoin charts flash bullish signs as Bitcoin attempts to recapture the $70,000 level.1935 Total views9 Total sharesListen to article 0:00Price AnalysisOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) has managed to hold on to its gains this week, indicating that traders are in no mood to book profits even as the price reaches near $70,000. The number of Bitcoin whales, unique addresses holding more than 1,000 Bitcoin, has risen to 2,104 as of March 7, suggesting they anticipate the uptrend to continue.
Bitcoin’s rally has improved sentiment across the cryptocurrency sector. Data from DefiLlama shows that the global total value locked (TVL) in decentralized finance (DeFi) protocols jumped above $100 billion for the first time in about two years. However, the TVL is far below the $189 billion record set in November 2021, even after the increase.Crypto market data daily view. Source:Coin360
During a bull market, traders throw caution out of the window and chase prices higher. This generally does not end well. Bitwise chief investment officer Matt Hougan cautioned investors to be careful, stating on X that “terrible projects” were “trading at crazy valuations.”
If Bitcoin rises to a new high, select altcoins are likely to join the party. Let’s look at the top 5 cryptocurrencies that look strong on the charts.Bitcoin price analysis
The bears are trying to halt Bitcoin’s rally near $70,000, but a positive sign is that the bulls have not given up much ground. This suggests that every minor dip is being purchased.BTC/USDT daily chart. Source:TradingView
The bulls will try to resume the uptrend by kicking the price above $70,000. If they do that, the BTC/USDT pair is likely to pick up momentum and surge to $76,000. This level may act as a minor hurdle, but if crossed, the rally could reach $80,000.
If bears want to make a comeback, they will have to sell aggressively and yank the price below the 20-day exponential moving average ($61,422). That may hit the stops of several short-term traders and start a deeper correction toward the 50-day simple moving average ($51,197).BTC/USDT 4-hour chart. Source: TradingView
Both moving averages are sloping up, and the relative strength index (RSI) is in the positive territory on the 4-hour chart, indicating that the bulls are in command. Buyers have kept the price above the 20-EMA, signaling buying on every minor dip. A close above $70,000 could start the next leg of the uptrend.
Contrarily, if the price turns down and breaks below the 20-EMA, the pair may slide to the 50-SMA. A close below this support will be the first sign that the bulls may be rushing to the exit. The pair may then dump to $59,000.Optimism price analysis
Optimism has been in an uptrend for the past few days. The break above the $4.20 resistance completed a bullish inverse head-and-shoulders pattern on March 5.OP/USDT daily chart. Source: TradingView
The upsloping 20-day EMA ($4.12) and the RSI in the positive zone suggest that the path of least resistance is to the upside. If buyers drive the price above $4.87, the OP/USDT pair could rally toward the pattern target of $5.79.
Contrary to this assumption, if the price turns down sharply from the current level and breaks below the 20-day EMA, it will signal that the breakout may have been a bear trap. The pair may then drop to $3.42. A break below this level will tilt the advantage in favor of the bears.OP/USDT 4-hour chart. Source:TradingView
The pair has held the price above the breakout level of $4.20, suggesting a positive sentiment where every slight dip is being purchased. Buyers will try to overcome the barrier at $4.87 and establish their supremacy. If they succeed, the pair may climb to $5, where the bears may again mount a strong defense.
The first sign of weakness will be a break and close below the 50-SMA. That will increase the likelihood of a retest of $4.20. The bears will have to tug the price below this support to suggest the start of a corrective phase.Bittensor price analysis
Bittensor (TAO) has pulled back to the 20-day EMA ($646), which is an important short-term level to watch out for.TAO/USDT daily chart. Source: TradingView
If the price rebounds off the 20-day EMA, it will suggest that the bulls remain in control. That will enhance the prospects of a break above $757. The TAO/USDT pair could then resume the uptrend toward $846.
Instead, if the price plummets below the 20-day EMA, it will suggest that the bulls are booking profits in a hurry. The pair could then slide to the 50-day SMA ($535). The bears will have to pull the price below the 50-day SMA to signal a potential trend change.TAO/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows that the bulls are struggling to sustain the price above the $700 level. This suggests that the bears remain sellers on rallies. If the price sustains below the 50-SMA, the next stop could be $617. If this level also fails to hold, the pair may plunge to $550.
On the contrary, if the price rebounds off the current level, it will signal that the bulls are trying to flip the $700 level into support. If they can pull it off, the pair may retest $757, which is likely to be broken. The pair may then skyrocket toward $850.
Related:XRP has disappointed vs. Bitcoin in 2024 — Is a price rebound possible?Stacks price analysis
The bulls successfully defended the 20-day EMA ($2.77) during the correction in Stacks (STX). This shows a positive sentiment where the bulls continue to buy the dips.STX/USDT daily chart. Source: TradingView
The solid bounce on March 10 shows that the bulls are back in full force, but the long wick on the candlestick indicates that the bears have not yet given up. Buyers will have to propel the price above $3.39 to signal the resumption of the uptrend. The STX/USDT pair could jump to $4.58 and eventually to the psychologically important level of $5.
The 20-day EMA remains the crucial level to watch out for on the downside. If bears pull the price below this support, it will signal that the bulls are losing their grip. The pair may then fall to the 50-day SMA ($2.20).STX/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the price moved up sharply after breaking above the downtrend line, but the failure to surmount the $3.39 level attracted profit booking. The price has dipped to the downtrend line. If the price rebounds off the current level with strength, it will enhance the prospects of a break above $3.39.
Conversely, if the price continues lower and breaks below the moving averages, it will suggest that the bears remain active at higher levels. The pair may decline to $2.40 and later to $2.20.Mantle price analysis
Mantle (MNT) has been charging higher, but the bears have not given up and are trying to stall the rally at $1.15, as seen from the long wick on the March 8 candlestick.MNT/USDT daily chart. Source: TradingView
A minor advantage in favor of the buyers is that they have not allowed the price to stay below the psychological level of $1. The rising moving averages and the RSI in the overbought zone indicate that the bulls are in the driver’s seat.
If buyers shove the price above $1.15, the MNT/USDT pair could start the next leg of the up move to $1.37 and then $1.50. This optimistic view will be negated in the near term if the price turns down and nosedives below the 20-day EMA ($0.91). The pair could tumble to $0.85 and subsequently to $0.80.MNT/USDT 4-hour chart. Source:TradingView
The bulls are trying to flip the breakout level of $1.01 into support. If they do that, it will signal strong buying at lower levels. If buyers drive the price above $1.07, the pair could reach $1.15. A break above this level could signal a pick-up in momentum.
Alternatively, if the bears pull the price back below $1.01, it will suggest a lack of demand at higher levels. There is a minor support at the 50-SMA, but if this level gives way, the pair may drop to $0.85.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Altcoin# Bitcoin Price# Markets# Price Analysis# StacksAdd reaction