Bitcoin, in the past week, has shown relatively stable narrow range fluctuations in the past three days, even though the S&P 500 fell in the last four days. This trend is a positive sign, indicating that cryptocurrency traders are not panicking and are not rushing to exit the market.

In addition, Bitcoin’s supply appears to be gradually concentrating in the hands of stronger holders. CryptoCon analysts cited data from Glassnode, noting that Bitcoin’s short-term holders (STHs), or investors who hold Bitcoin for no more than 155 days, hold the smallest amount of Bitcoin supply in more than a decade.

While cryptocurrency market data fluctuates on a daily basis, this uncertainty may make some traders cautious and could also be a reason for the weak price performance of some large altcoins. However, not everything is negative, as some altcoins have shown signs of recovery in the short term.

The key question for Bitcoin is whether it can break out of its current sideways trend and see a near-term rally. Could this move be a catalyst for altcoins to rally? Let’s take a look at the charts of the top five cryptocurrencies that could lead to a price rally.

Bitcoin Price Analysis

Although the bulls have managed to keep the bitcoin price above the 20-day exponential moving average (EMA) at $26,523, there are no signs of a strong rebound yet. This shows that the market currently lacks demand support at higher levels.

The 20-day EMA remains flat, and the relative strength index (RSI) near the midpoint shows a balance between buyers and sellers. If the price breaks below the 20-day EMA, it may cause the market advantage to tilt in the direction of the bears. In such a case, the BTC/USDT pair may fall to the strong support at $24,800.

On the other hand, if the price turns up from the current levels and successfully breaks above the 50-day simple moving average at $26,948, it will indicate that buyers are back in control. Subsequently, the pair is likely to attempt a rally to the overhead resistance at $28,143.

Although Bitcoin has been trading below the moving averages on the 4-hour chart, the bears are not showing signs of a sell-off yet. This suggests that selling at lower levels could be tapering off. Meanwhile, the bulls are likely to try to propel Bitcoin price above the moving averages. If they succeed in doing so, the pair could rally to $27,400 and above it to $28,143.

To seize control of the market, bears need to sink and sustain the price of Bitcoin below $26,200. This could first drag the price down to $25,750 and then test the strong support at $24,800.

As of September 22, LINK price experienced a surge and successfully broke above the downtrend line, which could signal a potential change in the recent trend.

The moving averages have exhibited a bullish crossover while the relative strength index (RSI) is in the positive territory, which suggests that buyers are currently in command. In case of any price correction, the bulls might look for opportunities to buy near the 20-day EMA level ($6.55). If the price rebounds strongly from this level, it will suggest that the sentiment has shifted from the sell highs phase to the buy lows phase.

Next, the bulls are likely to try to extend the up move to $8 and then the ultimate target of $8.50. If the bears want to halt the upward momentum, they will need to push the price down and ensure that the LINK/USDT pair remains below the 20-day EMA.

On the 4-hour chart, both moving averages are trending up and the RSI remains in the positive territory. The bulls have been buying near the 20-day EMA, which shows that the sentiment remains positive. If the price of Chainlink can rebound from the 20-day EMA, $7.60 will become an upside target to watch.

However, if the price of Chainlink continues to decline and breaks below the 20-day EMA, it could mean that the bulls are booking profits. At this point, LINK might retest the breakout level of the downtrend line. To regain control, the bears must sink the price below $6.60.

Maker Price Analysis

As of September 21, the U.S. Dollar Index retreated from the overhead resistance of $1,370, indicating that the bears are attempting to defend this price level.

The 20-day EMA at $1,226 is a closely watched downside support level. If the price rebounds off this level, it will suggest that lower price levels remain attractive to buyers. Subsequently, the bulls will once again strive to push the price of MKR above the overhead resistance. If they succeed, the MKR/USDT pair could quickly rise to $1,759.

On the other hand, if the bears sink the price below the 20-day EMA, it will suggest that the bullish momentum has weakened. This could result in the pair trading between $980 and $1,370 for the next few days.

On the 4-hour chart, the moving averages have flattened out and the RSI is just below the midpoint, suggesting that the market supply and demand are in a relatively balanced state. If buyers can push the price above $1,306, the MKR price could move towards $1,370.

However, if the price turns down and breaks below $1,264, it will indicate that the selling pressure is increasing. This could pave the way for a further decline towards $1,225. A break below this support could tilt the short-term market momentum in the direction of the bears.

Arbitrum Price Analysis

Arbitrum (ARB) is currently trading in a downtrend. The bears started selling on the bounce off the 20-day EMA at $0.85, but it is noteworthy that the bulls did not give up their positions easily. This suggests that the bulls are currently aggressively defending their positions and they expect the price to rise.

The RSI indicator has risen above 40, which shows that the market momentum is gradually turning positive. If buyers can push the price above the 20-day EMA, it will mark the start of a sustained recovery. The ARB/USDT pair may first rebound to the 50-day moving average of $0.95 and then move up to $1.04.

Downside support is located at $0.80, followed by $0.78. Sellers need to pull the ARB price below this area to create conditions for a retest of the support around $0.74. Once the price breaks below this level, it will signal a resumption of the downtrend.

On the 4-hour chart, the bears are looking for a sell opportunity at the upper downtrend line. Although they have pulled the price below the moving averages, they have not been able to pull the ARB price below the immediate support of $0.81. This shows that the bulls are struggling to form higher lows.

Buyers will once again try to push the price above the downtrend line. If they succeed, Arbitrum’s price could start a strong rally that could target the psychological level of $1. On the other hand, a breakdown below $0.81 could result in a slide in the ARB price to $0.78 and subsequently to $0.74.

Theta Network Price Analysis

As of September 23, the Theta price has seen a surge and has successfully broken above the 20-day EMA, which suggests that the bulls have absorbed the supply pressure and are attempting to launch a counterattack.

However, the bears have pulled the price back below the 50-day SMA at $0.64, nevertheless, the bulls are expected to defend the 20-day EMA. If THETA price rebounds from the current levels and rises above the 50-day SMA, it will strengthen the possibility of a retest of $0.70.

This price level holds significance because if crossed, the THETA/USDT pair could rise further to $0.76. However, if the price turns down and breaks below the 20-day EMA, this positive view might be invalidated in the short term, potentially leading to a retest of the $0.57 support level.

On the 4-hour chart, the bears are currently attempting to defend the overhead resistance at $0.65. If the buyers want to sustain the bullish momentum, they will need to push THETA price above $0.65. If successfully achieved, the pair is likely to start a new up move that may target $0.70.

The 20-day EMA is considered a critical support on the downside. If the bears sink the price below this support, it will suggest that the bulls are liquidating their positions and the pair is likely to fall to the $0.58 support.

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The above is based on COINTELEGRAPH’s “As Bitcoin Prices Remain Flat, Crypto Traders Turn Their Attention to 4 Altcoins” and is summarized and compiled by the club.