Maker

Arbitrum

Theta Network

Bitcoin

Chainlink

<div class="sg-post-des">
 Bitcoin’s tight range trading points to a potential range expansion and that could trigger a trending move in LINK, MKR, ARB, and THETA. 
</div>
<div class="cointelegraph">
 Bitcoin (BTC) has been trading in a tight range for the past three days even as the S&amp;P 500 fell for the last four days of the week. This is a positive sign as it shows that cryptocurrency traders are not panicking and rushing to the exit.&nbsp;
 Bitcoin’s supply seems to be gradually shifting to stronger hands. Analyst CryptoCon said citing Glassnode data that Bitcoin’s short-term holders (STHs), investors who have held their <a rel="dofollow" title="coins" href="https://thebittimes.com/tag/coins.html">coins</a> for 155 days or less, hold the least amount of Bitcoin supply in more than a decade.
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/24/cd1a64c40dea9d0af9d36667ccf00e8a.webp">
 <figcaption style="text-align: center;">
 Crypto market data daily view. Source: Coin360
 </figcaption>
 </figure>
 In the short term, the uncertainty regarding Bitcoin’s next directional move may have kept traders at bay. That could be one of the reasons for the subdued price action in several large altcoins. But it is not all negative across the board. Several altcoins are showing signs of a recovery in the near term.
 Could Bitcoin shake out its slumber and start a bullish move in the near term? Can that act as a catalyst for an altcoin rally? Let’s study the charts of the top-five cryptocurrencies that may lead the charge higher.
 <h2 id="bitcoin-price-analysis">Bitcoin price analysis</h2>
 The bulls have managed to sustain the price above the 20-day exponential moving average ($26,523) but they have failed to start a strong rebound. This indicates a lack of demand at higher levels.
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/24/7891c6c78765c3a8da5586ffc48cdd99.webp">
 <figcaption style="text-align: center;">
 BTC/USDT daily chart. Source: TradingView
 </figcaption>
 </figure>
 The flattish 20-day EMA and the relative strength index (RSI) near the midpoint show a status of equilibrium between the buyers and sellers. A break below the 20-day EMA will tilt the advantage in favor of the bears. The BTC/USDT pair could then descend to the formidable support at $24,800.
 Alternatively, if the price rises from the current level and climbs above the 50-day simple moving average ($26,948), it will signal that buyers are back in the driver's seat. The pair may then attempt a rally to the overhead resistance at $28,143.
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/24/ea1e1ce1e9b6cf88597816ce12afc310.webp">
 <figcaption style="text-align: center;">
 BTC/USDT 4-hour chart. Source: TradingView
 </figcaption>
 </figure>
 BTC has been trading below the moving averages on the 4-hour chart but the bears have failed to start a downward move. This suggests that selling dries up at lower levels. The bulls will try to propel Bitcoin price above the moving averages. If they manage to do that, the pair could rally to $27,400 and subsequently to $28,143.
 If bears want to seize control, they will have to sink and sustain BTC <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> below $26,200. That could first yank it down to $25,750 and then to the $24,800-support.
 <h2 id="chainlink-price-analysis">Chainlink price analysis</h2>
 Chainlink (LINK) surged above the downtrend line on Sep. 22, indicating a potential trend change in the near term. 
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/24/6c705372cdaaa7d95a3c62388c5e8006.webp">
 <figcaption style="text-align: center;">
 LINK/USDT daily chart. Source: TradingView
 </figcaption>
 </figure>
 The moving averages have completed a bullish crossover and the RSI is in positive territory, indicating that the buyers have the upper hand. On any correction, the bulls are likely to buy the dips to the 20-day EMA ($6.55). A strong rebound off this level will suggest a change in sentiment from selling on rallies to buying on dips. 
 The bulls will then try to extend the up-move to $8 and eventually to $8.50. If bears want to prevent the up-move, they will have to sink and sustain the LINK/USDT pair below the 20-day EMA.
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/24/06011e4a05d3750909e8341cb651a943.webp">
 <figcaption style="text-align: center;">
 LINK/USDT 4-hour chart. Source: TradingView
 </figcaption>
 </figure>
 Both moving averages are sloping up on the 4-hour chart and the RSI is in the positive zone. The bulls have been buying the dips to the 20-EMA indicating a positive sentiment. If LINK price rebounds off the 20-EMA, $7.60 will then be the upside target to watch.
 Contrary to this assumption, if Chainlink's price continues lower and skids below the 20-EMA, it will signal profit-booking by the bulls. LINK may then retest the breakout level from the downtrend line. The bears will have to sink it below $6.60 to be back in control.
 <h2 id="maker-price-analysis">Maker price analysis</h2>
 Maker (MKR) turned down from the overhead resistance at $1,370 on Sep. 21, indicating that the bears are trying to defend the level.
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/24/6cb96e63bcf35d4ab26c2324369b5122.webp">
 <figcaption style="text-align: center;">
 MKR/USDT daily chart. Source: TradingView
 </figcaption>
 </figure>
 The 20-day EMA ($1,226) is the support to watch for on the downside. If the price rebounds off this level, it will suggest that lower levels continue to attract buyers. The bulls will then make one more attempt to drive MK price above the overhead resistance. If they can pull it off, the MKR/USDT pair could accelerate toward $1,759.
 Conversely, if the bears sink the <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> below the 20-day EMA, it will suggest that the bullish momentum has weakened. That could keep the pair range-bound between $980 and $1,370 for a few days.
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/24/90f006e7454f3552dc3f53b62e29d04a.webp">
 <figcaption style="text-align: center;">
 MKR/USDT 4-hour chart. Source: TradingView
 </figcaption>
 </figure>
 The moving averages on the 4-hour chart have flattened out and the RSI is just below the midpoint, indicating a balance between supply and demand. If buyers shove the price above $1,306, MKR pric could sprint toward $1,370.
 Instead, if the price turns down and breaks below $1,264, it will suggest that the selling pressure is increasing. That could clear the path for a further decline to $1,225. A slide below this support may tilt the short-term advantage in favor of the bears.
 <h2 id="arbitrum-price-analysis">Arbitrum price analysis</h2>
 Arbitrum (ARB) is in a downtrend. The bears are selling on rallies to the 20-day EMA ($0.85) but a positive sign is that the bulls have not ceded much ground. This suggests that the bulls are trying to hold on to their positions as they anticipate a move higher.
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/24/53692c1a38445da8f380d0fd03beccc7.webp">
 <figcaption style="text-align: center;">
 ARB/USDT daily chart. Source: TradingView
 </figcaption>
 </figure>
 The RSI has risen above 40, indicating that the momentum is gradually turning positive. If buyers kick the price above the 20-day EMA, it will suggest the start of a sustained recovery. The ARB/USDT pair could first rally to the 50-day SMA ($0.95) and thereafter to $1.04.
 The support on the downside is $0.80 and then $0.78. Sellers will have to drag ARB price below this zone to make room for a retest of the support near $0.74. A break below this level will indicate the resumption of the downtrend.
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/24/53970263ec7886125f3be35ddd411cd7.webp">
 <figcaption style="text-align: center;">
 ARB/USDT 4-hour chart. Source: TradingView
 </figcaption>
 </figure>
 The 4-hour chart shows that the bears are selling the rallies to the downtrend line. The bears pulled the price below the moving averages but could not sink ARB pric below the immediate support at $0.81. This suggests that the bulls are trying to form a higher low.
 Buyers will again try to propel the price above the downtrend line. If they succeed, Arbitrum price is likely to start a strong recovery toward the psychological level of $1. Contrarily, a break below $0.81 can tug ARB price to $0.78 and subsequently to $0.74.
 <h2 id="theta-network-price-analysis">Theta Network price analysis</h2>
 Theta Network (THETA) soared above the 20-day EMA ($0.61) on Sep. 23, indicating that the bulls have absorbed the supply and are attempting a comeback. 
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/24/c504a580e524beb518439dca1205b038.webp">
 <figcaption style="text-align: center;">
 THETA/USDT daily chart. Source: TradingView
 </figcaption>
 </figure>
 The bears have pulled the <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> back below the 50-day SMA ($0.64) but the bulls are expected to defend the 20-day EMA. If THETA <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> turns up from the current level and climbs above the 50-day SMA, it will enhance the prospects of a retest of $0.70. 
 This is an important level to keep an eye on because if it is scaled, the THETA/USDT pair may reach $0.76. This positive view will invalidate in the near term if the <a rel="dofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> turns down and plunges below the 20-day EMA. That opens the door for a potential retest of $0.57.
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/09/24/76bea65d0ef7f026603e8e5c4f64ea87.webp">
 <figcaption style="text-align: center;">
 THETA/USDT 4-hour chart. Source: TradingView
 </figcaption>
 </figure>
 The 4-hour chart shows that the bears are protecting the overhead resistance at $0.65. If buyers want to sustain the bullish momentum, they will have to drive THETA price above $0.65. If they do that, the pair is likely to start a new up-move toward $0.70.
 The 20-day EMA is the important support to watch for on the downside. If bears sink the price below this support, it will indicate that the bulls are closing their positions. The pair may then descend toward the support at $0.58.
 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. 
 <template data-name="subscription_form" data-type="markets_outlook"></template>
</div>
Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/crypto-traders-shift-focus-to-these-4-altcoins-as-bitcoin-price-flatlines-tbt63851.html">https://thebittimes.com/crypto-traders-shift-focus-to-these-4-altcoins-as-bitcoin-price-flatlines-tbt63851.html</a>

Crypto traders shift focus to these 4 altcoins as Bitcoin price flatlines

Spis treści

TheBitTimes

Inne artykuły opublikowane 24 wrz 2023

New York's Exclusion of XRP and DOGE from Crypto "Greenlist" Raises Concerns for Investors

Former SEC Official Questions Lack of DOJ Action in Crypto Cases

Machi Big Brother Stakes Back $3.8M CREAM Upon Receipt Amid 82% Surge

FTX Initiates Lawsuit Against Former Hong Kong Affiliate Staff

Generational wealth shift poised to reshape U.S. investment trends and market dynamics

Coinbase identified as largest Bitcoin holder globally

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!