Bitcoin price consolidation preps NEAR, APT, RNDR and MKR for more upside
Bitcoin recovered the $68,000 level, triggering buying in NEAR, APT, RNDR and MKR.
It was a wild week for Bitcoin ( BTC ), which rose to a new all-time high of $73,777 but then quickly gave back all its gains and dropped near $64,500. As of publication time, Bitcoin is on track to end the week down marginally by about 1% over the previous week’s close.
Analysts anticipate a shallow correction as they believe lower levels will attract solid buying from the spot Bitcoin exchange-traded fund investors. Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, said on X that the fall is a “Bear Trap.”
The strength in the rebound 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 bounce will indicate aggressive buying at lower levels and enhance the prospects of the resumption of the uptrend.
Will Bitcoin’s correction stall, starting a recovery in select altcoins? Let’s 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.
The bulls are trying to stall the decline at the 20-day exponential moving average ($65,564), but they are likely to face resistance at the breakdown level from the channel. If the price turns down sharply from the current level, the risk of a fall increases.
If the 20-day EMA gives way, the BTC/USDT pair could drop to $59,000 and then to the 50-day simple moving average ($55,303).
If bulls want to prevent the downside, they will have to push the price back inside the channel. That will indicate solid buying at lower levels. A break and close above $73,777 will indicate the resumption of the uptrend. The pair could then rally to $80,000.
The moving averages have completed a bearish crossover but the relative strength index (RSI) has risen sharply, suggesting that the selling pressure may be reducing. The 20-EMA is likely to witness a tough battle between the bulls and the bears.
If the price turns down sharply from the 20-EMA, it will indicate that bears are selling on rallies. The pair could slide to the strong support at $64,500. If this level cracks, the pair may plunge to $59,000.
The first sign of strength will be a break and close above the channel’s support line. The pair may then climb to $70,650 and later to $72,420.
Near Protocol price analysis
Near Protocol ( NEAR ) has pulled back in an uptrend, indicating profit-booking by short-term traders.
A positive sign in favor of the bulls is that the NEAR/USDT pair is finding support close to the 50% Fibonacci retracement level of $6.28. If the rebound is maintained, the pair is likely to retest the overhead resistance of $9.01. If this level is scaled, the uptrend may resume. The next target on the upside is $10.50.
Contrary to this assumption, if the price turns down from the overhead resistance, it will suggest that the traders are selling on rallies. The pair may then decline to the 20-day EMA ($6.18). This is an important support to watch out for because a break below it may start a deeper correction.
The bulls are trying to sustain the price above the moving averages on the 4-hour chart, indicating solid buying at lower levels. If the price stays 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 up move.
On the contrary, if the price dips below the 20-EMA, it will indicate strong selling on rallies. The pair may then drop to the strong support at $6.50.
Aptos price analysis
Aptos (APT) turned down sharply from $15.70 on March 16, but the bears could not sink the price below the 20-day EMA ($12.90), suggesting buying at lower levels.
The rising 20-day EMA ($12.83) and the RSI in the positive territory indicate that bulls have the edge. If buyers drive and maintain 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 thereafter to $18.69.
Instead, if the price turns down and breaks below the 20-day EMA, it will indicate that every relief rally is being sold. That will point to the start of a corrective phase, which could reach the 50-day SMA ($10.73).
The moving averages on the 4-hour chart have flattened out, and the RSI is just above the midpoint, signaling a possible range-bound action in the short term. The pair may swing 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 up move. Contrarily, if the price turns lower and breaks below $12.92, the pair may start a correction to $12 and then to $11.50.
Render price analysis
Render (RNDR) corrected to the 20-day EMA ($10.02), but the bulls successfully defended the support, indicating that the sentiment remains positive and traders are buying on dips.
The bulls have pushed the price above the $12.78 resistance on March 17, signaling the start of the next leg of the uptrend. If buyers maintain 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. The bears will then sense an opportunity to start a correction. A break and close below the 20-day EMA may accelerate selling and sink the pair to the 50-day SMA ($7.09).
The 4-hour chart shows that the failure of the bears to sink and maintain the price below $10 could have attracted solid buying by the bulls. The momentum picked up after the price closed above overhead resistance at $12. If the price maintains above $12, the uptrend is likely to continue.
Meanwhile, the bears are likely to have other plans. They will try to drag the price back below $12. If they do that, it will signal that the break above $12.78 may have been a bull trap. The pair may then decline to $10.
Maker price analysis
Maker ( MKR ) resumed its uptrend on March 17 after a few days of consolidation, indicating that the bulls remain in control.
The MKR/USDT pair could rise to $3,580 and eventually to $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 slide below $2,976. If that happens, it will indicate that the markets have rejected the higher levels. The pair may tumble to the 20-day EMA ($2,525), which is an important level to watch out for. A break below this support will tilt the advantage in favor of the bears.
The 4-hour chart shows that the bulls are trying to sustain the pair above the ascending channel pattern. If they succeed, the pair may pick up momentum and climb toward $3,725.
On the other hand, if the price fails to sustain above the channel, it will indicate a possible bull trap. The pair may then slide back into the channel. If the price rebounds 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 risk, and readers should conduct their own research when making a decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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