These 4 altcoins could be poised to move higher if bitcoin climbs above $27,500

Inexperienced traders usually chase higher prices at the end of the bull phase because they fear getting kicked out of the rally. However, institutional investors waited for the foam to settle down before entering. The Bitcoin (BTC) bear market in 2022 ended the hype seen in 2021.

Fred Pye, CEO of Canada’s first bitcoin fund issuer 3iQ, said in an interview with Cointelegraph that “the FOMO in bitcoin is gone” and that institutional investors and portfolio managers are beginning to view it as “a serious space.”

While analysts are bullish on the long term, the short term picture looks uncertain as the price has been stuck in a range for the past several days. Analysts expect the trending move to start next week or the week after.

If bitcoin turns upside down, which altcoins could follow? Let’s analyze the charts of the top five cryptocurrencies that could rally in the near term.

bitcoin price analysis

Bitcoin is trading near the support line of the symmetrical triangle, but the bulls have failed to propel the price above it. This indicates that the bears are active at higher levels.

The downsloping 20-day exponential moving average ($27,481) and the relative strength index are below 42, indicating that the bears are in profit.

If the sellers sink the price below the immediate support at $26,361, the BTC/USDT pair could decline further towards the important support area between $25,800 and $25,250. The buyers are expected to protect this area with all their might because if they fail, the pair could drop further to $20,000.

Conversely, if the bulls drive the price above the 20-day EMA, it could attract further buying. The pair can then move towards the resistance line of the triangle. If this hurdle is overcome, the pair can start its journey towards $32,400.

The 4-hours chart shows the formation of a symmetrical triangle pattern, indicating indecision between the bulls and bears. Flattened moving averages also point to a balance between supply and demand.

If the price breaks below the triangle, the short-term trend will turn negative and the pair could decline to $25,800. The target of the triangle pattern is $24,773.

This bearish view will be negated if the price rises above the triangle. The pair could then climb to $28,400 followed by a pattern target of $29,165.

xrp price analysis

XRP (XRP) is trying to start a recovery. The buyers have been keeping the price above the 20-day EMA ($0.45) since May 16, but have not been able to overcome the 50-day SMA ($0.47).

The 20-day EMA is starting to move up and the RSI is just above the median to show that the bulls have a slight advantage. This increases the chances of a rally above the 50-day SMA. The XRP/USDT pair could then start a rally towards $0.54 and finally $0.58. Aggressive selling by the bears can be seen in this area.

The first support to watch on the downside is the 20-day EMA. Sellers will need to push the price below this level in order to gain the upper hand. The pair could then decline further towards the important $0.43 and $0.40 support levels.

The 4-hour chart shows a recovery in the opposite direction from the downtrend line. This shows that the bears are fiercely guarding the downtrend line. The sellers are attempting to keep the price below the 20-EMA and extending the pullback to the 50-SMA.

Instead, if the price breaks above the current level and climbs above the downtrend line, it will suggest the start of a short-term up-move. There is a minor resistance at $0.48 but it is likely to be crossed. The pair could then rally up to $0.54.

Litecoin Price Analysis

Litecoin (LTC) has been trading in a tight range for the past few days between the 50-day SMA ($89) and the overhead resistance at $96. This shows the indecision between the bulls and the bears.

The 20-day EMA ($88) has moved up and the RSI is in the positive zone to show that the bulls have an edge. This increases the chances of a rally above the resistance at $96. If this happens, the LTC/USDT pair could rally towards $106. This level may again attract strong selling by the bears.

This positive view will be invalidated in the near term if the price turns down and breaks below the moving averages. Such a move would suggest that the pair could remain stuck between $79 and $96 for some more time.

The 4-hours chart shows that the bulls are trying to defend the 20-EMA. This indicates a change in sentiment from selling on rallies to buying on dips. If the price bounces off the current levels, the bulls will again try to clear the overhead hurdle at $96.

However, the bears are not going to give up without a fight. They are trying to push the price below the 20-EMA. If they succeed, the pair could decline towards the 50-SMA. A collapse of this support could open the doors for a decline to $86 and then $82.

Connected: Bitcoin, Ethereum Bears Are Back In Control – Two Derivatives Metrics Suggest

render token value analysis

Render Token (RNDR) is in an uptrend. Buyers drove the price above the overhead resistance of $2.60 on May 21 but the long candlestick shows selling at higher levels.

The upsloping moving average and the RSI just below the overbought zone indicate that the bulls are in command. The buyers will make another attempt to push the price above the psychological barrier of $3. If they succeed in doing so, the RNDR/USDT pair could rally to $3.35.

The first support to watch on the downside is the 20-day EMA ($2.10). If this level gives way, it would suggest that a break above $2.60 could be a bull trap. The pair could then decline towards the 50-day SMA ($1.87).

The bulls are struggling to keep the price above the overhead resistance at $2.60, pointing to the possibility of a bull trap. Sellers will attempt to consolidate their positions by pulling the price below the immediate support at the 20-EMA. If they do, the pair could decline towards the 50-SMA.

However, rising moving averages and RSI in the overbought zone suggest buying potential at lower levels. If buyers push the price above $2.60 and sustain, the pair could continue to rise towards $3.

Conflux Price Analysis

Conflux (CFX) is trading inside a descending channel pattern. Bulls bought the dip on May 12 at the support line, indicating solid demand at lower levels.

The 20-day EMA ($0.29) has flattened out and the RSI is near the midpoint, suggesting that selling pressure has eased.

Buyers tried to clear the overhead hurdle at the 50-day SMA ($0.32) on May 16, but the bears stood their ground. A minor positive in favor of the bulls is that they have not allowed the price to fall below the 20-day EMA. This gives a buy signal on dips.

The bulls may make one more attempt to propel the price above the 50-day SMA. If they succeed, the CFX/USDT pair could reach the downtrend line, which is likely to act as a strong resistance again.

The 4-hours chart shows that the price is correcting a sharp rally from $0.22 to $0.33. The buyers are trying to defend the 38.2% Fibonacci retracement level of $0.29 which is a positive sign.

If buyers sustain the price above the resistance line, it would suggest that the bulls are back in the driver’s seat. The pair may rise first to $0.33, and then to $0.37. Alternatively, a break and close below $0.29 could start a deeper correction towards $0.28 and then $0.27.